uppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily. 4. What is the opportunity cost of producing 1 foot of lumber? 5. Use your graph to determine how many fish can be caught if 60 million feet of lumber are cut.
uppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily. 4. What is the opportunity cost of producing 1 foot of lumber? 5. Use your graph to determine how many fish can be caught if 60 million feet of lumber are cut.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
2-2b Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily.
4. What is the
5. Use your graph to determine how many fish can be caught if 60 million feet of lumber are cut.
Expert Solution
Step 1
Given
The total number of workers in Canada is 18 million
One worker can cut 10 feet of lumber or catch 20 fish daily.
We have to find the opportunity cost of producing 1 foot of lumber and draw the production possibility curve.
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