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1)The following table shows output per hour for Martha and Stewart who make gift baskets and potholders: Martha Stewart Gift Baskets 10 8 Potholders 20 12 What is the opportunity cost of a gift basket for Martha? What is the opportunity cost of a gift basket for Stewart? Who has a comparative advantage in producing gift baskets? What is the opportunity cost of a potholder for Martha? What is the opportunity cost of a potholder for Stewart? Who has an absolute/comparative advantage in producing potholders? Problem Combination Fish Crabs A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 Graph the production-possibilities frontier
1)The following table shows output per hour for Martha and Stewart who make gift baskets and potholders:
|
|
Martha |
Stewart |
|
Gift Baskets |
10 |
8 |
|
Potholders |
20 |
12 |
- What is the opportunity cost of a gift basket for Martha?
- What is the opportunity cost of a gift basket for Stewart?
- Who has a comparative advantage in producing gift baskets?
- What is the opportunity cost of a potholder for Martha?
- What is the opportunity cost of a potholder for Stewart?
- Who has an absolute/comparative advantage in producing potholders?
- Problem
|
Combination |
Fish |
Crabs |
|
A |
100 |
0 |
|
B |
90 |
15 |
|
C |
70 |
30 |
|
D |
40 |
45 |
|
E |
0 |
60 |
- Graph the production-possibilities frontier.
- Calculate the average opportunity cost of any of the first fifteen crabs produced.
- What is the economic significance of 25 fish captured and 25 crabs captured?
- Question: Explain the economy’s production possibilities frontier in two paragraphs.
- Question : The United States is best described as having a “mixed” economy.
- What are some elements of command in the U.S. economy?
- What are some market elements?
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