Homework Answers
Ans) Specialisation is when one produces the good in which he is more specialised or efficient. And then trade it with that in which he is less efficient. In this way both of them will be benefitted.
Option d (specialisation).
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10) Both Maggie and Angie can make beaded necklaces and clay bowls, but Maggie is more...
Please answer all questions The following are examples of what can more properly be characterized as...
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10) Suppose the US and Mexico both can produce cars and beer. The following chart shows...
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Bob and Mia both like making bread and jam. In one day Bob can make 10...
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Activity Read the following two cases and answer the questions: 1. John and Matthew can both...
Activity Read the following two cases and answer the questions: 1. John and Matthew can both make widgets and pots. The table below shows the two goods they can do in one week. John's production in 1 week Matthew's production in 1 week Widgets 12 Widgets Pots 800 Pots 200 a. What is John's opportunity cost of making widgets in terms of pots? b. What is Matthew's opportunity cost of making widgets in terms of pots? c. What is John's...
Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour,...
Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. a. Draw Martha's daily PPC. Instructions: Use the tool provided to draw Martha's PPC curve. Plot only the endpoints and locate these endpoints on the axes of the diagram. b. Draw Julia's...
38. Which of the following is considered by econom a money b. ideas c. needs d....
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7. How can cost benefit analysis help explain why people are more likely to overeat at...
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1. Economics can best be defined as the study of how a. Society decides to use...
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Question 1.Susan can brew 5 gallons of root beer in an hour or she can make...
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10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
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