Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Refer to Figure 3-4. Perry and Jordan ach...

Question

Question

Perrys Production Possibilities Frontier Jordans Production Possibilities Frontier Refer to Figure 3-4. Perry and Jordan ac

Answer 1

Answer #1

1. Ans - b) 3 novels and 12 poems

Explanation:

When both uses their time equally for both goods, then

Perry will produce 6 poems and 1 novel

Jordan will produce 6 poems and 2 novels.

Means total = 6+6 = 12 poems and 2+1 = 3 novels

23. Ans - c) 2.8 bushels of corn

Explanation:

opportunity cost of 5 green beans = 14 bushels of corn

It means opportunity cost of green beans = 14/5 = 2.8 bushels of corn.

Answer 2

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