An economy consists of three workers: Tim, Brian, and Edison. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Tim can either mow 1 lawn or wash 1 car; Brian can either mow 1 lawn or wash 2 cars; and Edison can either mow 2 lawns or wash 1 car.
For each of the scenarios listed in the following table, determine how many lawns will be mowed and how many cars will be washed per day and enter these values into the corresponding row.
Scenario |
Lawns Mowed |
Cars Washed |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
All three spend all their time mowing lawns. (A) | |||||||||||||||||||||||||||||
All three spend all their time washing cars. (B) | |||||||||||||||||||||||||||||
All three spend half their time on each activity. (C) | |||||||||||||||||||||||||||||
Tim spends half his time on each activity, while Brian only washes cars and Edison only mows lawns. (D) |
In the following table, identify the opportunity cost of washing cars for each worker.
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An economy consists of three workers: Tim, Brian, and Edison. Each works 10 hours a day...
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