Suppose you are a farmer with 20 hectares of land on which you could grow either...
Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley. You can allocate however much land you want to each crop.
a) Draw a Production Possibilities Frontier depicting this
situation.
b) Explain what a Production Possibilities Frontier is and what the
diagram represents, including what points on, below and above the
PPF represent.
c) Explain why the PPF that you have drawn has the shape that it
does.
d) Is it possible to use just the PPF to find the best allocation
for the crops? Explain.
Homework Answers
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Suppose you are a farmer with 20 hectares of land on which you
could grow either...
Suppose you are a farmer with 20 hectares of land on which you could grow either...
Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley. You can allocate however much land you want to each crop. a) Draw a Production Possibilities Frontier depicting this situation. b) Explain what a Production Possibilities Frontier is and what the diagram represents, including what points on, below and above the PPF represent. c) Explain why the PPF that you have drawn has the shape that it does. d) Is it...
Please answer a,b and c in rice? A production possibility frontier A farmer can grow soybeans...
Please answer a,b and c
in rice? A production possibility frontier A farmer can grow soybeans or corn. The farmer can grow 80 bushels of soybeans or 160 bushels of corn on each acre of land. The price of soybeans is $13.20 per bushel. The price of corn is $5.85 per bushel. a. Construct this farmer's PPF for soybeans and corn in bushels, per acre . b. What is the opportunity cost (in dollars) per acre to grow soybeans? Corn?...
Suppose a farmer has several plots of land on which he can grow wheat or corn. The following table lists his options for...
Suppose a farmer has several plots of land on which he can grow wheat or corn. The following table lists his options for production: Option Wheat Corn A 100 0 B 80 35 C 60 65 D 40 85 E 20 105 F 0 110 a) Construct a graph of the farmer’s PPF with corn on the Y-axis and wheat on the X-axis. Plot points A through F on the PPF. b) What is the opportunity cost of an additional...
Your landlord has given you permission to grow plants in the yard, but limits the amount...
Your landlord has given you permission to grow plants in the yard, but limits the amount of water you may give them to 24 gallons a month. You may plant cacti and/or palms. Each month, a palm tree requires 8 gallons of water; a cactus needs 2 gallons. 1. Assuming you will properly water your plants, what is the equation in equation in slope- intercept form of your plant Production Possibilities Frontier (PPF)? Put Qp, the number of palms grown...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plotof land. The...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
Stephen, MN heveUSDOT 0 Betsy Jensen stands near one of the farm trucks parked at the family farm near Stephen, Minn., on Monday. Dan Gunderson | MPR News Now that spring has finally arrived...
Stephen, MN heveUSDOT 0 Betsy Jensen stands near one of the farm trucks parked at the family farm near Stephen, Minn., on Monday. Dan Gunderson | MPR News Now that spring has finally arrived in Minnesota, the Jensen family is scrambling to get crops planted on their northern Red River Valley farm. But the usual optimism of a spring planting season is tempered this year by worries about the ongoing trade dispute between the United States and China. China has...
Stephen, MN heveUSDOT 0 Betsy Jensen stands near one of the farm trucks parked at the family farm near Stephen...
Stephen, MN heveUSDOT 0 Betsy Jensen stands near one of the farm trucks parked at the family farm near Stephen, Minn., on Monday. Dan Gunderson | MPR News Now that spring has finally arrived in Minnesota, the Jensen family is scrambling to get crops planted on their northern Red River Valley farm. But the usual optimism of a spring planting season is tempered this year by worries about the ongoing trade dispute between the United States and China. China has...
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your...
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your opportunity cost of attending college? What are the benefits you expect to gain lunm college education Estimate their total values. Is your schooling decision rational? If college education is the choice for me e for most young people to thrive in the future, why did Bill ne drop out of Harvard in his second vear? Why did not LeBron James even go to college...
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CASE ANALYSIS OF MONSANTO COMPANY: Give the following: 1. Central Problem 2. SWOC 3. ACAS (3 alternative courses of action) 4. RECOMMENDATION (choose the best ACA) 5. CONCLUSION MONSANTO COMPANY When you think of Monsanto, the phrase genetically modified likely comes to mind. The Monsanto Company is the world’s largest seed company, with sales of over $11.8 billion. It specializes in biotechnology, or the genetic manipulation of organisms. Monsanto scientists have spent the last few decades modifying crops, often by...
MICRO Economics ASSIGNMENT Total marks= 20 Answer the below questions. 1. The economy of the university...
MICRO Economics ASSIGNMENT Total marks= 20 Answer the below questions. 1. The economy of the university town of Avicenna produces two and only two commodities: yoga lessons, and triple lattes. The economy is able to produce any of the following combinations of yoga and lattes per day: CLO 1 [4 MARKS] Daily Production in Avicenna Combination Yoga Lessons Triple Lattes A 5000 0 B 4000 9000 C 3000 16000 D 2000 21000 E 1000 24000 F 0 25000 a) Using...
Please answer a,b and c
in rice? A production possibility frontier A farmer can grow soybeans or corn. The farmer can grow 80 bushels of soybeans or 160 bushels of corn on each acre of land. The price of soybeans is $13.20 per bushel. The price of corn is $5.85 per bushel. a. Construct this farmer's PPF for soybeans and corn in bushels, per acre . b. What is the opportunity cost (in dollars) per acre to grow soybeans? Corn?...
Your landlord has given you permission to grow plants in the yard, but limits the amount of water you may give them to 24 gallons a month. You may plant cacti and/or palms. Each month, a palm tree requires 8 gallons of water; a cactus needs 2 gallons. 1. Assuming you will properly water your plants, what is the equation in equation in slope- intercept form of your plant Production Possibilities Frontier (PPF)? Put Qp, the number of palms grown...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
Stephen, MN heveUSDOT 0 Betsy Jensen stands near one of the farm trucks parked at the family farm near Stephen, Minn., on Monday. Dan Gunderson | MPR News Now that spring has finally arrived in Minnesota, the Jensen family is scrambling to get crops planted on their northern Red River Valley farm. But the usual optimism of a spring planting season is tempered this year by worries about the ongoing trade dispute between the United States and China. China has...
Stephen, MN heveUSDOT 0 Betsy Jensen stands near one of the farm trucks parked at the family farm near Stephen, Minn., on Monday. Dan Gunderson | MPR News Now that spring has finally arrived in Minnesota, the Jensen family is scrambling to get crops planted on their northern Red River Valley farm. But the usual optimism of a spring planting season is tempered this year by worries about the ongoing trade dispute between the United States and China. China has...
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your opportunity cost of attending college? What are the benefits you expect to gain lunm college education Estimate their total values. Is your schooling decision rational? If college education is the choice for me e for most young people to thrive in the future, why did Bill ne drop out of Harvard in his second vear? Why did not LeBron James even go to college...
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