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ECO1050 – MicroeconomicsSpecialization and Trade Assignment WorksheetDirectionsUse the following information to answer the questions below.To create the graph, or graphs, for this assignment, use Microsoft Excel or the drawing tool inMicrosoft Word. Copy and paste the graph you create into this worksheet.Microeconomic ProblemMary produces both hats and apple pies:If Mary uses all her resources to produce hats, she can produce 48 hats an hour.If she uses all her resources to produce apple pies, she can make 24 apple pies an hour.(p. 58)Bill produces both hats and apple pies.If Bill uses all his resources to produce hats, he can produce 24 hats an hour.If he uses all his resources to produce apple pies, he can make 48 apple pies an hour.To complete this assignment, you must answer all of the following questions and complete all ofthe following activities:1.Construct Mary’s production possibilities frontier and Bill’s production possibilitiesfrontier. Plot hats on the vertical axis.1
Remove or Replace: Header Is Not Doc Title2.What is Mary’s opportunity cost of producing one apple pie?