ps1x101_s03

# ps1x101_s03 - Econ 101 Spring 2003 Wissink PS1-XtraQ Due...

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Person yak Abe 20 hrs. 4 hrs. Betty Charlie Hours Required for one unit of output xylophone Abe, Betty and Charlie are the only producers/consumers in a small economy. Abe, Betty and Charlie produce and consume only two things: yaks and xylophones. Given 60 hours of work in a week, Abe can produce a maximum of 3 yaks or 15 xylophones, or any combination along a straight line PPF between the two. With 60 hours of work in a week Betty can produce a maximum of 5 yaks or 20 xylophones, or any combination along a straight line PPF between the two. With 60 hours of work in a week Charlie can produce a maximum of 4 yaks or 8 xylophones, or any combination along a straight line PPF between the two. Assume all three will work exactly 60 hours in total each week. Econ 101 - Spring 2003 - Wissink PS1-XtraQ Due Tuesday 2/4 at the start of class. Place in TAs box in the back Late problem sets will not be accepted. a) Fill in the missing numbers in the table below:
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