ECON
ps1x101_s03_answer

# ps1x101_s03_answer - Econ 101 Spring 2003 Wissink PS1-XtraQ...

• Notes
• 2

This preview shows pages 1–2. Sign up to view the full content.

Person yak Abe 20 hrs. 4 hrs. 5 0.2 Betty 12 hrs. 3 hrs. 4 0.25 Charlie 15 hrs. 7.5 hrs. 2 0.5 c) Hours Required for one unit of output xylophone MOC of a yak in terms of xyl. MOC of a xyl. in terms of yaks 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, 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 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 Charlie can produce a maximum of 4 yaks or 8 xylophones, or any combination along a straight line PPF between the two. Econ 101 - Spring 2003 - Wissink PS1-XtraQ ANSWERS a) Fill in the missing numbers in the table below: b) If we want to determine who has the comparative advantage in yak production, we need to determine how many xylophones each producer gives up when they produce one yak. You can see that Charlie is

This preview has intentionally blurred sections. Sign up to view the full version.

This is the end of the preview. Sign up to access the rest of the document.
• Fall '06
• WISSINK
• Economics, xylophones, Yaks

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern