Problem set 1.docx

# Problem set 1.docx - Niroj Chaudhary Michael Kaluya ECON...

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Niroj Chaudhary Michael Kaluya ECON 2301 6/8/2019 PROBLEM SET 1 1. An economy consists of three workers: Larry, Moe, and Curly. Each works ten hours a day and can produce two services: mowing lawns and washing cars. In an hour, Larry can either mow one lawn or wash one car; Moe can either mow one lawn or wash two cars, and Curly can either mow two lawns or wash one car. a) Calculate how much of each service is produced under the following circumstances, which we label A, B, C, and D: - All three spend all their time mowing lawns (A) All the lawns will be mowed and all cars will be washed. - All three spend all their time washing cars (B) All the lawns will be mowed and all cars will be washed. - All three spend half their time on each activity (C) All the lawns will be mowed and all cars will be washed. - Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns (D) All the lawns will be mowed, and all cars will be washed.

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b)
• Spring '17
• Unknown
• Economics, MOE, Production-possibility frontier

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