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

This preview shows page 1 - 3 out of 3 pages.

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.
Image of page 1

Subscribe to view the full document.

b)
Image of page 2
Image of page 3
  • Spring '17
  • Unknown
  • Economics, MOE, Production-possibility frontier

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    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.

    Student Picture

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

  • Left Quote Icon

    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.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    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.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern