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N_P_ch_2 - Oafl Practice Problems Draw a production...

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Unformatted text preview: Oafl Practice Problems: Draw a production possibilities frontier for guns and butter. Suppose that both of these goods are subject to increasing marginal opportunity costs in production, and be sure that your graph reflects this fact. Now suppose that a new and innovative technology enhances the production butter, but does not affect the production of guns. Show how this new innovation changes the ppf. O. bailey Suppose the first three columns in the following table illustrate the maximum quantities of smoothies or salads that two workers could make in a day’s time. Fill in the rest of the table and answer the questions below. # Salads # Smoothies Opportunity Opportunity 4pm day per day Cost of Salad Cots/Lomeoolthie Turk 45 60 W3 smwll‘w (31% 9&1 ) 3"; fix it} ........... Dorian 40 50 5/4 §M05HMO> /5 said 9.. Who has a comparative advantage in producing salads? ’DO“ “A Who has a comparative advantage in producing smoothies? ,Tuv Who has an absolute advantage in producing salads? , ‘T‘LV‘L Who has an absolute advantage in producing smoothies? g‘TM Wk, 12 ...
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