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Econ2030 Test1 pg6

Econ2030 Test1 pg6 - First Bakery Second Bakery Cookies...

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Unformatted text preview: First Bakery Second Bakery Cookies Pies Cookies - Pies 0 18 0 9 10 12 30 ‘ 6 20 6 60 3 30 O 90 0 27. Given the production possibility tables for First and Second Bakeries presented above, we can determine that: a. Second Bakery has a comparative advantage in the production of pies. b. First Bakery has a comparative advantage 1n the production of both goods. - ,. - ~ ~ _.- .2, cc; prddmemmofipa either bakery has a comparative advantage. 28. Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather mangoes faster than Maryann and can. also catch more fish per hour than can Maryann. Therefore, a. Ginger should specialize 1n mango gathering because they are more nutritious and Maryann should specialize 1n fishing b. Ginger should specialize 1n fishing because it is harder than gathering mangoes, and Maryann should 3 cecialize 1n gathering mangoes. 29. The following data represents the production values for two goods, F and G, i.e., (F ,6): (5,0); (4,1); (3,2); (2,3); (1,4); (0,5). This data is atcfiisfStent witha--eoneavepreducfionpossibilifie&wrve. V Q b. not consistent with a production possibilities curve. 9] '0 c. Consistent with an upward sloPing production possibilities curve. . consistent with a convex production possibilities curve. LX \ . 5.925911%): tentmgt'h a linear production possibilities curve. 07 7/ b. not necessanly attainable. c. necessarily an unattainable point. D (1. possibly an unattainable point. e. One that uses too many resources. ...
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