Econ 211 practice probs 1 answers

Econ 211 practice probs 1 answers - Econ 211 Practice...

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Econ 211 Practice problems #1 (PPC’s) Patrick McLaughlin Practice Problems: These problems are to assist you in learning the material covered so far. They will not be collected. The answers are at the end, but I advise trying to do the problems without looking at the answers first. The following three questions are based on this information: Consider the nations of England and Ireland. Each is capable of producing fish and chips. If Ireland spends all of its time on fish it can produce a maximum of 10 units a day, leaving it no time for chip production. Or, if it spends all of its time on chips, it can produce 5 of them in a day, leaving no time for fish production. Ireland is also capable of producing any linear combination of these. England is capable of daily production of at most 20 fish (and no chips) if it specializes completely in fish, or a maximum of 20 chips (and no fish) if it produces only chips. As with Ireland, it is able to produce any linear combination of these extremes. For simplicity, assume that Ireland and England can use their time only for producing these two goods. 1.
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This homework help was uploaded on 04/09/2008 for the course ECON 211 taught by Professor Johnson during the Spring '07 term at Clemson.

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Econ 211 practice probs 1 answers - Econ 211 Practice...

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