11quiz1Tiererova - Name Quiz 1 Elements of...

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Name: Quiz 1 – Elements of Microeconomics (Spring 2011)(Lucia) 1. Allysa, Brooke, and Christina are the only farmers at a community garden in Baltimore. They are deciding between growing tomatoes (T) and cucumbers (C) on their land. Their plots differ in the quality of soil and amount of sunlight, so the following table shows the number of tomatoes or cucumbers that each of them could grow per week (if they specialized in one product or the other): Tomatoes Cucumbers Allysa 45 15 Brooke 15 15 Christina 15 30 a) Which gardener has the lowest marginal cost of growing cucumbers? b) Draw the PPF for the whole community garden (Allysa, Brooke and Christina are the only gardeners). Don’t forget to label all relevant points, intercepts, and line segments: c) The gardeners sell all of their produce at the Baltimore 32nd Street Farmers Market. Tomatoes go for $1 each, and cucumbers go for $2 each. How much of each type of good will each farmer produce? How much of each good will the community garden produce in total? Show this point on your graph in part (b), and label it (*).
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