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 produce under the following circumstances, which we label A, B, C, and D:
• All three spend all their time mowing lawns. (A)
• All three spend all their time washing cars. (B)
• All three spend half their time on each activity. (C)
• Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. (D)
b. Graph the production possibilities frontier for this economy. Using your answers to part (a), identify points A, B, C, and D on your graph.
c. Explain why the production possibilities frontier has the shape it does.
d. Are any of the allocations calculated in part (a) inefficient? Explain
An aircraft seam requires 10 rivets. The seam will have to be reworked if any of these rivets is defective. Suppose rivets are defective independently of each other, each...Aug 01 2020
Describe ten (10) things, in paragraph form, that have had the most impact on your life. They could be either positive or negative. Format: (1) one paragraph each, (2...Feb 15 2020
What is the future value in 5 years of $1,000 deposited today, earning a 6% interest rate annually?$_________(NOTE: as in this problem, and the others where I show this l...May 28 2018
Consider an economy in which there is a morning period and an afternoon period. There are 100 debtors and 100 creditors born each period. When old, one of the debtors arr...Feb 07 2020
Golf Challenge Corp. is a retail sports store carrying golf apparel and equipment. The store is at the end of its second year of operation and is struggling. A major pro...Aug 27 2020
The conversion of atmospheric free nitrogen gas to ammonia is __________________ and occurs through the activities of certain bacteria and cyanobacteria. (A) Nitrogen f...Mar 21 2018
Compare and contrast cost-of-service with value-of-service as alternative ratemaking strategies.2. Discuss the concept of net pricing. What advantage does net pricing pro...Mar 27 2020
Predecessor Company Inc. has outstanding $8,000,000 of 9%, 15-year callable bonds with a carrying value of $7,750,000 and a call price of 103 1/2. The current market pri...Dec 07 2019
How to draw 2,2-dimethylbutane. Show all hydrogen atoms.May 18 2021
On one set of axes, sketch Nation 1’s supply of(a) Determine the equilibrium-relative commodity price of the exports of commodity X with trade.(b) What would happen if PX...Jul 15 2020