Business, 21.01.2021 23:00 emilyask

An economy consists of three workers: Felix, Larry, and Raphael. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Felix can either mow 2 lawns or wash 1 car; Larry can either mow 1 lawn or wash 1 car; and Raphael can either mow 1 lawn or wash 2 cars. a. Calculate how much of each service is produced 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.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 16:40, kyleap984ovm04g

Determine the hrm’s role in the performance management process and explain how to ensure the process aligns with the organization’s strategic plan.

Answers: 1

continue

Business, 22.06.2019 20:20, jennybee12331

Precision aviation had a profit margin of 6.25%, a total assets turnover of 1.5, and an equity multiplier of 1.8. what was the firm's roe? a. 15.23%b. 16.03%c. 16.88%d. 17.72%e. 18.60%

Answers: 2

continue

Business, 22.06.2019 21:40, brianmondesir1owahud

Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $43,000, and paid cash for salaries, $23,500. at the beginning of the year, customers owe rebel $1,000. by the end of the year, customers owe $6,600. at the beginning of the year, rebel owes salaries of $5,600. at the end of the year, rebel owes salaries of $3,300. determine cash-basis net income and accrual-basis net income for the year.

Answers: 2

continue

Business, 22.06.2019 23:20, lisagrimmett3

Nnette henri is paid an hourly wage of $8.90 for a 32-hour workweek of 4 days, 8 hours daily. for any work on the fifth day and on saturdays, she is paid one and one-half times her regular hourly rate. during a certain week, in addition to her regular 32 hours, henri worked 6 hours on the fifth day and 5 hours on saturday. for this workweek, henri’s total earnings are:

Answers: 1

continue

You know the right answer?

An economy consists of three workers: Felix, Larry, and Raphael. Each works 10 hours a day and can p...