Assume there is a two person economy, where they have only coffee and nuts. Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee in an hour or gather 4 pounds of nuts. Each works 6 hours per day. a. What is the maximum pounds of coffee that the two can pick each day? b. What is the maximum pounds of nuts that the two can gather each day? c. Draw their individual and group production possibility curves (assuming constant marginal returns). d. What is one combination that would be considered an inefficient level of production in this economy. e. What is one combination that would be considered an unattainable level of production in this economy.

Assume there is a two person economy, where they have only coffee and nuts. Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee in an hour or gather 4 pounds of nuts. Each works 6 hours per day. a. What is the maximum pounds of coffee that the two can pick each day? b. What is the maximum pounds of nuts that the two can gather each day? c. Draw their individual and group production possibility curves (assuming constant marginal returns). d. What is one combination that would be considered an inefficient level of production in this economy. e. What is one combination that would be considered an unattainable level of production in this economy.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 25P: If the price of a pie is 12, what is the maximum number of pies she could buy in a week?

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