Stella and Milo run an organic farm. The table below provides some information regarding how much they can accomplish in 1 day. The table indicates how much each farmer can accomplich by working the entire day exclusively on milking cows or on harvesting corn (but not both). Each farmer can work a fraction of the day on either task, in which case they accomplish a fraction of what they could do if they worked exclusively on one task only. For example, if Sella spent 20% of the day milking cows and 80% of the day havesting corn, she would milk (1/5) x 250 = 50 cows and harvest (4/5) x 10 = 8 acres of corn. Milks Cows (per day) 250 150 B. Harvest Acres of Corn (per day) 10 15 Stella Milo A. Stella's opportunity cost of harvesting one acre of corn is milked. COWS has the comparative advantage in milking cows and has the comparative advantage in harvesting corn. C. Assume the farmers needed to harvest 8 acres of corn on a particular day. They could milk, at most cows that same day.

Stella and Milo run an organic farm. The table below provides some information regarding how much they can accomplish in 1 day. The table indicates how much each farmer can accomplich by working the entire day exclusively on milking cows or on harvesting corn (but not both). Each farmer can work a fraction of the day on either task, in which case they accomplish a fraction of what they could do if they worked exclusively on one task only. For example, if Sella spent 20% of the day milking cows and 80% of the day havesting corn, she would milk (1/5) x 250 = 50 cows and harvest (4/5) x 10 = 8 acres of corn. Milks Cows (per day) 250 150 B. Harvest Acres of Corn (per day) 10 15 Stella Milo A. Stella's opportunity cost of harvesting one acre of corn is milked. COWS has the comparative advantage in milking cows and has the comparative advantage in harvesting corn. C. Assume the farmers needed to harvest 8 acres of corn on a particular day. They could milk, at most cows that same day.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
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Long answer Explain all resources that economic relies on.
In 1 hour, john can make 4 sandwiches or 9 salads. Jane works with John and in one hour she can make 7 sandwiches or 10 salads. Knowing the each work 8 hours per day, if they both allocate 4 hours to each activity, then in total how many salads can be made?
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