microeconomics

Michelle has 200lbs of potatoes and 50 cchickens. James has 80lbs of potatoes and 40 chickens. what is Michelles opportunity cost of producing potatoes and opportunity cost of producing chickens? Same for James. Which person has an abosolte advantage in which activities? Suppose that they are thinking os each specializing in the area in which they have a comparative advantage and then trading at a rate of 2.5 lbs of potatoes for 1 chicken, would they each be beter off? Explain

1. 👍 0
2. 👎 0
3. 👁 167

Similar Questions

1. English

Combine these two simple sentences into one simple sentence with a compound verb. Jenny went to the grocery store. She bought chicken and potatoes. A. Jenny went to the grocery store; she bought chicken and potatoes. B. Jenny went

2. math

Natalie is buying potatoes at the grocery store. If she buys 6 potatoes that each have a mass of 375 grams, what is the total mass of the potatoes, in kilograms?

3. Consider the linear programming problem

A farmer has a field of 70 acres in which he plants potatoes and corn. The seed for potatoes costs \$20/acre, the seed for corn costs \$60/acre, and the farmer has set aside \$3000 to spend on seed. The profit per acre of potatoes is

4. biology

why do potatoes and onions have reducing sugar present.

1. Macroeconomics

. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced.

2. Math

A farmer uses 11/18 of his field to grow rice and 3/7 of remaning field for growing tomatoes of the area thus left he uses 1/4 of his to grow spanich and the rest to grow sweet potatoes What fraction of field is used to grow sweet

3. Math

A restaurant uses 80 pounds of potatoes per week. The restaurant owner buys the potatoes in 10-pound bags from a local farmer. How many bags will the owner need to buy this week?

4. Math

A farmer uses 11/18 of his field for growing rice and 3/7 of the remaining field for growing tomatoes. Of the area thus left he uses 1/4 of it to grow spinach and the rest to grow sweet potatoes.What fraction of the field is used

1. Microeconomics

4. Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of bread and that potatoes are a consumer substitute for bread, we would expect the price of wheat to:

2. math

Potatoes cost \$0.62 per pound. What is the total cost of the bags of potatoes Tanisha needs to buy

3. math

5 pounds of potatoes for \$2.19 equals what per pound?

4. math

Why did the sea monster eat 27 ships carrying potatoes?