Calculate how many of lbs of each they are producing

Reference no: EM133442364

Question: Bread Tomatoes Jay 2 lb/hr 4 lb/hr Bob 6 lb/hr 8 lb/hr Jay and Bob work 10 hours per day, their production per hour is listed above.

1. If Jay and Bob can't trade they each decide to spend half their 10hr day producing each good. (5hrs on each for both.) Calculate how many of lbs of each they are producing. Now assume it's possible to specialize and trade.

2. Indicate how much they would be producing after specialization but prior to trade.

3. Using your numbers from #2, give one possible outcome they would be willing to end up with after trade.

4. Graph the relevant PPFs for the problem. Provide a table that documents the points, your graph can just include the intercepts. Make sure to label the axis. -Once you have drawn the PPFs label the point without trade and the point after trade.

Reference no: EM133442364

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