Calculate the opportunity costs for each farmer

Reference no: EM133487359

Question 1: Calculate the opportunity costs for each farmer for each product (need 4 answers).

Question 2: Draw the PPFs for Farmer Cotton and Gaffer Gamgee. Show the slope of each PPF.

Question 3: Should either farmer specialize, and if so, in what product? Why?

Question 4: What will be the terms of trade for taters in terms of pipeweed? For pipeweed in terms of taters?

Additional comments: The Shire would like to consume more taters and pipeweed than itcurrently has. Farmer Cotton and old Gaffer Gamgee are two of thebest farmers in the Shire (the Gaffer taught his son Samwise everythinghe knows). Farmer Cotton can produce 2 barrels of pipeweed a day or3 tons of taters. The Gaffer can produce 2 barrels of pipeweed or 4 tonsof taters (he is regarded as an expert in the matter of the growing ofroots, especially potatoes)

Reference no: EM133487359

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