How to produce linear combination of chickens and potatoes

Assignment Help Macroeconomics

Reference no: EM13231740

Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens, she can raise 50 chickens per year. (If she apportions some resources to each, then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pounds of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year

Reference no: EM13231740

Questions Cloud

How intuition be combined with a rational decision approach : Do you think that intuition is a valid approach to making decisions in an organization? Why or why not? How might intuition be combined with a rational decision approach?

Find what is the opportunity cost of an increase in income : (a) Calculate the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 grade point average(GPA) rather than a 2.0 GPA. (b) Is the opportunity cost the same for a move from a 0.0 GPA to a 1.0 GPA as it is for ..

Determine the assignment of teams to jobs : An aircraft repair facility currently has four jobs awaiting work. Four teams of mechanics are available. Each team can work on only one of the jobs. Over a period of several months the manager has evaluated the repair teams in a variety of jobs.

Compute the acidity constant : Using the concentration of CH3COOH (0.8326M) and the equilibrium concentration of H3O+ (OJ = 31.6x10^-6 and milk = 3.16x10^-8), complete the reaction table for vinegar. Then calculate the acidity constant. Please show all work in solving the probl..

How to produce linear combination of chickens and potatoes : Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes

What is the break-even point for this operation : A product is currently made in a job shop, where fixed costs are $4,500 per year and variable cost is $10 per unit. The firm sells the product for $70 per unit. What is the break-even point for this operation? What is the profit (or loss) on a dem..

The notion of the child star : Cite your view on the notion of the child star (Mozart) and the impact of early success on a person who shows exceptional talent or genius.

Evaluate a proprietary project management software tool : You need to select a tool for project planning and scheduling from various tools available in the market. What factors would you consider in selecting the most appropriate software tool for your company?

What do the following commands do : What do the following commands do

User Account

All Pages