02 May 2. Comparative and absolute advantage Raphael and produce per year on a given acre. Each farmer c…
2. Comparative and absolute advantage Raphael and produce per year on a given acre. Each farmer chooses whether to devote all acres to producing land and alfalfa on the rest. one owns a 20-acre plot of land. The following table shows the amount of barley and aitalfa each farmer can barley or alifaifa or to produce barley on some of the Barley (Bushels per acre) 20 28 Alfalfa (Bushels per acre) Raphael Susan On the following graph, use the blue line (circle symbol) to plot Raphaers production possibisties fronbier (PPP), and use the purple line (diamond symbol) to plot Susan’s PPF
Homework (Ch 03) On the following graph, use the blue line (circle symbol) to plot Rapheels production possibilities frontier (PPF), and use the purple tine (diamond symbol) to plot Susan’s PPF 200 180 Raphaels PPF 160 140 t 120 t Susan’s Ppp 100 80 60 40 20 100 200 ว00 400 500 000 700 800 900 1000 BARLEY (Bushels)
V has an absolute advantage in the production of barley, andY has an absolute advantage in the production of alfalfa. Raphael’s opportunity cost of producing 1 bushel of alfalfa is alfalfa is comparative advantage in the production of aifaifa, andhas a comparative advantage in the production of barley bushels of barley, whereas Susan’s opportunity cost of producing 1 bushel of hasa bushels of barley. Because Raphael has opportunity cost of producing alfalfa than Susan, Grade It Now Save & Continue Continue without saving
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