ECON 1000 Lecture Notes - Lecture 1: Capital Accumulation, Kilogram, Opportunity Cost
7 Oct 2018
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2. 4 gains from trade: individuals a and b can both produce good x. In an eight-hour day, andy can produce either 24 loaves of bread or 8 kilograms of butter. 2. 4 gains from trade: refer to fact 2. 4. 1. Use the figure below to answer the following questions. The planets of vulcan and romulus each produce goods x and y. The following table gives points on their production possibilities frontiers. 2. 4 gains from trade: refer to table 2. 4. 1. For vulcan, the opportunity cost of producing an additional unit of y is: 2/3 units of x, 1/2 units of x, 2 units of x, 3 units of x, 4 units of x, refer to table 2. 4. 1. 2. 4 gains from trade: the gains from trade will be large but only in one direction, a must have lower opportunity costs of production for both goods, consider the following household. In 5 hours, bob can cook 5 meals or clean 6 rooms.
