This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Homer and Teddy are stranded on a desert island. To feed themselves each day they can either catch ... (Read 142 times)

bobthebuilder

  • Hero Member
  • *****
  • Posts: 567
on: Jun 29, 2018
Homer and Teddy are stranded on a desert island. To feed themselves each day they can either catch fish or pick fruit. In a day, Teddy could pick 60 pieces of fruit or catch 20 fish. Homer could pick 100 pieces of fruit or catch 150 fish.
 
  Which of the following is CORRECT? A) Homer has a comparative advantage in catching fish and Teddy has a comparative advantage in picking fruit.
  B) Homer has a comparative advantage in picking fruit and Teddy has a comparative advantage in catching fish.
  C) Homer has a comparative advantage in both catching fish and picking fruit.
  D) Teddy has a comparative advantage in both catching fish and picking fruit.

Question 2

Last year, Jack's income was 15,000 and he bought 50 bags of potato chips. This year his income is 18,000 and he buys 55 bags of potato chips. Therefore, Jack's
 
  A) income elasticity of demand for potato chips is 0.52.
  B) price elasticity of demand for potato chips is 0.52.
  C) income elasticity of demand for potato chips is 1.66.
  D) price elasticity of demand for potato chips is 1.66.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ryansturges

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


bobthebuilder

  • Hero Member
  • *****
  • Posts: 567
Reply #2 on: Jun 29, 2018
Correct answers!


ryansturges

  • Sr. Member
  • ****
  • Posts: 338
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

Patients should never assume they are being given the appropriate drugs. They should make sure they know which drugs are being prescribed, and always double-check that the drugs received match the prescription.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Rain forest in Pacific Rim National Park, Vancouver Island, British Columbia Rain forest in Pacific Rim National Park, Vancouver Island, British Columbia
Species richness increases with island size. Species richness increases with island size.
La Grotta Cove, Corfu Island, Greece La Grotta Cove, Corfu Island, Greece
Garbage Island Garbage Island
Bergmann’s and Allen’s rules expressed in two rabbit species. (a) A snowshoe hare. (b) A desert-livi Bergmann’s and Allen’s rules expressed in two rabbit species. (a) A snowshoe hare. (b) A desert-livi
The Kingsley plantation, on Fort George Island in Jacksonville, Florida. Zephaniah Kingsley, the own The Kingsley plantation, on Fort George Island in Jacksonville, Florida. Zephaniah Kingsley, the own
Video: Conjunctivitis

For a complete list of videos, visit our video library