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

Author Question: Farmer Fred could grow wheat and barley. He could grow 75 bushels of wheat or 125 bushels of barley ... (Read 251 times)

Mimi

  • Hero Member
  • *****
  • Posts: 542
on: Jun 30, 2018
Farmer Fred could grow wheat and barley. He could grow 75 bushels of wheat or 125 bushels of barley using the same resources on an acre of his land. The price of wheat is 2.00 per bushel and the price of barley  0.80 . Show the benefits to Fred from specialization. What should he specialize in?

Question 2

Which of the following was not one of Malthus assumptions?
 a. stable prices
 b. production with only two inputs - land and labor
  c. a fixed supply of land
 d. human desire to increase the population


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kmb352

  • Sr. Member
  • ****
  • Posts: 319
Reply #1 on: Jun 30, 2018
Answer to Question 1

Farmer Fred could make 150 if he grew only wheat and just 100 if he grew only barley. By specializing in wheat production he will be better off. Even though he can produce more bushels of barley than he can bushels of wheat, his opportunity cost of producing wheat (the 100 income sacrificed. is lower than the opportunity cost of producing barley (150 in sacrificed income).

Answer to Question 2

a


Mimi

  • Member
  • Posts: 542
Reply 2 on: Jun 30, 2018
Excellent

mammy1697

  • Member
  • Posts: 341
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Fred Wilson, Metalwork 1793–1880, from Mining the Museum: An Installation by Fred Wilson Fred Wilson, Metalwork 1793–1880, from Mining the Museum: An Installation by Fred Wilson
How does your baby grow up starting from 4th month? How does your baby grow up starting from 4th month?
A farmer is building a new cylindrical silo that will hold 1800 cm3 of corn. Wha A farmer is building a new cylindrical silo that will hold 1800 cm3 of corn. Wha
A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ... A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ...
Sympatric Speciation in Wheat Sympatric Speciation in Wheat
Polygenic inheritance of wheat kernel color controlled by two additive genes Polygenic inheritance of wheat kernel color controlled by two additive genes
Video: Arthroscopy

For a complete list of videos, visit our video library