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 141 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?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Homer Evolution Homer Evolution
The skeleton of a dwarf elephant from the island of Crete. Dwarf elephants were present on some Medi The skeleton of a dwarf elephant from the island of Crete. Dwarf elephants were present on some Medi
Common Wombat, Maria Island, Tasmania Common Wombat, Maria Island, Tasmania
Surtsey, a volcanic island, during the time of its formation. Surtsey, a volcanic island, during the time of its formation.
Lessons from Chile’s Atacama Desert Lessons from Chile’s Atacama Desert
Video: Anatomy and Chemical Makeup of a Single Hair (Animation)

For a complete list of videos, visit our video library