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 252 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
Gracias!

tranoy

  • Member
  • Posts: 344
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Urine turns bright yellow if larger than normal amounts of certain substances are consumed; one of these substances is asparagus.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Fred and Norah Urquhart. Fred and Norah Urquhart.
Cow Wheat Cow Wheat
Yuji Hiratsuka, Miracle Grow Hypnotist. Yuji Hiratsuka, Miracle Grow Hypnotist.
Yuji Hiratsuka, Miracle Grow Hypnotist. Yuji Hiratsuka, Miracle Grow Hypnotist.
Gibberellin and germination, illustrated in a seed of barley (Hordeum vulgare). Gibberellin and germination, illustrated in a seed of barley (Hordeum vulgare).
Sympatric Speciation in Wheat Sympatric Speciation in Wheat
Video: Interspecific Competition Relationship - Competitive & Niche Differentiation

For a complete list of videos, visit our video library