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 249 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!

amandalm

  • Member
  • Posts: 306
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« 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?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Water amount needed to grow crops Water amount needed to grow crops
Wheat field versus lavender field Wheat field versus lavender field
Fred Tomaselli, Airborne Event. Fred Tomaselli, Airborne Event.
Metastatic process: Tumor leaving primary site to travel to other distant organs to grow. Metastatic process: Tumor leaving primary site to travel to other distant organs to grow.
Store vitamin B–rich whole-wheat flour in an airtight container in your refrigerator or freezer Store vitamin B–rich whole-wheat flour in an airtight container in your refrigerator or freezer
Carnivorous plants of the genus Nepenthes grow in nitrogen-poor soil Carnivorous plants of the genus Nepenthes grow in nitrogen-poor soil
Video: Types of Shock (Part 2 of 2)

For a complete list of videos, visit our video library