Suppose that Canada produces two goods: lumber and fish. It has 18 million workers, each of whom

Question:

Suppose that Canada produces two goods: lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish each day.

a. What is the maximum amount of lumber Canada could produce in a day?

b. What is the maximum amount of fish it could produce in a day?

c. Draw Canada’s production possibilities frontier.

d. Use your graph to determine how many fish can be caught if 60 million feet of lumber are cut.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics

ISBN: 978-1259813337

2nd edition

Authors: Dean S. Karlan, Jonathan J. Morduch

See More Books

Question Posted: Oct 03, 2018 11:40 AM

See More Questions

A company that builds sailboats wants to determine how many sailboats to build during each of the next four quarters. The demand during each of the next four quarters is as follows: first quarter,...
What is the maximum amount that an employee can shelter into a 401(k) plan?
What is the maximum amount you would pay for an asset that generates an income of $150,000 at the end of each of five years if the opportunity cost of using funds is 9 percent?
The regression of the X and Y equation is Y = 48.32 -2.105X, What is the slope of the data.
Wilkes Mutual Insurance Company issued a $100,000, 5%, 10-year bond payable at 111 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance...
How do recessions impact continuous improvements in project management?
(Appendix) Solve balance sheet only problems (for CPA exam issue). AppendixLO1
The most recent annual income statement for Vertigo Enterprises is presented below. Prepare a vertical analysis of the statement. Vertigo Enterprises Income statement $647600 Income Expenses Cost of...
Harbin Manufacturing has 10 million shares outstanding with a current share price of $ 20.41 per share. In one year, the share price is equally likely to be $ 28 or $ 20. The risk-free interest rate...
Record journal entry 1) May1, 2019 Business owner open Renovationk design company and invested $300,000 in business bank account 2) May1, 2019 Husiness bought supplies $1o00, but the money will be...
Consider the market for cars. Which determinant of supply is affected by each of the following events? Choose from: prices of related goods, technology, prices of inputs, expectations, and the number...
If the price of a haircut is $15, the number of haircuts provided is 100. If the price rises to $30 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 300....
The federal government is considering selling tracts of federally owned land to private developers and using the revenues to provide aid to victims of an earthquake in foreign country. How would this...
Jennifer purchased stock at $50 per share with a 75% initial margin requirement and a maintenance margin of 35%. How much equity per share must Jennifer contribute when the stock falls to $15 per...
Thinking about your present job and your "inventory"of leadership traits and characteristics, where are your strengths and weaknesses as a leader?Is being a leader desirable? If yes, what motivates...
You are facing a complex decision with several courses of possible action and probabilities associated with them. The current decision tree, based on the best possible estimates of probabilities and...
1. In what ways has Marriot proven an industry leader in the context of entrepreneurship in the hospitality industry. 2. What are the author's metrics of measuring entrepreneurial activity, and do...
Suppose you want to model the relationship between the interest rate, the economic growth rate and the inflation rate. what would be first model to fit explain.
Add the hexadecimal numbers. 3C4 + 295
From the choice of simple moving average, exponential smoothing, and linear regression analysis, which forecasting technique would you consider the most accurate? Why? please write it in word...
Use the demand schedule in Table CP-2 to answer the following questions. Use the mid-point method when calculating elasticity. a. What is the price elasticity of demand for a price change from $2 to...
Graph the equation P = 2Q + 3. Is this the supply curve or demand curve?
Use the information about price and quantity in Table AP-1 to create a graph, with Price on the y-axis and Quantity on the x-axis. Label the resulting curve Demand. What is the slope of that curve?
1,600 Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $2,000...
Question 3 4 pts 9 x + 3 x 9 if x 0 Find a) lim f(x), b) lim, f(x), C), lim , f(x) if they exist. 3 Edit View Insert Format Tools Table : 12pt M Paragraph B IV A2 Tv
Mr. Geoffrey Guo had a variety of transactions during the 2019 year. Determine the total taxable capital gains included in Mr. Guo's division B income. The transactions included: 1. On January 1,...

Suppose that Canada produces two goods: lumber and fish. It has 18 million workers, each of whom

Question:

Step by Step Answer:

a The maximum amount of lumber Canada could produce in a day is 10 f...View the full answer

Microeconomics

Students also viewed these Business questions