Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10 Ireland and Scotland both produce potatoes and sausages. The table below presents their production possibilities schedules. Production Possibilities Schedules 2 Ireland Scotland points Potatoes

image text in transcribedimage text in transcribed
10 Ireland and Scotland both produce potatoes and sausages. The table below presents their production possibilities schedules. Production Possibilities Schedules 2 Ireland Scotland points Potatoes Sausages Potatoes Sausages (tons) (tons) (tons) tons 150 200 106 120 50 160 200 90 100 120 Book 300 60 150 80 400 30 200 40 500 250 References a. If the two countries decided to combine their resources, what is the maximum amount of potatoes the two countries could produce? O 1,000 tons O 500 tons O 750 tons O 250 tons b. If the two countries decided to combine their resources, what is the maximum amount of sausages the two countries could produce? O 250 tons O 150 tons O 750 tons O 350 tons c. If the two countries specialize and produce the good in which they have a comparative advantage, what is the maximum combination of potatoes and sausages they can produce together? O 500 tons of potatoes and 200 tons of sausages 650 tons of potatoes and 450 tons of sausages 750 tons of potatoes and 350 tons of sausages O 250 tons of potatoes and 150 tons of sausagesd. Using the three combined amounts of production, graph the combined production possibilities frontier for Ireland and Scotland. Instructions: Use the tool provided "PPF" to plot the combined production possibilities frontier point by point (3 points total). Production Possibilities Frontier 400 Tools 350 7 300 PPF 250 200 150 Sausages (tons) 100 50 100 200 300 400 500 600 70O 800 900 Potatoes (tons)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Microeconomics

Authors: N Gregory Mankiw

7th Edition

1305081676, 9781305081673

More Books

Students also viewed these Economics questions

Question

Explain the process of Human Resource Planning.

Answered: 1 week ago

Question

The background knowledge of the interpreter

Answered: 1 week ago