3. Imagine a village with three producers, each of whom can produce one or both of...

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3. Imagine a village with three producers, each of whom can produce one or both of two goods -- chicken, fish, or some of each, measured by pounds of chicken or fish produced per unit of identical work time. Working at full employment of resources the production possibilities of the village producers (or firms) is as follows: (Weight in pounds per unit of time.) Firm Fish "or" Chicken "or" Any linear combination Charlotte 16 8 6 6 Sky Jared 2 4 a. Who has the comparative advantage in the production of fish, and what is their opportunity cost of producing fish? b. In Problem 3, who has the comparative advantage in the production of chicken, and what is their opportunity cost? c. Draw to scale the village market supply curve for fish, showing where each producer appears on the market supply curve and at what minimum acceptance price. 4 3. Imagine a village with three producers, each of whom can produce one or both of two goods -- chicken, fish, or some of each, measured by pounds of chicken or fish produced per unit of identical work time. Working at full employment of resources the production possibilities of the village producers (or firms) is as follows: (Weight in pounds per unit of time.) Firm Fish "or" Chicken "or" Any linear combination Charlotte 16 8 6 6 Sky Jared 2 4 a. Who has the comparative advantage in the production of fish, and what is their opportunity cost of producing fish? b. In Problem 3, who has the comparative advantage in the production of chicken, and what is their opportunity cost? c. Draw to scale the village market supply curve for fish, showing where each producer appears on the market supply curve and at what minimum acceptance price. 4