D Question 13 1 pts 2228 - 202223FA Home The following table illustrates the production capabilities of Kentucky and Tennessee. The two states each have the ability to make guitars and violins as shown: Announcements Accoun Kentucky ennessee Syllabus Modules Guitars 9 per hour 10 per hour Dashboa d Grades Violins 10 per hour 14 per hour People Courses Tutor.com Using this table, you must find the opportunity costs of production. Library Resources Tennessee's opportunity cost of producing a violin is _ _ guitars. Type your answer in the box below. If your answer is a decimal, round to the nearest tenth. Groups Collaborations 888 Calendar Inbox D Question 14 5 pts History This problem considers production and comparative advantage. See the table below. My Media Pennsylvania Maryland Bushels of 22 per acre 15 per acre Soybeans Notices Bushels of 6 per acre 12 per acre Wheat Help Assume each state has 100 acres of farmland to use. Use the table above to label the graph below. The graph below is an illustration of the combined daily PPF for Pennsylvania and Maryland. Note that to numerically label the graph correctly, you must first find the correct opportunity costs and comparative advantages in production, even though you are not asked to show that work here. The ultimate result of this problem involves finding the amount of Soybeans and Wheat that are produced at the "kink" in the PPF function as graphed. To do this, you'll have to find out who has the comparative advantage in production, and how many units of total output are produced with specialization. Then, you'll be able to put numbers on the values of X, Y, and Z. Having done that, examine point Z. If the price of Soybeans is $4 per bushel and the price of wheat is $3 per bushel, what is the total value of goods produced at point Z? Just enter a number for your answer, and do NOT enter a dollar sign or other symbols. Your answer will be a whole number. D Question 15 2 pts A demand function is given by the equation Q = 116 - 3P. Suppose the price is P = 24. At this price, find the price elasticity of demand. USE THE POINT SLOPE METHOD to find this elasticity. Round your answer to the nearest tenth. [Note: Canvas may automatically add zeroes to the answer you enter. This will not alter the accuracy of your answer]