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Alex and Bob can both produce broom and brush. Assume each of them can switch between producing broom and producing brush at a constant rate. ECON2013 Principles of Microeconomics 2022-2023 Semester1 Name (Chinese + English): Student Number: a. (2 marks) Are their production possibilities frontiers linear (straight) or bow-shaped? Explain. (You need not draw the PPF.) b. (4 marks) Assume that Alex and Bob each has 2 hour of machine time available. If both divide their time equally between the production of brooms and brushes, how much is the total production? c. (4 marks) If each is to benefit from trading with the other, who should specialize in making broom, and who in brush. Explain with necessary calculations. d. (4 marks) What is the maximum production of broom and brush by the two of them? How much more than their total production of each good in part b above? e. (3 marks) Suppose the trade price of broom can expressed in terms of numbers of brushes. If Alex and Bob each specialize in one good, as indicated by part c above, what should be the range for the price of broom? f. (3 marks) If Alex catches up with Bob in the productivity of brush, and Bob catches up with Alex in the productivity of broom, can they both benefit from trading with each other? Alex and Bob can both produce broom and brush. Assume each of them can switch between producing broom and producing brush at a constant rate. ECON2013 Principles of Microeconomics 2022-2023 Semester1 Name (Chinese + English): Student Number: a. (2 marks) Are their production possibilities frontiers linear (straight) or bow-shaped? Explain. (You need not draw the PPF.) b. (4 marks) Assume that Alex and Bob each has 2 hour of machine time available. If both divide their time equally between the production of brooms and brushes, how much is the total production? c. (4 marks) If each is to benefit from trading with the other, who should specialize in making broom, and who in brush. Explain with necessary calculations. d. (4 marks) What is the maximum production of broom and brush by the two of them? How much more than their total production of each good in part b above? e. (3 marks) Suppose the trade price of broom can expressed in terms of numbers of brushes. If Alex and Bob each specialize in one good, as indicated by part c above, what should be the range for the price of broom? f. (3 marks) If Alex catches up with Bob in the productivity of brush, and Bob catches up with Alex in the productivity of broom, can they both benefit from trading with each other