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I need help on these 2 micro questions: Question 5 (4 points) Joe currently lives in Maldives. He spends his time reading books and writing
I need help on these 2 micro questions:
Question 5 (4 points) Joe currently lives in Maldives. He spends his time reading books and writing novels. Suppose it takes Joe 2 years to produce a book and it takes Joe 3 months to read a book. Joe has three years of time to live in Maldives before he has to return to his usual business of engaging in economic research. Once he is back to economic research he will have no time to write books or read books. Given this information and holding everything else constant, which of the following statements is true? Q If Joe writes 1.25 books, then he can still read 10 books during his time in Maldives. O Joe's opportunity cost of writing one book is 8 books read. Q If Joe reads 6 books while in Maldives, he will still be able to write 80% of a noveL Q If Joe writes a novel while in Maldives, he will still be able to read 4.5 books. Use the following information for the next two questions: Ron and Melissa can each produce poems and music scores. The following table expresses how many poems or music scores each can produce if they produce none of the other good. Assume opportunity costs are constant along the entire production possibility frontier for each person. Music Scores Poems Ron 5 1 Melissa6 2 Question 6 (4 points) Which of the following statements is true? The Combined-PPF for Ron and Melissa has an outward kink point. The Combined-PPF for Ron and Melissa has an inward kink point. The Combined-PPF for Ron and Melissa does not have a kink point. The Combined-PPF for Ron and Melissa is bowed inward (or convex) to the origin. Question 7 (4 points) What is the acceptable price range for one piece of poem? Between 5 and 6 units of music scores Between 3 and 5 units of music scores Between 1/5 and 1/6 units of music scores Between 1/3 and 1/5 units of music scoresStep by Step Solution
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