Lesson 2-Written Homework Assignment

1. Suppose you receive a free pass to attend a football game in a major city. a. Describe your opportunitvcost of attending the ball game? (10 points}- b. How would your opportunitv-cost change in case of inclement weather conditions? Please explain. (10 points) 2. Provide 4 examples of opportunitv-costs associated with your decision to attend college? [20 points total-5 points each) 3. Farmer George can produce 300,000 bags of green beans or 150,000 bags of corn. On the other hand, farmer Lucv can produce 130,000 bags of green beans or 200,000 bags of corn. Assume that both farmers have the same number of laborers working for them. Please, answer the following questions: [60 point-5 points per question) Draw the production possibilities curve for farmer George? Draw the production possibilities curve for farmer Lucy? What is farmer George's opportunity-cost of producing green beans? What is farmer Lucv's opportunity-cost of producing green beans? What is farmer George's opportunity-cost in producing corn? What is farmer Lucy's opportunitv-cost in producing corn? Which farmer has an absolute advantage in producing green beans? Which farmer has absolute advantage in producing corn? Which farmer has comparative advantage in producing green beans? Which farmer has comparative advantage in producing corn? Which farmer should specialize in the production of green beans? Which farmer should specialize in the production of corn? Fara-oaranrhsveosre