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Paper Number 1 worksheet You must first receive approval from Dr. Hunt before attempting section 2 and the graph. Once the worksheet is approved you
Paper Number 1 worksheet You must first receive approval from Dr. Hunt before attempting section 2 and the graph. Once the worksheet is approved you may go forward. A) You are to choose TWO goods/services or resources that you produce. List these below: Good 1: Good 2: 2) Next identify the unit of measure you will use to count your output (you cannot use time c money since you do not produce either;] Unit of measure Good 1: Unit of Measure Good 2: Choose the fixed time period in which you measure your output ( must be in HOURS]: Time period for producing Good 1 and 2: HOURS D) Identify the maximum output of Good1 one and then good 2 if you were to devote all the time period and all your resources to each respective good Max production of Good 1 Max production of Good 2: [) Finally find the relative price of good 1 and good 2 Set the max production equal to each other and then solve for 1 unit of good 1; then salve for 1 unit of good 2) 1 unit of good 1 = of good 2 1 unit of good 2 = of good 1
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