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3. Joint PPF and quantity restriction for 12 points. Josel owns two fields: Green field and Blue field. He produces corn and wheat. Green field has 90 acres, and it takes 10 acres to produce 1 bushel of corn and 15 acres to produce 1 bushel of wheat. Blue field has 100 acres, and it takes 20 acres to produce 1 bushel of corn and 10 acres to produce 1 bushel of wheat. Suppose that the government imposes a quantity restriction on only corn. Specifically, A quantity restriction of 3 bushels of corn in Green field. That is, Green field is allowed to produce at most 3 bushels of corn, and A quantity restriction of 4 bushels of corn in Blue field. That is, Blue field is allowed to produce at most 4 bushels of corn. a. Sketch the joint PPF. Clearly label your graph (i.e., indicate values for slopes, intercept(s), endpoint(s), and kink(s)). Note that corn is on the y-axis (Qc is bushels of corn) and wheat is on the x-axis (Qw is bushels of wheat). (6 points) Qc Qwb. Suppose that losel is visited by Outside merchants who sell and buy corn and wheat at prices PC = 2 and PW = 2, respectively. i. What is the point of total production that maximizes the value of production? ln other words, how many bushels of corn and wheat are produced? (1 point) ii. What is the value of production in dollars (aka, Josel's income)? [1 point) iii. (in the graph drawn in part 3.a., 1. indicate the value-maximizing point of total production. (1 point) 2. use yOur answer in part 3.b. i. to sketch the CPF. Clearly label the CPF (i.e., indicate values for slope and intercepts}. [1 point] iv. Josel decides to consume 6 bushels of wheat and as many bushels of corn as possible. 1. How many bushels of com does Josel consume? [1 point) 2. 0n the graph drawn in part 3.a., indicate losel's point of consumption. [1 point) a. In episode 1, Noah and I start with the allocation of income between two goods: ice cream and coffee. If I use my savings to buy more ice cream, I do not have to reduce my consumption of coffee. Is the opportunity cost of ice cream zero in this case? Explain. (1 point) b. In episode 2, Noah and I talk about the Agile Software Development Process in engineering. What is the opportunity cost of waiting (i.e., delaying the release) and perfecting an iphone? (1 point)