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Please state if the answers selected for the questions below are correct Question 3 Person 1 can allocate her 8-hour day between the production of
Please state if the answers selected for the questions below are correct
Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable O unattainable efficient O inefficient{b} Person 2, can produce 3 units of Good B or 4 units of Good A per hour (i) Who has the absolute advantage in _ the Person 2 produce more than Person 1 using less resources = production of Good E? {ii} Who has the absolute advantage in the production of Good A? 0 Neither they both produce same quantity \f(v) Who has the comparative advantage in the production of Good B? (vi) Who has the comparative advantage in the production of Good A? (v) Who has the comparative advantage in Person 1 produce with lower opportunity cost the production of Good B? (vi) Who has the comparative advantage in Person 1 produce with lower opportunity cost $ the production of Good A?(c) A tropical storm creates a shortage of the items needed in the production of Good B. Explain how this would affect the production possibilities curve. Select one: O PPF shifts inwards O PPF shifts outwards O Move to a point inside the PPF O Move outwards on Good A axis only O Move outwards on Good B axis only O Move inwards on Good A axis only O Move inwards on Good B axis onlyStep by Step Solution
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