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uestion Mary and Jason are a new couple trying to understand their family production plans. Suppose they conduct two types of production: household production (HP)
uestion Mary and Jason are a new couple trying to understand their family production plans. Suppose they conduct two types of production: household production (HP) and market production (MP). If Mary carries out household production, her production value is equivalent to $20 each hour. If she does market production, she gets paid $15 each hour. Jason's production value is $12 per hour if he does household production. If he does market production, he gets paid $25 per hour. Assume Mary and Jason each work 8 hours on a typical workday.c) Alternatively, if Mary and Jason conduct household production only, what would be the family production possibility? If they wish to keep some market production, who should do it, and what will be the new production possibility? Show it in a graph
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