Question

b. Kelen and Chris produce rice and wheat. In an hour. Kelen can produce 1 unit of wheat or
one unit of rice, while Chris can produce 2 units of wheat and 3 units of rice. They each
work 10 hours a day. (8.75)
Who has an absolute advantage in producing wheat? Who has an absolute advantage
in producing rice? Explain.
11. Who has comparative advantage in producing wheat? Who has Comparative
advantage in producing rice? Draw a production possibilities frontier for Kelen and
Chris assuming that each spends same number of hours each day as the other in
producing wheat and rice.
e. Calculate TFC, if AC and AVC are $22 and $18 respectively at output of 10 unit. (5)​

Answer 1

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Explanation:

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