Saturday, 8 March 2014
An economy consists of three workers: Larry, Moe and Curly. Each works ten hours a day and can...
An economy consists of three workers: Larry, Moeand Curly. Each works ten hours a day and can producetwo services: mowing lawns and washing cars.In an hourLarry can either mow one lawn or wash one carMoe can either mow one lawn or wash two carsCurly can either mow two lawns or wash one carCalculate how much of each services is produced under thefollowing circumstances which we label A, B, C, and Di. All three spend all their time mowing lawns (A)ii. All three spend all their time washing cars(B)iii. All three spend half their time on each activity (C)iv. Larry spends half his time on each activity, while Moeonly washes cars and Curly only mows lawns (D)b.GRAPH TH PRODUCTION POSSIBILITY FRONTIER FOR THIS ECONOMY.C.EXPLAIN WHY THE PRODUCTION POSSIBILITIES FRONTIER HAS THE SHAPE IT DOES.
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