The table above shows the output per week of two jewelers, Serena and Haley. The
ID: 1220923 • Letter: T
Question
The table above shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces. Who has the absolute advantage in making bracelets? Who has the absolute advantage in making necklaces? What is Haley's opportunity cost of making a bracelet? What is Serena's opportunity cost of making a bracelet? What Is Haley's opportunity cost of making a necklace? What is Serena's opportunity cost of making a necklace? Who has the comparative advantage in making bracelets? Who has the comparative advantage in making necklaces? Production choices for Tomaso's Trattoria Refer to table above. Assume Tomaso's Trattoria only produces pizzas and calzones, and the table above shows different combinations of these products that they can produce per day utilizing all of their current resources. Which of the 3 dally production quantities listed below is technically efficient, which is technically inefficient (in that It doesn't use all of the resources available), and which is unattainable with current resources? 25 pizzas and 20 calzones 10 pizzas and 50 calzones 24 pizzas and 30 calzones Identify whether each of the following transactions will take place in the factor market or in the product market: Graciela buys a Tesla Motors Model X. Lashan works 60 hours a week at a law firm. Tito sells his family's farmland to a housing developer. Tesla Motors increases employment at its Fremont, California plant.Explanation / Answer
1. a. haley
b. serena
c. i.e. 12/9= 1.33
d. 16/8= 2
e. 9/12= 0.75
f.8/16= 0.5
Q2. option B is not possible and option A production schedule is inefficient
Q3. a. production market
b. factor market
c. factor market
d. production market