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Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman
Edition 6ISBN: 978-1133708735Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman
Edition 6ISBN: 978-1133708735 Exercise 4
Suppose that one day,Gilligan (the castaway)eats a magical island plant that turns him into an expert at everything. In particular,it now takes him just half an hour to pick a cup of berries,and 15 minutes to catch a fish.
a. Redo Table 1 in the chapter.
Table 1 Labor Requirements for Fish and Berries
b. Who-Gilligan or Maryanne-has a comparative advantage in picking berries? In fishing?
c. Suppose that Gilligan reallocates his time to produce two more units of his comparative advantage good and that Maryanne does the same. Construct a new version of Table 3 in the chapter,showing how production changes for each castaway and for the island as a whole.
Table 1 A Beneficial Change in Production
a. Redo Table 1 in the chapter.
Table 1 Labor Requirements for Fish and Berries
b. Who-Gilligan or Maryanne-has a comparative advantage in picking berries? In fishing?
c. Suppose that Gilligan reallocates his time to produce two more units of his comparative advantage good and that Maryanne does the same. Construct a new version of Table 3 in the chapter,showing how production changes for each castaway and for the island as a whole.
Table 1 A Beneficial Change in Production
Explanation
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Verified
(a)Following table shows the quantum of ...
Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman
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