Answer to Question #116927 in Microeconomics for desmond

Question

Jane’s Island’s production possibilities are given in the
table to the right.
a. Draw a graph of the production possibility possibilities
frontier on Jane’s Island.
b. What are Jane’s opportunity costs of producing corn
and cloth at each output in the table?Corn
(pounds per
month)
Cloth
(yards per
month)
3.0 and 0
2.0 and 2
1.0 and 4
0 and 6
2. In problem 1, Jane is willing to give up 0.75 pounds of
corn per yard of cloth if she has 2 yards of cloth; 0.50
pounds of corn per yard of cloth if she has 4 yards of cloth; and 0.25 pound of corn per yard of
cloth if she has 6 yards of cloth.

Answer 1

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