Home has 1200 workers it can produce two goods applesqa and, Ask an Expert

Economics

Home has 1,200 workers. It can produce two goods, apples(QA) and bananas(QB). The unit labor requirement in apple production is 3, while it is 2 in banana production.

a. Draw the PPF for home(with the production of apples on x-axis). what is the opportunity cost of apples in terms of bananas?

b. Draw the relative supply curve.

c. Draw the relative demand curve when the demand for apples/demand for bananas = the price of bananas/price of apples. What is the equilibrium world relative price of apples?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92234379

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