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| ECON220 1205B 01 Microeconomics | ||||||||||
| Assignment Name: | Unit 1 Individual Project | |||||||||
| Deliverable Length: | 2–3 pages | |||||||||
| Details: |
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens, she can raise 50 chickens per year. (If she apportions some resources to each, then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pounds of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year. (If he apportions some resources to each, then he can produce any linear combination of chickens and potatoes that lies between those extreme points.)
Please submit your assignment.
For assistance with your assignment, please use your text, Web resources, and all course materials.
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| Points Possible: | 150 | |||||||||
| Date Due: | Sunday, Jan 13, 2013 | |||||||||
| Objective: |
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| Submitted Files: | Submit Assignment | |||||||||
| Score: | N/A | |||||||||
| Instructor Comments: | We will cover the concepts and methods for calculations in chat. You should also read pages 25 33 in the textbook. You will first need to calculate opportunity costs. The person with the lower opportunity cost in an activity has the comparative advantage in that activity. see mini tutorials 1 & 2 . |
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