Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206Suppose Smith and Jones begin by producing 0 computers and 220 calculators per hour. If they wish to produce 2 computers and 200 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.
A. 12 minutes making computers and 48 minutes making calculators; 1 hour making calculators
B. 48 minutes making computers and 12 minutes making calculators; 1 hour making calculators
C. 1 hour making calculators; 10 minutes making computers and 50 minutes making calculators
D. 30 minutes making each; 30 minutes making each
Answer: A
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When a market is in equilibrium
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