Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080If Alexandra were to export a good, which one(s) would she export?
A. Sweaters
B. Scarves
C. Both sweaters and scarves
D. Neither sweaters nor scarves
Answer: B
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The benefit to the firm from hiring one additional worker is called the
A) marginal revenue product of labor. B) total revenue. C) marginal profit. D) marginal revenue.
Hannah's Harmonicas sells 1,000 harmonicas each month at a price of $10.00 each. (She could sell as many as she wishes at that price.) If the marginal cost of producing an additional harmonica is $9.60, then
a. Hannah should produce additional harmonicas b. Hannah could possibly reduce her profits by producing one additional harmonica c. Hannah must currently be maximizing her profits d. too many harmonicas are being produced, from society's point of view e. Hannah's total economic profit is $400 per month