Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. $\begin{array}{lccc}
\text { Good } &\text { Smith } & \text { Jones } \
\text { Computers } & 10 & 6 \
\text { Calculators } & 100 & 120
\end{array}$ Refer to the table above. Suppose 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, then Smith will spend __________ and Jones will spend __________.

Question

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. $\begin{array}{lccc}
\text { Good } &\text { Smith } &  \text { Jones } \
\text { Computers } & 10 & 6 \
\text { Calculators } & 100 & 120
\end{array}$ Refer to the table above. Suppose 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, then Smith will spend __________ and Jones will spend __________.

Quizplus · Accepted Answer

Smith will spend 12 minutes on computers (2 computers at 10 per hour) and 48 minutes on calculators (80 calculators at 100 per hour). Jones will spend 1 hour on calculators (120 calculators at 120 per hour).

Smith and Jones Comprise a Two-Person Economy Refer to the Table Above