Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. How much of each good can be produced if each worker fully specializes according to comparative advantage?
A) 1,600 fish and 8,000 pounds of berries
B) 2,000 fish and 8,000 pounds of berries
C) 3,600 fish and 12,800 pounds of berries
D) 1,600 fish and 4,800 pounds of berries
Correct Answer:
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Q42: The following graph shows the production possibilities
Q43: The following graph shows the production possibilities
Q44: The following graph shows the production possibilities
Q45: The following graph shows the production possibilities
Q46: The following graph shows the production possibilities
Q48: The accompanying figure shows the annual production
Q49: If the United States consumption possibilities are
Q50: The following graph shows the production possibilities
Q51: Sheila and Jim live in an island
Q52: The following graph shows the production possibilities
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