Smith and Jones comprise a two-person economy.Their hourly rates of production are shown below. $\begin{array}{ccc}
\underline{\text { Good }} & \underline{\text { Smith }} & \underline{\text { Jones } }\
\text { Computers } & 10 & 6 \
\text { Calculators } & 100 & 120
\end{array}$
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

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