Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets 90 Puzzles 20 Puppets 75 10 16 8 60 15 12 16 45 20 8 24 30 25 4 32 0 38 40 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each Duppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: Geppetto: puzzles and puppets puzzles and puppets
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets 90 Puzzles 20 Puppets 75 10 16 8 60 15 12 16 45 20 8 24 30 25 4 32 0 38 40 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each Duppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: Geppetto: puzzles and puppets puzzles and puppets
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter2: Choice In A World Of Scarcity
Section: Chapter Questions
Problem 19CTQ: Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers...
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