Question

1. Hiram and Adasha both make meatloaf and bake bread. It takes Hiram three hours to bake six loaves of bread and two hours to make three meatloaves. It takes Adasha three hours to bake eight loaves of bread and two hours to make three meatloaves. Currently Hiram and Adasha do not trade with one another. For this problem assume that Hiram and Adasha have linear production possibility frontiers and that they do not trade with anyone else. (20 Marks) a) Suppose Hiram and Adasha each have 60 hours this week that they can devote to bread baking and meatloaf cooking. Construct graphs depicting the production possibility frontiers for Hiram and Adasha. In your graphs make sure you label the x-axis and y-axis clearly. In your graphs, measure bread on the vertical axis and meatloaf on the horizontal axis.​

Answer 1

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