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Solution Library
Utilizing labor hours optimally by planning production function
Question
Suppose the United States has 32,000 labor hours which they can use to produce either cars or pharmaceuticals. Eight labor hours are required to produce one car, while only 2 hours are required to produce one bottle of a pharmaceutical.
a) Draw the production possibility frontier for the United States.
b) Suppose the relative price of a car is 6. Draw the United States’ consumption possibility frontier. What good does the U.S. export? What good does it import?
c) After trade, the United States consumes 2,500 cars. How many pharmaceuticals does the United States consume? Draw the trade triangle.
Summary
The question belongs to Economics and it is about a utilizing labor hours. A scenario of the United States with 32000 labor hours out of which either cars or pharmaceuticals can be produced. A production function needs to be drawn which can explain how efficiently the labor hours can be used for producing pharmaceuticals as well as cars.
Total Word Count 120
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