The graph below shows production possibilities frontiers for Cornelius and David, two prieststhat aid the Mondoshawan race. David is Cornelius' apprentice, and they each spend their timeeither deciphering old prophecies or developing plans to save the world (which comes in handylater). Use this information to answer the following 3 questions.Plans109876LO543218°CorneliusDavid0 12345c. Both (a) and (b).d. Neither (a) nor (b).678b. 10 translations and 4 plans.C.5 translations and 11 plans.d. 9 translations and 9 plans.9Translations101. (Cornelius and David) Which of the following statements is true?a. Cornelius' opportunity cost of one translation is ½ of a plan.b. Cornelius' opportunity cost of one translation is less than David's opportunity costof one translation.2. (Cornelius and David) If David and Cornelius engage in trade, which of the followingpoints is both feasible and efficient in production?a. 18 translations and 14 plans.

“Since you have posted multiple questions, we will provide the solution only to the first question…

1. (Cornelius and David) Which of the following statements is true? a. Cornelius' opportunity cost of one translation is 1/2 of a plan. b. Cornelius' opportunity cost of one translation is less than David's opportunity cost of one translation. c. Both (a) and (b). d. Neither (a) nor (b).

1. (Cornelius and David) Which of the following statements is true? a. Cornelius' opportunity cost of one translation is 1/2 of a plan. b. Cornelius' opportunity cost of one translation is less than David's opportunity cost of one translation. c. Both (a) and (b). d. Neither (a) nor (b).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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