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Business, 12.12.2019 02:31 ciaotaylor

Consider some economy d (denmark), which produces two goods, beer and flowers. it takes one unit of labor for d to make a unit of flowers, and 2 units of labor to produce beer. d has 48 units of labor available. call the quantity of flowers consumed by denmark fp, and the quantity of beer consumed by denmark bp. there is a social welfare (utility) function given by up = bp • fp. a. what is the opportunity cost of beer in denmark in autarky? b. the optimal production choice in autarky (which must also be consumption in autarky) in denmark is 24 flowers and 12 beer. draw a graph illustrating this optimal choice, labeling the relevant values (endpoints, output, opportunity cost, and social welfare) precisely.

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Consider some economy d (denmark), which produces two goods, beer and flowers. it takes one unit of...
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