We appreciate your visit to After specialization suppose that Rob and Big trade with one another and Rob sends Big 89 cows In order for both Rob and Big to. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Answer:
Big must send at least 179 pigs to Rob in order for both Rob and Big to benefit from trade.
Missing Problem Statement:
Suppose that Rob and Big both raise animals and sell them. Because Rob and Big have different talents, they have varying abilities to raise these animals. In 1 day, Rob can produce either 10 cows or 20 pigs. In 1 day, Big can produce either 9 cows or 36 pigs. Assume that Rob and Big decide to specialize completely and trade with one another. Over the course of 1 month (30 days), Rob will produce 300 cows and 0 pigs while Big will produce 0 cows and 1080 pigs
Step-by-step explanation:
Now, as we can see from the above statement:
IN 1 DAY:
ROB can produce:
Either 10 cows or 20 pigs
BIG can produce:
Either 9 cows or 36 pigs
For Specialization, Big will produce 1080 pigs and Rob will produce 300 cows.
In trade, Rob sends 89 cows to Big.
For Both of them to benefit from the trade,
Amount of pigs Big must send rob at least can be found as:
Cows Rob has after sending 89 to Big = 211 cows
Rob can produce 89 cows in days =[tex]\frac{89}{10}[/tex]=8.9 days
Pigs Rob can produce in 8.9 days= 8.9 (20) =178 pigs
Big must send at least 179 pigs to Rob in order for both Rob and Big to benefit from trade.
Pigs and cows after trade:
Rob has Pigs = 179 pigs
Rob has cows=211 cows
Big has Pigs=901 pigs
Big has Cows=89 cows
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Final answer:
The least quantity of pigs that Big must send Rob is 90.
Explanation:
To ensure that both Rob and Big benefit from trade, Big must send Rob at least 90 pigs.
Rob sends Big 89 cows.
In return, Big must send Rob an amount of corn greater than 10 bushels.
In order for both parties to benefit, the total value exchanged must be greater than before the trade.
If each cow is worth 1 pig, then the total value of the cows is 89 pigs.
To make the trade beneficial, Big must send Rob at least 90 pigs.
