Business, 19.06.2020 01:57 emilyrobles
An economy consists of three workers, Larry, Moe, and Curly. Each works ten hours a day and can produce two services: mowing lawns and washing cars. In an hour, Larry can either mow one lawn or wash one car; Moe can either mow one lawn or wash two cars; and Curly can either mow two lawns or wash one car. Scenario 1: All three spend all their time mowing lawns. Then lawns will be mowed and cars will be washed. Scenario 2: All three spend all their time washing cars. Then lawns will be mowed and cars will be washedScenario 3: All three spend half their time on each activity. Then lawns will be mowed and cars will be washed. Scenario 4: Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. Then lawns will be mowed and cars will be washed. Exactly one of the scenarios above is inefficient. That is Scenario:
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An economy consists of three workers, Larry, Moe, and Curly. Each works ten hours a day and can prod...
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