The table below shows the median selling price of houses in the 1990s. Draw a scatter plot based o Year
1990
1991 1992 1993 1994 1995 1996
Price ($ thousands) 130
122 145 151 139 61
135
c.
a.
Ty
330
180
300
165
270
150+
135
240
.
Price
120
8 210+
180
105
90
150 -
75
120
60+
90
60
89 90 91 92 93 94 95 96 97
Years
X
89 90 91 92 93 94 95 96 97 X
b
330
Years
d.
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330
O

1. an economy consists of three workers: larry, moe, and curly. each works 10 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. a. calculate how much of each service is produced under the following circumstances: a. all three spend all their time mowing lawns. b. all three spend all their time washing cars. c. all three spend half their time on each activity d. larry spends half of his time on each activity, while moe only washes cars and curly only mows lawns b. using your answers to part a, draw a production possibilities frontier and label points a, b, c, and d on your graph. explain why the production possibilities frontier has the shape it does. c. are any of the allocations calculated in part a inefficient? explain.