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Chapter 1: Q 2. (page 24)

Residents of the town of Smithfield like to consume hams, but each ham requires10people to produce it and takes a month. If the town has a total of 100people, what is the maximum amount of ham the residents can consume in a month?

Short Answer

Expert verified

The maximum amount of ham the residents can consume in a month are10.

Step by step solution

01

Step 1. Meaning of Economics.

Economics is the study of how humans make choices under conditions of scarcity. The division of labor allows a person to specialize in a particular skill.

02

Step 2. Finding the maximum amount.

The number of people required to produce a ham is 10.

The number of people in the town is 100.

The maximum amount of ham the residents can produce in a month

=100梅10=10.

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