- Larry And Jeff Separately Run Their Own Video Production Companies Larry Can Make As Many As 15 Short Films Or As Many 1 (67.93 KiB) Viewed 13 times
Larry and Jeff separately run their own video production companies. Larry can make as many as 15 short films or as many as 5 documentaries, while Jeff can make as many as 4 short films or as many as 8 documentaries. Provide your answers to this question directly below in the space provided. (16 points) a. Jeff incurs increasing opportunity costs in making short films. Briefly describe how his PPF looks. (2 points) b. If Jeff incurrs increasing opportunity costs in making short films and documentaries, what can wel infer about his resources? (2 points) c. Suppose Jeff is making a combination of 2 short films and 4 documentaries. What can we infer about this combination of output? (2 points) d. Larry's opportunity cost of making one short film is... while his opportunity cost of making one documentary is _______ (2 points) e. Jeff's opportunity cost of making one short film is, while his opportunity cost of making one. documentary is (2 points) f. An absolute advantage in making documentaries is possessed by. (1 point) g. Larry should specialize in the production of . (2 points) while Jeff should specialize in the production of h. How would you illustrate (briefly describe) the results of specialization and trade on either of their PPFs? (1 point) i. The basis for their specialization and trade is called (1 point) j. Larry acquires a new camera for short film production, how would this affect his PPF. (1 point)