Economics how you go the answer 

B) Next identify the unit of measure you will use to count your output (you cannot use time or money since you do not produce either). Unit of measure Good 1: Unit of Measure Good 2:

C) Choose the fixed time period in which you measure your output (must be in HOURS): 

D) Identify the maximum output of Good1 one and then good 2 if you were to devote all the time period and all your resources to each respective good. Max production of Good 1: Max production of Good 2: E) Finally find the relative price of good 1 and good 2 (Set the max production equal to each other and then solve for 1 unit of good 1; then solve for 1 unit of good 2) 1 unit of good 1 = 1 unit of good 2 =

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I have considered an example which is slightly general from the one you have considered A The two ... View the full answer