Big Lake Bob spends his time carving fishing lures and duck decoys. If Big Lake Bob spends all of his time carving fishing lures he can carve 50 lures in a week. If he spends all of his time carving duck decoys he can carve 25 decoys in a week. For every 5 duck decoys Big Lake Bob carves he must give up 10 fishing lures. Fill in the values in the table below to complete Big Lake Bob's production possibilities schedule.

Big Lake Bob's production possibilities schedule
Fishing lures Duck Decoys
100 0

0 30

Big Lake Bob

Production Possibilities Schedule:

Fishing Lures    Duck Decoys

100                          0

90                          5

80                         10

70                         15

60                       20

50                       25

40                       30

30                       35

20                       40

10                       45

 0                       50

Explanation:

Number of fishing lures carved in a week = 50

Number of duck decoys carved in a week = 25

This means that for every 5 duck decoys Big Lake Bob carves, he gives up 10 fishing lures.

Big Lake Bob's production possibilities schedule

Fishing Lures    Duck Decoys

100                          0

90                          5

80                         10

70                         15

60                       20

50                       25

40                       30

30                       35

20                       40

10                       45

 0                       50

b) Big Lake Bob's production possibilities Schedule is a table of numbers that illustrates the production possibilities of Bob's economy, with the alternative combinations of two goods that can be produced with limited resources (labor hours, capital, and materials, etc.) and technology.

answer; common market;