• Card 3 / 13: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount of ham the residents can consume in a month?

    Answer:
    100 people / 10 people per ham = a maximum of 10 hams per month if all residents produce ham. Since consumption is limited by production, the maximum number of hams residents could consume per month is 10.

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Microeconomics 01 What Is Economics?

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Attribution:  Microeconomics, OpenStax-CNX Web site. Download for free at http://cnx.org/content/col11613/latest
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