Answered: . What economic opportunity cost in…

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Economics

. What economic opportunity cost in COVID 19?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Do you think that the benefits we get from gold—its uses in jewelry, dentistry, electronics, and otheruses—are worth the real cost of gold (Core CaseStudy)? If so, explain your reasoning. If not, explainyour argument for cutting back on or putting a stopto the mining of gold.
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1. Continuing to produce diesel-powered cars will mean that Toyota can produce Dlesel-powered cars (per week) fewer hybrids than it could if it were to switch all its production to hybrids. Given the generally agreed upon bright future for hybrids, why would Toyota continue to produce diesel-powered 400 cars? PPFns 2. Assume that the graph below accurately represents Toyota's production possi- bilities frontiers at its Canadian plants PPFes for 2013 and 2015. Also assume that in 2015 it has customer orders for 500 hybrids per week and 400 diesel-pow- ered cars per woek. Explain whether Toyota can fill all of these orders from its 500 800 Canadian plants. Hybrids (per week) Can I have answer for question 2? Thank you!
QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
question 3 multiple choice 3 Question 6 multiple choice 6
The following diagram is the feasible set of a student, showing the combinations of her final grade and the hours of free time per day. 100 90 A 80 70 60 40 30 Feasible set 20 10 13 14 19 20 24 Hours of free time per day A E F Free time 13 14 19 20 Grade 84 81 57 50 Opportunity cost 7 Based on this information, we can say that: Points A and C are on the feasible frontier, while at B she can get a higher а. grade for the same hours of free time compared to C. Therefore the student will choose B. b. At D, the student is able to attain a higher grade but has less free time compared to C. Whether she would choose C or D then depends on her preferences. c. The marginal rate of transformation at F is 7, meaning that the student can "transform" one hour of free time into 7 extra points on her grade. d. At E, the student can attain the grade of 84 for 14 hours of free time. Therefore for one extra hour of studying, she can increase her grade by 2.5 points. Final exam mark
1. Production Possibilities Country X is faced with the following output combinations for capital goods and consumer goods. Capital Goods Option ABCDE 8000 16000 24000 32000 Consumer Goods 220000 200000 160000 100000 Complete parts a, b, c, and d. a. Graph the production possibilities curve for Country X with capital goods on the x-axis and consumer goods on the y-axis. b. Does the Law of Increasing Opportunity Costs hold for this example? Explain why or why not. c. As you move from point B to point C, what is the cost of one more consumer good? d. If Country X wanted to experience higher levels of economic growth over the next few years, would they be better off choosing option B (a combination of 8000 capital goods and 200,000 consumer goods) or option D (a combination of 24000 capital goods and 100,000 consumer goods)? Explain.
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Suppose that the opportunity cost of producing 10 chickens is always 8 turkeys. Given this, the relevant production possibility curve must be: I II III IV Exlain your choice in few words
Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?
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QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X