1. Draw a production possibility curve (PPC) with the number of pounds of rice that can beproduced in one hour on the vertical axis and the number of shoe that can be produced inone hour on the horizontal axis using the information in the table below. The followingtable reveals the production possibilities for the company:PossibilityRiceShoeА50В451372D273E154F2. On the PPC graph in question 1:(a) explain why the production combinations located on the PPC are superior to thecombinations that are located inside the PPC(b) explain why the production combinations past the PPC are not attainable during acurrent one-hour period but could be attainable in a future one-hour period.3. On a separate graph demonstrate the marginal cost of shoe production per hour.4. What is allocative efficiency and how does it relate to the PPC? Explain and representthis phenomenon on a graph on the market for shoe.

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1. Draw a production possibility curve (PPC) with the number of pounds of rice that can be produced in one hour on the vertical axis and the number of shoe that can be produced in one hour on the horizontal axis using the information in the table below. The following table reveals the production possibilities for the company: Possibility A Rice Shoe 50 45 37 B 1 C 27 3 E 15 4 F

1. Draw a production possibility curve (PPC) with the number of pounds of rice that can be produced in one hour on the vertical axis and the number of shoe that can be produced in one hour on the horizontal axis using the information in the table below. The following table reveals the production possibilities for the company: Possibility A Rice Shoe 50 45 37 B 1 C 27 3 E 15 4 F

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Trucks) (Kites) (Trucks) (Kites) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…