14An island castaway spends 10 hours each day acquiring two items-coconuts and fish-based on the following production possibilitiesschedule.Production ScenarioCoconutsFish3025Skipped1512.3.a. From a starting point of production shown by scenario A, what is the castaway's opportunity cost of catching fish in terms of thenumber of coconuts sacrificed when moving from one scenario to the next?The opportunity cost of the first fish (scenario A to B) is coconuts.The opportunity cost of the second fish (scenario B to C) is cDconuts.The opportunity cost of the third fish (scenario C to D) iscoconuts.b: Do these results satisfy the law of increasing opportunity costs?(Click to select)C. A graph showing the castaway's production possibilities curve would have the shape (Click to select)d. Check off the assumptions below that must be met for the castaway to operate on his production possibilities curve. Cick to place acheckmark next to the applicable assumptions and cick twice to place blanks next to non-applicable assumptions Boxes containing a question mark wi score zero.The quantity of the castaway's resources is fixed.The casteway's technology is improving over time.The castaway's resources are emplayed to their full capecityThere are many goods produced2 The costaway likes fish and coconutse If the castaway works for 12 hours instead of 10 hours each day his production possibilities curve will (Click to select)only 8 hours a day his production possibilities curve will (Click to select)If he worksf. if the castaway manages to make a fishing rod which he then uses successfully to catch fish then the horizontal intercept of hisproduction passibilities curve, reflecting production of fish, will (Cick to select) and the vertical intercept of the curve, reflectingproduction of coconuts, will (Click to select)

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14 An island castaway spends 10 hours each day acquiring two items-coconuts and fish-based on the following production possibilities schedule. Production Scenario Coconuts Fish 30 25 oped 15 a. From a starting point of production shown by scenario A, what is the castaway's opportunity cost of catching fish in terms of the number of coconuts sacrificed when moving from one scenario to the next? The opportunity cost of the first fish (scenario A to B) is coconuts. The opportunity cost of the second fish (scenario B to g is cconuts The opportunity cost of the third fish (scenario C to D) is coconuts. b. Do these results satisfy the law of increasing opportunity costs? (Cick to select) c A graph showing the castaway's production possibilities curve would have the shape [(Click to select)

14 An island castaway spends 10 hours each day acquiring two items-coconuts and fish-based on the following production possibilities schedule. Production Scenario Coconuts Fish 30 25 oped 15 a. From a starting point of production shown by scenario A, what is the castaway's opportunity cost of catching fish in terms of the number of coconuts sacrificed when moving from one scenario to the next? The opportunity cost of the first fish (scenario A to B) is coconuts. The opportunity cost of the second fish (scenario B to g is cconuts The opportunity cost of the third fish (scenario C to D) is coconuts. b. Do these results satisfy the law of increasing opportunity costs? (Cick to select) c A graph showing the castaway's production possibilities curve would have the shape [(Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Two neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination of both. Suppose that they each have 4 million labor hours available per week for production. The following table gives the amount of each product that can be produced using one hour of labor: Country Mauritius Seychelles Mauritius' opportunity cost of produing 1 iPad is iPads (per hour of labor) 12 of coffee. Therefore, 8 Initially, suppose Mauritius uses 1 million hours per week to produce iPads and 3 million hours per week to produce coffee, while Seycheles uses 3 million hours of labor per week to produce iPads and 1 million hours per week to produce coffee. Consequently, Mauritius produces 12 million iPads and 72 million pounds of coffee, and Seychelles produces 24 million iPads and 32 million pounds of coffee. Assume there are no other countries willing to trade with them. So, if Mauritius and Seychelles don't trade with each other, they can only consume what they can produce using…
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What is the per-unit opportunity cost of product Y as production moves from point D to point A?
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.
Use the following table to answer the question below. Alexandra’s Production Possibilities Schedule Natalia’s Production Possibilities Schedule Number of Scarves Knitted per Day Number of Sweaters Knitted per Day Number of Scarves Knitted per Day Number of Sweaters Knitted per Day 0 4 0 4 3 3 2 3 6 2 4 2 9 1 6 1 12 0 8 0 Which of the following is an acceptable term of trade? Multiple Choice 2 sweaters for 7 scarves 4 sweaters for 10 scarves 8 sweaters for 15 scarves 6 sweaters for 10 scarves
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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