The following table and production possibilities frontier provide information aboutthe production possibilities of Apple, a manufacturer of electronics. Use it toanswer questions 15-19.PointBGIỜ CÓ LI LEiPhone iPod Touch0100200300400500iPhone 60050040030042040036030020002001000Apple's Production Possibilities100B200 300 400500 600iPod Touch O 40 iPod Touches#16 If Apple increases production of iPod Touches from 300 to 400, whatis the opportunity cost?O 100 iPhones200 iPhones300 iPhones100 iPod Touches300 iPod Touches#17 Which point represents a production possibility that is possible but

A graph that shows various combinations of two possibly producible things is known as a production…

#16 If Apple increases production of iPod Touches from 300 to 400, what is the opportunity cost? 100 iPhones O 200 iPhones O 300 iPhones 100 iPod Touches 300 iPod Touches #17 Which point represents a production possibility that is possible but

#16 If Apple increases production of iPod Touches from 300 to 400, what is the opportunity cost? 100 iPhones O 200 iPhones O 300 iPhones 100 iPod Touches 300 iPod Touches #17 Which point represents a production possibility that is possible but

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

The following table and production possibilities frontier provide information about
the production possibilities of Apple, a manufacturer of electronics. Use it to
answer questions 15-19.
Point
B
GIỜ CÓ LI LE
iPhone iPod Touch
0
100
200
300
400
500
iPhone 600
500
400
300
420
400
360
300
200
0
200
100
0
Apple's Production Possibilities
100
B
200 300 400
500 600
iPod Touch

O 40 iPod Touches
#16 If Apple increases production of iPod Touches from 300 to 400, what
is the opportunity cost?
O 100 iPhones
200 iPhones
300 iPhones
100 iPod Touches
300 iPod Touches
#17 Which point represents a production possibility that is possible but

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Which of the following is true of the production possibilities curve? O It shows the minimum attainable output in a given period of time with a given amount of resources. O The quantity and quality of resources remain unchanged during a given period of time along the curve. O It shows that scarcity can be eliminated with full employment of resources. O It slopes downward because of the decreasing opportunity cost of production.
Suppose that you have 10 acres of land that is being fully used to grow potatoes. All 10 acres are equally productive in terms of growing potatoes. If you start converging your land to industrial use by building workshops on it (one workshop takes 1 acre of land), what should you expect to happen in terms of opportunity cost of each additional workshop? zero opportunity cost constant opportunity cost O increasing opportunity cost
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Question 30
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Table 2-1 Production Possibilities Tennis Rackets Tennis Balls 100 200 300 8,000 6,500 ? Refer to Table 2-1. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of tennis balls produced when 300 tennis rackets are produced? O a. 6,000. b. 5,500. O c. 5,000. O d. 4,500.
The following table and production possibilities frontier provide information about the production possibilities of Apple, a manufacturer of electronics. Use it to answer questions 15-19. Point HEUREK iPhone 600 500 400 iPhone iPod Touch 0 100 200 300 400 500 420 400 360 300 200 0 300 200 100 0 Apple's Production Possibilities 100 200 B 300 400 500 600 iPod Touch