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

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.5P

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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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What does a production possibilities frontier illustrate?
What is productive efficiency? Allocative efficiency?
Identify the point or points for which the following is true: 24 units of beer and 7 units of pizza is being produced.
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