17. Opportunity cost and production possibilitiesAndrew is a talented artist who sells hand-crafted goods on his website. Andrew currently crafts and sells both picture frames and cutting boards. Hespends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on eachgood.DARDSChoice (Picture frames)ABсDE302586420Hours Crafting20(Cutting boards) (Picture frames)02468432Produced10On the following graph, use the blue points (circle symbol) to plot Andrew's initial production possibilities frontier (PPF).(Cutting boards)Initial PPFNew PPF0111619?20 CUTTING BOARDS5001235PICTURE FRAMES46+78ANew PPFSuppose Andrew is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame perday isper day.Now, suppose Andrew is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frameper day isper day.From the previous analysis, you can determine that as Andrew increases his production of picture frames, his opportunity cost of producing one morepicture frameSuppose Andrew buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability toproduce cutting boards. Use the green points (triangle symbol) to plot his new PPF on the previous graph.Because he can now make more picture frames per hour, Andrew's opportunity cost of producing cutting boards isit was previously.

Opportunity cost is the decrease in production of one good needed to increase production of the…

17. Opportunity cost and production possibilities Andrew is a talented artist who sells hand-crafted goods on his website. Andrew currently crafts and sells both picture frames and cutting boards. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. DARDS Choice (Picture frames) A B с D E 30 25 Hours Crafting 8 6 4 2 0 20 (Cutting boards) (Picture frames) 0 2 4 6 8 4 3 2 Produced 1 0 On the following graph, use the blue points (circle symbol) to plot Andrew's initial production possibilities frontier (PPF). ? Initial PPF (Cutting boards) New PPF 0 11 16 19 20

17. Opportunity cost and production possibilities Andrew is a talented artist who sells hand-crafted goods on his website. Andrew currently crafts and sells both picture frames and cutting boards. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. DARDS Choice (Picture frames) A B с D E 30 25 Hours Crafting 8 6 4 2 0 20 (Cutting boards) (Picture frames) 0 2 4 6 8 4 3 2 Produced 1 0 On the following graph, use the blue points (circle symbol) to plot Andrew's initial production possibilities frontier (PPF). ? Initial PPF (Cutting boards) New PPF 0 11 16 19 20

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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What is the difference between microeconomics and macroeconomics?
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l TEW 2:55 AM Jasmond King.. Economics HS Social Studies Unit: 01 Lesson: 01 Economic Systems and Decision Making Economic System Three economic questions are determined by: Description of economic system: Advantages: Disadvantages: Example: ©2010, TESCCC 07/01/10 page 14 of 26
A ng.cengage.com + 5 Welcome to Johnston Community College * Mind Tap - Cengage Learning b Answered: 4. Shifts in production possibilities.. | bartle. G shifts in production possibilities - Google Search Nevaeh v CENGAGE MINDTAP Q Search this course Homework (Ch 02) Edison is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. A-Z Hours Producing Produced Choice (Boats) (Puzzles) (Вoats) (Puzzles) A 8 4 B 2. 10 4 4 16 2 6 1. 19 8 20 On the following graph, use the blue points (circle symbol) to plot Edison's initial production possibilities frontier (PPF). (? 30 At 25 Initial PPF 20 O New PPF 15 10 PUZZLES
Long answer Explain all resources that economic relies on.
Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 18 dozen eggs or collect 6 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? (Click to select) ✓ dozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.
Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 18 dozen eggs or collect 6 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? (Click to select) dozen eggs. b. If the siblings were to specialized, which should collect the milk? Eleanor c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs. www v
Aa6 Subject - economics
-50 Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 10 dozen eggs or collect 5 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? ‒‒‒‒ (Click to select) Edozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.
Area of original paper 3.1.1 Complete the table above. lal paper change as htandia fokcs oto dsfterent laalves? wa the or th glain your anawer Describe he kind of relationahip between the ares of the original paper and the aumber of folds. 3.1.3 4. Mr Majola owns a shop where he repairs household appliances. He woulid like to buy a cell phone so that he can contact his customers after their work is done. Two different cell phone providers forwarded quotes to him upon request. Cell phone provider SAVE MORE quoted R80 per month and R2,50 per minute. Cell phone provider CASH IN quoted R100,00 per month and R2,00 per minute. Look at the incomplete table below: Airtime in minutes: t 10 20 30 40 50 60 SAVE MORE'S cost in rands: CM 80 105 130 155 Ass 380530 CASH IN'S cost in rands: Ca 120 140 160 240 340 460 100 4.1 What does the table above show? 4.2 Write down the symbol which represents the independent variable. 4.3 Where does the value 80 in row 2 come from? 4.4 Explain the situation if…
nity cost and production possibilities Cho is a skilled toy maker who is able to produce both boats and puzzles. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Hours Producing Produced Choice (Вoats) (Puzzles) (Boats) (Puzzles) A 4. 3 10 C 4. 4. 16 D 2 6. 1 19 8 20
Crystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels and baskets. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. BASKETS Choice (Tea towels) A B C D E 30 25 20 15 10 5 Hours Crafting 0 0 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF). 2 (Baskets) (Tea towels) 0 2 4 6 8 3 4 TEA TOWELS 5 4 3 6 2 1 0 Produced 7 (Baskets) 0 10 16 19 8 20 Initial PPF New PPF