17. Opportunity cost and production possibilities Caroline is a talented artist who sells hand-crafted goods on her website. Caroline currently crafts and sells both picture frames and pillows. 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. Hours Crafting Choice (Picture frames) (Pillows) (Picture frames) Produced (Pillows) A 8 0 4 0 B 6 2 3 12 CDE 4 4 2 17 2 6 1 19 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Caroline's initial production possibilities frontier (PPF). ? PILLOWS 30 25 20 15 10 เก 5 0 0 1 2 3 4 + 5 6 7 8 PICTURE FRAMES Initial PPF New PPF

17. Opportunity cost and production possibilities Caroline is a talented artist who sells hand-crafted goods on her website. Caroline currently crafts and sells both picture frames and pillows. 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. Hours Crafting Choice (Picture frames) (Pillows) (Picture frames) Produced (Pillows) A 8 0 4 0 B 6 2 3 12 CDE 4 4 2 17 2 6 1 19 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Caroline's initial production possibilities frontier (PPF). ? PILLOWS 30 25 20 15 10 เก 5 0 0 1 2 3 4 + 5 6 7 8 PICTURE FRAMES Initial PPF New PPF

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Accordingtothetextbook,whichofthefollowingstatementsis(are)correct? (x) When a taxpayer attempts to legally reduce her tax liability, she is engaging in “tax evasion” and when an individual fraudulently avoids paying taxing, she is engaging in “tax avoidance”. (y) One tax system is considered more efficient than another if it raises the same amount of tax revenue at a lower cost to taxpayers. (z) Part of the administrative burden of a tax is associated with the headache of filling out tax forms imposed on taxpayers who comply with the tax. (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (x) only
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(J) Everyone living in Isolation, Alaska works at one of two fish canneries for their entire life. Over a career at Placid Cannery a worker is paid $1 million and the risk of death by canning machine is 1%. At Megadeath Cannery a worker is paid $1.2 million and the risk of death is 5%. What is the value of a statistical life in Isolation? Show your work.
A doctor's office staff studied the waiting times for patients who arrive at the office with a request for emergency service. The following data with waiting times in minutes were collected over a one- month period. a. Fill in the frequency values below. Waiting Time Frequency 49 11 16 4 2 3 18 11 7 9 8 12 24 7 8 7 13 19 5 4 0-4 5-9 8 4 10-14 15-19 3 20-24 1 Total 20 b. Fill in the relative frequency (2 decimals) values below. Waiting Time Relative Frequency 0.2 0-4 5-9 0.4 0.2 10-14 15-19 0.15 20-24 0.05 Total 1
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Revenue and Costs ($) TC P61 Given TFC = $40.00 Q1 = 30.00 Q2 = 40.00 TR P6 P5 Q3 = 50.00 Q4 = 80.00 Q5 = 86.00 P4. P1 = $40.00 P2 = $50.00 P3 = $60.0o P4 = $150.00 P5 = $200.00 P6 = $210.00 P61 = $320.00 P3 P2 P1 Q1 Q2 Q4 Q5 Q3 Exhibit TR-TC Output (Q) Refer to Exhibit TR-TC for a typical competitive firm. At an output level of Q5, the firm's losses is about O $100.00 O $90.00 O $110.00 O $120.00