23. Using the production possibilities table below, please answer the following question: Type of Production Schools Missiles A 0 16 Production Alternatives B 4 15 C 8 12 D 12 7 E 16 0
23. Using the production possibilities table below, please answer the following question: Type of Production Schools Missiles A 0 16 Production Alternatives B 4 15 C 8 12 D 12 7 E 16 0
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter12: Environmental Protection And Negative Externalities
Section: Chapter Questions
Problem 10SCQ: Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table 12.8 shows the...
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Question
![23. Using the production possibilities table below, please
answer the following question:
Type of Production
Schools
Missiles
Type of Production
Schools
Missiles
A
0
16
A
0
16
Production Alternatives
If the economy were at point D, what would be the
opportunity cost of building 4 more schools?
24. Using the production possibilities table below, please
answer the following question:
B
4
15
B
4
15
Production Alternatives
C
8
12
с
8
12
D
12
7
E
16
0
D
12
7
If the economy were at point D, what would be the
opportunity cost of building one more missile? Please show
your calculation for full points.
E
16
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e2fd762-57f2-4a6c-b507-d1ed282af660%2Fe83851cd-6d54-45ab-9353-91f37a9afd21%2F85z1st6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:23. Using the production possibilities table below, please
answer the following question:
Type of Production
Schools
Missiles
Type of Production
Schools
Missiles
A
0
16
A
0
16
Production Alternatives
If the economy were at point D, what would be the
opportunity cost of building 4 more schools?
24. Using the production possibilities table below, please
answer the following question:
B
4
15
B
4
15
Production Alternatives
C
8
12
с
8
12
D
12
7
E
16
0
D
12
7
If the economy were at point D, what would be the
opportunity cost of building one more missile? Please show
your calculation for full points.
E
16
0
![25. Write out the midpoint formula for the Elasticity of
Supply. Please spell out variables but mathematical symbols
are OK to use:
26. Using the data on supply below, plug the correct numbers
into your midpoint formula for elasticity of supply that you
gave in question 25. Note: do not solve for elasticity of supply
here.
Number of Close Substitutes
2
4
Price
$ 3.50
$ 4.50
Quantity
45
55
Number of Buyers
1200
1500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e2fd762-57f2-4a6c-b507-d1ed282af660%2Fe83851cd-6d54-45ab-9353-91f37a9afd21%2Ff2mo6e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:25. Write out the midpoint formula for the Elasticity of
Supply. Please spell out variables but mathematical symbols
are OK to use:
26. Using the data on supply below, plug the correct numbers
into your midpoint formula for elasticity of supply that you
gave in question 25. Note: do not solve for elasticity of supply
here.
Number of Close Substitutes
2
4
Price
$ 3.50
$ 4.50
Quantity
45
55
Number of Buyers
1200
1500
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Opportunity cost:
The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is known as the opportunity cost of that commodity in terms of the foregone alternatives.
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