25 U buy 20 salads from joe 20 Joe bays 10 smoothies from Li 15 10 Lir's Joe's PPF • 10 is 20 25 30 Smeothias (per heur) The figure above shows Liz's and Joe's production possibilities for Salads a Smoothies. Using the figure above, suppose with no trade Liz and Joe each produce at A on their respective PPFS. Then, Joe suggests that they specialize and trac would produce only salads and Liz would produce only smoothies. Then, Jo says, he would buy 16 smoothies from Liz at a price of 1.5 salads per smoot Lis chold SE
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- Rafael's PPF Naomi's PPF 30 30 25 25 20 20 A 15 15 10 10 A 5 10 15 20 25 30 10 15 20 25 Rackets Rackets Refer to the diagrams above. Suppose that before trading, Rafael and Naomi had been producing at point A on their respective PPF. Then suppose they choose to specialize and trade. After specializing they trade 8 Rackets for 8 Balls. After this trade, Rafael will consume and Select one: а. 20 Rackets; 8 Balls b. 8 Rackets; 8 Balls C. 8 Rackets; 12 Balls d. 12 Rackets; 8 Balls Balls Balls 30Paul's PPF Sue's PPF Cheese Cheese 100 80 40 B 32 36 60 Ham 18 30 Ham In the graph above, suppose Paul is producing combination A and Sue is producing combination B when they decide to trade. You would expect Paul to specialize in producing [Select] *and Sue to specialize in producing (Select 1 so that the total production of Ham increases by Select and the total production of Cheese increases ISelectOption Baseball Bats Tennis Racquets A 20 2 19 C 4 18 6. 16 8 10 F 10 The table above shows the production possibilities frontier for a company producing only 2 goods: baseball bats and tennis racquets. Suppose the company is currently producing 4 bats and 10 racquets all of which have been ordered by customers. If customer John puts in an order for 4 bats, so that the total number of bats to produce would then be 8, what is be the opportunity cost of filling John's order? 8 racquets 10 racquets nothing 18 racquets
- The graph shows Wendell's PPE Wendell's opportunity cost of playing one hour of squash as he spends more time playing squash 養 O A. increases, because each additional hour he spends playing squash results in a greater decrease in his calculus grade O B. decreases, if he gets more benefit from playing squash than from studying calculus O C. is constant, if he gets as much benefit from playing squash as he does from studying calculus O D. increases, because a tradeoff exists between playing squash and studying calculusJake is a talented artist who sells hand-crafted goods on his website. Jake currently crafts and sells both tea towels and embroidered sweaters. 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. Choice A B с D E MBROIDERED SWEATERS 25 10 0 1 (Tea towels) 8 6 4 2 2 0 Hours Crafting 3 On the following graph, use the blue points (circle symbol) to plot Jake's initial production possibilities frontier (PPF). 4 TEA TOWELS 5 (Embroidered sweaters) 0 2 4 6 6 8 7 8 O Initial PPF A (Tea towels) 4 New PPF 3 2 1 0 (?) Produced (Embroidered sweaters) 0 12 17 19 20 Suppose Jake is currently using combination D, producing one tea towel per day. His opportunity cost of producing a second tea towel per day is per day. Now, suppose Jake is currently using combination C, producing two tea towels per day. His opportunity cost of producing a third tea towel per day is per day. ▼ From the previous…u work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies increases by 4%, the quantity of flopsicles sold increases by 1% and the quantity of mookies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the…
- Steel (millions of tons) 8 30 20- 10 0 Country A Production possibilition curve 10 20 30 40 Chemicals (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 8 20 10 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. O country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. O country A has a comparative advantage in both commodities. 50Macmillan Learn Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 40 35 30 25 20 15 10 Incorrect 5 O 0 5 10 15 20 25 30 Computer Chips 35 40 Ned's PPP 45 50 What is the opportunity cost of potato chip production in terms of computer chips? 4/3 0 0 0 1/2 50 25 2 3/45. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both cars and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Cars) (Kites) (Cars) (Kites) A 8 4 6 3 11 4 2 17 2 6. 19 E 8 20 2. B.
- 5. Opportunity cost and production possibilities Carlos is a skilled toy maker who is able to produce both trucks and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Drums) (Trucks) (Drums) A 8 4 B 2 10 4 4 2 15 D 6. 1 17 8 18 On the following graph, use the blue points (circle symbol) to plot Carlos's initial production possibilities frontier (PPF). (? 30 25 Initial PPF 20 New PPF 15 10 1 2 3 5 7 8 TRUCKS DRUMS 2.Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good BAlexi and Tony own a food truck that serves only twoitems, street tacos and Cuban sandwiches. As shownin the table, Alexi can make 80 street tacos per hourbut only 20 Cuban sandwiches. Tony is a bit faster andcan make 100 street tacos or 30 Cuban sandwiches inan hour. Alexi and Tony can sell all the street tacos andCuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production ofCuban sandwiches? Explain your answer. Assume that Alexi works 20 hours per week in thebusiness. Assuming Alexi is in business on his own, graphthe possible combinations of street tacos and Cubansandwiches that he could produce in a week. Do the samefor Tony.d. If Alexi devoted half of his time (10 out of 20 hours) tomaking street tacos and half of…