4. Kristen and Anna live in the beach town of Santa Monica.They own a small business in which they make wristbandsand pot holders and sell them to people on the beach. Asshown in the table on the following page, Kristen can make15 wristbands per hour but only 3 pot holders. Anna is a bitslower and can make only 12 wristbands or 2 pot holders inan hour.OUTPUT PER HOURWRISTBANDSPOT HOLDERSKristen15Anna122a. For Kristen and for Anna, what is the opportunity cost of apot holder? Who has a comparative advantage in the pro-duction of pot holders? Explain your answer.b. Who has a comparative advantage in the production ofwristbands? Explain your answer.c. Assume that Kristen works 20 hours per week in the busi-ness. Assuming Kristen is in business on her own, graph the

The next best alternative is frequently referred to as opportunity cost. It's also known as the…

4. Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristband- and pot holders and sell them to people on the beach. As shown in the table on the following page, Kristen can mak 15 wristbands per hour but only 3 pot holders. Anna is a E slower and can make only 12 wristbands or 2 pot holders i an hour. OUTPUT PER HOUR WRISTBANDS POT HOLDERS risten 15 mna 12 a. For Kristen and for Anna, what is the opportunity cost of a pot holder? Who has a comparative advantage in the pro- duction of pot holders? Explain your answer. b. Who has a comparative advantage in the production of wristbands? Explain your answer. . Assume that Kristen works 20 hours per week in the busi- ness. Assuming Kristen is in business on her own, graph the

4. Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristband- and pot holders and sell them to people on the beach. As shown in the table on the following page, Kristen can mak 15 wristbands per hour but only 3 pot holders. Anna is a E slower and can make only 12 wristbands or 2 pot holders i an hour. OUTPUT PER HOUR WRISTBANDS POT HOLDERS risten 15 mna 12 a. For Kristen and for Anna, what is the opportunity cost of a pot holder? Who has a comparative advantage in the pro- duction of pot holders? Explain your answer. b. Who has a comparative advantage in the production of wristbands? Explain your answer. . Assume that Kristen works 20 hours per week in the busi- ness. Assuming Kristen is in business on her own, graph the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Itranscript The table below shows some of the costs incurred at Bill's Brickworks. Complete the table. If your answer is not a whole number, round to 2 decimal places. L 1 2 3 4 5 Q TVC 800 1,600 TC 2,000 400 960 1520 1760 3,200 4,400 1880 4,000 AFC 1.25 3,600 0.79 0.68 5,200 0.64 AVC 2.00 1.67 1.58 1.82 2.13 ATC 2.92 2.37 2.50 2.77 MC --- 1.43 3.33 6.67
Van is a skilled toymaker who is able to produce both boats and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice A B с D E Hours Producing (Boats) 8 6 4 2 0 Produced (Balls) (Boats) (Balls) 0 4 0 11 16 19 20 2 4 6 8 3 2 1 0
Production Possibilities Schedules Mountain Mack Big Lake Bob Fishing Lures Duck Decoys Fishing Lures Duck Decoys 8 4 8 12 16 20 30 18 32 115 65 0 a. If Mountain Mack splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing lures and duck decoys could he carve? O 50 fishing lures and 40 duck decoys O 140 fishing lures and 20 duck decoys O 25 fishing lures and 20 duck decoys O 20 fishing lures and 25 duck decoys b. If Big Lake Bob splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing lures and duck decoys could he carve? 70 fishing lures and 10 duck decoys 10 fishing lures and 70 duck decoys 20 fishing lures and 140 duck decoys 140 fishing lures and 20 duck decoys c Combined, how many fishing lures and duck decoys could Mountain Mack and Big Lake Bob carve if each one split his week between the two products? 020 fishing lures and 140 duck decoys O 30 fishing lures and 95 duck decoys…
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2. Inputs and outputs Latasha's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Latasha's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Latasha signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Latasha's kitchen cannot fit more than three ovens, Latasha cannot change the number of ovens she uses in her production of pizzas in the short run. However, Latasha's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Latasha lets them know how many workers she needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Latasha's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor (Pizzas) Number of Workers…
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Suppose that Maria is starting a food ordering and delivery company. Customers order meals online. Employees prepare the meals and deliver them to customers. Maintenance of the online platform for ordering meals costs the company $5/day. The company also rents spave where orders are prepared. Rent costs $50/day. To make the deliveries, the business also rents two delivery cars the cost $10/day. The costs of ingredients for preparing different numbers of meals are $50. Maria also has to hire between 0-10 workers to buy ingredients, prepare meals, and deliver the orders. She pays them $120/day. The first two columns of the table below shows how many meals different number of workers can prepare and deliver. Suppose that a minimum wage is introduced. To comply the new law, Maria has to start paying the workers $140/day. How many meals does the business have to deliver to earn the highest possible profit? Answer by filling out the table. Suppose that the price/meal Maria charges…
Which would be technically efficient and which would be economically efficient?
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
2500 2000 1500 Returns te scale: 0.33 1000 Price 2 10 15 20 25 30 Size dength in feet) 35 40 Rental price 100 The interactive above is from the loarning object, it will automatically find the profit maximizing length of the truck Adam should rent at given prices, rental rates, productivities, and returns to scale. It only the productivity of the truck Adam chooses to rent decreases, which of the following would be true at the new profit maximizing level of output and length of truck? Select the two that apply O A decrease in marginal cost O A decrease in total costs O A decrease in total revenuo O An incroase in the amount of labor Adam hires Revenue
6. Fred found that fine flowers grow faster with fertilizer. In one month, Fred can harvest between 1000 and 5000 flowers, depending on his fertilizer level. Fred sells flowers for $2 each (in 1000 flower lots) and his only major variable cost is fertilizer. Fred's fixed cost is $500. The table below shows the fertilizer needed to grow different amounts of flowers. Flowers per Month Fertilizer Bags 1000 0 2000 7 3000 11 4000 17 5000 25 A. If fertilizer costs $400/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make? B. If fertilizer costs $350/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make? C. If fertilizer costs $300/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make? D. If fertilizer costs $200/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make?