4. Opportunity 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 (Boats) (Puzzles) (Вoats) (Puzzles) A 8 4 0. B 6 3 10 4 16 D 6 1 19 8 20 On the following graph, use the blue points (circle symbol) to plot Cho's initial production possibilities frontier (PPF). 30 26 Initial PPF

4. Opportunity 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 (Boats) (Puzzles) (Вoats) (Puzzles) A 8 4 0. B 6 3 10 4 16 D 6 1 19 8 20 On the following graph, use the blue points (circle symbol) to plot Cho's initial production possibilities frontier (PPF). 30 26 Initial 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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5. Opportunity cost and production possibilities Maria is a talented artist who sells hand-crafted goods on her website. Maria currently crafts and sells both crochet hats 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. Hours Crafting Produced Choice (Crochet hats) (Baskets) (Crochet hats) (Baskets) 0 0 10 16 18 19 BASKETS A B с D E 30 25 20 8 6 15 4 2 0 2 4 8 On the following graph, use the blue points (circle symbol) to plot Maria's initial production possibilities frontier (PPF). 4 3 2 1 0 Initial PPF ⠀3 New PPF
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