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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Given the following diagram: Production Possibilities GRAPH Capital Goods 11 A B 10 9 8 E 7 6 5 4 3 2 1 F G H Production Possibilities J 0 1 2 3 4 56 7 8 9 Consumption Goods CALCULATIONS Consumption Goods 0 1 2 3 4 5 6 7 8 Reset Consumption Goods Produced 4.0 Consumption Goods Gained/Given Up 0.0 Capital Goods Produced 7.5 Capital Goods Gained/Given Up 0.0 Instructions: Move the slider for the consumption goods at the bottom of the graph to complete the calculations. a. The production of 6 consumer goods and 7.5 capital goods is considered: (Click to select) b. Based on the graph, producing 4 consumer goods and 4 capital goods is what? (Click to select) c. What is the max number of capital goods possible to produce in the economy if it is currently producing 8 consumption goods? (enter as a whole number) d. What is the opportunity cost of producing more capital goods? (Click to select)
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules Production Possibilities Schedules Geppetto Puzzles 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles (Click to select)) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis puzzles and puppets 30 45 60 75 90 puppets
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The table below contains 5 points on an economist's production possibilities frontier. What is the opportunity cost of moving from 14 lectures produced to 15 lectures produced? Combination Lectures A B C D E F 3 Publications 0 5 10 Publications 9 12 14 15 Publications 10 9 O 1 Lecture O The Time Spent Giving the 15th Lecture 3 0
Below is a table of production possibilities for a company that produces soft drink bottles and juice bottles (in thousands of units per week): Production alternatives production type A B C D E F Set of 8 soft drink bottles 0 4 10 15 19 22 12 juice box 58 56 48 32 16 0 Plot this data on a graph. What specific assumptions are represented by this production possibilities curve? If a firm is at point C, what is the opportunity cost of an additional set of soft drinks? From an extra juice box? If the company characterized in this table produced 7 sets of 8 bottles of soda and 40 cases of 12 juices, what could be concluded about the use of available resources? Is production currently possible at a point outside the production possibilities curve? Explain your answer.
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Poornima is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Kites) (Boats) (Kites) A 8 0 4 0 B 6 2 3 11 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Poornima's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050KITESBOATS Suppose Poornima is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Poornima is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Poornima increases her production of boats, her opportunity…
Deborah is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Kites) (Boats) (Kites) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Deborah's initial production possibily
Which would be technically efficient and which would be economically efficient?
Crystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels 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. BASKETS Choice (Tea towels) A B C D E 30 25 20 15 10 5 Hours Crafting 0 0 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF). 2 (Baskets) (Tea towels) 0 2 4 6 8 3 4 TEA TOWELS 5 4 3 6 2 1 0 Produced 7 (Baskets) 0 10 16 19 8 20 Initial PPF New PPF