Suppose Tim is currently using combination D, producing one knit cap per day. His opportunity cost of producing a second knit cap per day isper day.Now, suppose Tim is currently using combination C, producing two knit caps per day. His opportunity cost of producing a third knit cap per day isper day.From the previous analysis, you can determine that as Tim increases his production of knit caps, his opportunity cost of producing one more knit capSuppose Tim buys a new tool that enables him to produce twice as many knit caps per hour as before, but it doesn't affect his ability to producepillows. Use the green points (triangle symbol) to plot his new PPF on the previous graph.Because he can now make more knit caps per hour, Tim's opportunity cost of producing pillows isit was previously. 4. Opportunity cost and production possibilitiesTim is a talented artist who sells hand-crafted goods on his website. Tim currently crafts and sells both knit caps and pillows. He spends 8 hours a dayworking on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good.PILLOWSChoice (Knit caps)ABАсDE302520151050Hours Crafting0+186420On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF).+23(Pillows) (Knit caps)024684KNIT CAPS54+6321Produced0(Pillows)010+71618819Initial PPFNew PPF?

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4. Opportunity cost and production possibilities Tim is a talented artist who sells hand-crafted goods on his website. Tim currently crafts and sells both knit caps and pillows. 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. PILLOWS Choice (Knit caps) AB А с D E 30 25 20 15 10 5 0 Hours Crafting 0 1 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF). + 2 3 (Pillows) (Knit caps) 0 2 4 6 8 4 KNIT CAPS 5 + 4 m 3 2 1 Produced 0 (Pillows) 0 10 + 7 16 18 8 19 Initial PPF New PPF ?

4. Opportunity cost and production possibilities Tim is a talented artist who sells hand-crafted goods on his website. Tim currently crafts and sells both knit caps and pillows. 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. PILLOWS Choice (Knit caps) AB А с D E 30 25 20 15 10 5 0 Hours Crafting 0 1 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF). + 2 3 (Pillows) (Knit caps) 0 2 4 6 8 4 KNIT CAPS 5 + 4 m 3 2 1 Produced 0 (Pillows) 0 10 + 7 16 18 8 19 Initial PPF New 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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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
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5. Opportunity cost and production possibilities 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. ^ Hours Producing Produced Choice (Boats) (Puzzles) (Boats) (Puzzles) 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 Edison's initial production possibilities frontier (PPF). 9 &
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Question 25 The individual's budget constraint is a. the amount of money she has in the bank c. the maximum amount one good she can consume given her consumption of other goods O d. a line depicting all the possible budgets an individual could have at various occupations
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5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks 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. Choice Hours Producing Produced (Trucks) (Kites) (Trucks) (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 Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…
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