Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 5. Opportunity cost and production possibilitiesEileen is a talented artist who sells hand-crafted goods on her website. Eileen currently crafts and sells both knit caps and embroidered sweaters. Shespends 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 eachgood.Hours CraftingChoice (Knit caps) (Embroidered sweaters) (Knit caps)EMBROIDERED SWEATERSABсDE30252015On the following graph, use the blue points (circle symbol) to plot Eileen's initial production possibilities frontier (PPF).?10500864201+2+34KNIT CAPS02468567432108Produced(Embroidered sweaters)Initial PPF011New PPF161920 Suppose Eileen is currently using combination D, producing one knit cap per day. Her opportunity cost of producing a second knit cap per day isper day.1 embroidered sweater3 embroidered sweaters16 embroidered sweatersFF19 embroidered sweatersNow, suppose Eileen is currently using combination C, producing two knit caps per day. Her opportunity cost of producing a third knit cap per day isper day.1 embroidered sweater5 embroidered sweaters11 embroidered sweatersS16 embroidered sweatersSupembdecreasesntly using combination C, producing two knit caps per day. Her opportunity cost of producing a third knit cap per day isper day.increasesyou can determine that as Eileen increases her production of knit caps, her opportunity cost of producing one more knitFrom the previous analysis, you can determine that as Eileen increases her production of knit caps, her opportunity cost of producing one more knitcapremains constantyou can determine that as Eileen increases her production of knit caps, her opportunity cost of producing one more knitool that enables her to produce twice as many knit caps per hour as before, but it doesn't affect her ability to producehe green points (triangle symbol) to plot her new PPF on the previous graph.ew tool that enables her to produce twice as many knit caps per hour as before, but it doesn't affect her ability to produceUse the green points (triangle symbol) to plot her new PPF on the previous graph.Suppose Eileen buys a new tool that enables her to produce twice as many knit caps per hour as before, but it doesnembroidered sweaters. Use the green points (triangle symbol) to plot her new PPF on the previous graph.Because she can now make more knit caps per hour, Eileen's opportunity cost of producing embroidered sweaters ispreviously.higher thanlower than ility to producethe same asit was

PPF stands for "Production Possibility Frontier." It is a graphical representation used in economics…

5. Opportunity cost and production possibilities Eileen is a talented artist who sells hand-crafted goods on her website. Eileen currently crafts and sells both knit caps and embroidered sweaters. 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 Choice (Knit caps) (Embroidered sweaters) (Knit caps) EMBROIDERED SWEATERS A B с D E 30 25 20 15 10 On the following graph, use the blue points (circle symbol) to plot Eileen's initial production possibilities frontier (PPF). ? 5 0 0 8 6 4 1 2 0 + 2 + 3 4 KNIT CAPS 0 2 4 6 8 5 6 7 4 3 2 1 0 8 Produced (Embroidered sweaters) Initial PPF 0 11 New PPF 16 19 20

5. Opportunity cost and production possibilities Eileen is a talented artist who sells hand-crafted goods on her website. Eileen currently crafts and sells both knit caps and embroidered sweaters. 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 Choice (Knit caps) (Embroidered sweaters) (Knit caps) EMBROIDERED SWEATERS A B с D E 30 25 20 15 10 On the following graph, use the blue points (circle symbol) to plot Eileen's initial production possibilities frontier (PPF). ? 5 0 0 8 6 4 1 2 0 + 2 + 3 4 KNIT CAPS 0 2 4 6 8 5 6 7 4 3 2 1 0 8 Produced (Embroidered sweaters) Initial PPF 0 11 New PPF 16 19 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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