5. Opportunity cost and production possibilitiesHubert is a skilled toy maker who is able to produce both boats and kites. He has 8 hours a day to produce toys. The following table shows the dailyoutput resulting from various possible combinations of his time.Hours ProducingProducedChoice(Вoats)(Kites)(Вoats)(Kites)A84B623944213D6.1.16E817 On the following graph, use the blue points (circle symbol) to plot Hubert's initial production possibilities frontier (PPF).3025Initial PPF20New PPF15105134BOATSSuppose Hubert is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day isv per day.Now, suppose Hubert is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per day isper day.From the previous analysis, you can determine that as Hubert increases his production of boats, his opportunity cost of producing one more boatSuppose Hubert buys a new tool that enables him to produce twice as many boats per hour as before, but it doesn't affect his ability to produce kites.Use the green points (triangle symbol) to plot his new PPF on the previous graph.Because he can now make more boats per hour, Hubert's opportunity cost of producing kites isv it was previously.KITES

Opportunity cost is the sacrifice made in one commodity to get more of other. It can be said as the…

5. Opportunity cost and production possibilities Hubert is a skilled toy maker who is able to produce both boats 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. Hours Producing Produced Choice (Boats) (Kites) (Boats) (Kites) A 8 4 B 6 3 4 4 13 D 2 16 8. 17 1. 2.

5. Opportunity cost and production possibilities Hubert is a skilled toy maker who is able to produce both boats 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. Hours Producing Produced Choice (Boats) (Kites) (Boats) (Kites) A 8 4 B 6 3 4 4 13 D 2 16 8. 17 1. 2.

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 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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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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Question 7 (10 points) Listen Figure 2-7 HOURS WITHOUT SLEEP Refer to Figure 2-7. Taking cause and effect into account, which of the following interpretations would be most reasonable regarding the relationship between coffee and hours without sleep? The less coffee a person drinks per day, the more time he can go without sleep. There is no relationship betwveen how much coffee per day a person drinks and how long he can go without sleep. The more coffee a person drinks per day, the more time he can go without sleep. The more coffee a person drinks per day, the less time he can go without sleep. Question 8 (10 points) V Saved CUPS OF COFFEE PER DAY
Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 Juanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Price of a Dress Total Cost Opportunity Cost of Time (Dollars) (Dollars per dress) (Dollars) Store 100 Local Department Store 86 Across Town 63 Neighboring City 10:57 PM 36 F Clear 2/27/2022