Urgently need On the following graph, use the blue points (circle symbol) to plot Simone's initial production possibilities frontier (PPF).3025Initial PPF20New PPF15105134678TRUCKSSuppose Simone is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day isv per day.Now, suppose Simone is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day isper day.From the previous analysis, you can determine that as Simone increases her production of trucks, her opportunity cost of producing one more truckSuppose Simone buys a new tool that enables her to produce twice as many trucks per hour as before, but it doesn't affect her ability to producepuzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph.Because she can now make more trucks per hour, Simone's opportunity cost of producing puzzles isit was previously.PUZZLES 5. Opportunity cost and production possibilitiesSimone is a skilled toy maker who is able to produce both trucks and puzzles. She has 8 hours a day to produce toys. The following table shows thedaily output resulting from various possible combinations of her time.Hours ProducingProducedChoice(Trucks)(Puzzles)(Trucks)(Puzzles)A8.4B631144216D119E820

Production possibilities frontier shows different combinations of two goods that can be produced…

5. Opportunity cost and production possibilities Simone is a skilled toy maker who is able to produce both trucks 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 (Trucks) (Puzzles) (Trucks) (Puzzles) A 8. 6. 2 3 11 4 4 16 D 2 6 1 19 E 8 20

5. Opportunity cost and production possibilities Simone is a skilled toy maker who is able to produce both trucks 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 (Trucks) (Puzzles) (Trucks) (Puzzles) A 8. 6. 2 3 11 4 4 16 D 2 6 1 19 E 8 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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