7- Kareem can produce either a combination of 40 doors and 60 windows or a combination of 50 doors and 35 windows. If he now produces 40 doors and 60 windows, what is the opportunity cost of producing an additional 10 units of doors? * O 25 windows O 0.4 windows O 35 windows O 2.5 windows

7- Kareem can produce either a combination of 40 doors and 60 windows or a combination of 50 doors and 35 windows. If he now produces 40 doors and 60 windows, what is the opportunity cost of producing an additional 10 units of doors? * O 25 windows O 0.4 windows O 35 windows O 2.5 windows

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 20AA

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Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)
The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.
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Movies Onuber per yearn Moving to another question will save this response. Question 10 Refer to the accompanying figure. At point D, the opportunity cost of making milk is: Milk igallons per yeari O high because productive resources that are better-suited to making movies are not being used to make milk. high because productive resources that are better-suited to making movies are being used to make milk. low because the economy is specializing in making milk. high because the economy is not operating efficiently. Moving to another question will save this response.
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 AND108 80 60 40 28 0 Puppets 6 4 Lewis: 8 12 Geppetto: 16 20 Puzzles 50 48 30 20 18 B Lewis Puppets 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) puzzles and 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? puzzles and ⒸADRUNVATA 5 ROMAN 10 15 20 25 puppets puppets
=page Consider the following scenario to answer the next three questions. Ms. Franklin makes necklaces, with an opportunity cost of 2 jewelry boxes per every 3 necklaces. Ms. Lincoln makes jewelry boxes, with an opportunity cost of 4 necklaces per every 3 jewelry boxes. Ms. Green proposes that Ms. Franklin give Ms. Lincoln 1 necklace in exchange for 3 jewelry boxes. What are Ms. Franklin's and Ms. Lincoln's reactions? O a. Ms. Franklin likes the proposal, but Ms. Lincoln does not. O b. Ms. Lincoln likes the proposal, but Ms. Franklin does not. O c. Ms. Green's proposal is not feasible. O d. Neither Ms. Franklin nor Ms. Lincoln likes the proposal. Oe. Ms. Franklin and Ms. Lincoln both like the proposal. Next page
Consider two individuals, Fred and Barney. In one hour, Fred can produceeither 15 gallons of beer, or 3 gallons of wine. In one hour, Barney can produce2 gallons of beer or 4 gallons of wine. Assume both goods can be produced incontinuous quantities. Assume that each person wants to consume 3 gallons of wine, then as muchbeer as they can. Determine what each person will end up consumingi) when they cannot trade.ii) when they can trade at a price of 1gallon wine = 2 gallons beer.Use this to explain why trade benefits both consumers.
1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib:6 unang 50 50 40 30 20 10. 20 20 E (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: 8 30 40 50 60 70
25 Initial PPC 20 New PPC 15 10 2 3 4 5 BOATS PER DAY Suppose Yvette 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 Yvette 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 Yvette increases her production of boats, her opportunity cost of producing one more boat Suppose Yvette buys a new tool that allows her to produce tvice as many boats per hour as before but doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPC on the previous graph. Because she can now make more boats per hour, Yvette's opportunity cost of producing balls is it was previously. BALLS PER DAY
1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 Bacon 50 40 30 20 10 20 20 (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: E 40 50 60 70 Fus
8. Shifts in production possibilities Suppose the United States produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and industrial copiers, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 540 450 PPF 380 270 180 90 PPF 100 200 300 400 500 600 ALFALFA (Millions of bushels) INDUSTRIAL COPIERS (Thousands)