29.28.Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below1. 200 cars & 200 TVs2. 200 cars & 280 TVs✓3. 400 cars & 0 TVs4. 280 cars & 200 TVsA. EfficientB. UnnattainableDetermine whether the following statements are normative or positive?1. The unemployment rate increased significantly during the COVID pandemic2. The federal government should extend unemployment insurance as the economy is still strugglingv 3. The price of gasoline increased by 20% last monthA. PositiveB. Normative 30.Do the following events lead to an increase or decrease in the equilibrium price of athletic wear, other things equal.?1. Wearing athletic clothing items becomes very fashionable2. Consumers are exercising more? 3. Household income has been declining in the last 5 yearsA. DecreasedB. Increased27.Pak is planning to take a day off work (8 hours) to work on some home repair.He works as an electrician and earns about $35 per hour. Pak plans to spend $1500 on materials for his home repair project?What is the opportunity cost of Pak's home repair project?$dollars.Should Pak take time off to his home project?OYes, if the cost of the project was $ 2225 if he hired someone to do itOYes, if the cost of the project was $ 1800 if he hired someone to do itOYes, because $ 1500 in material is reasonableONo, because he is giving up wages

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8. Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below 1.200 cars & 200 TVs ✓2. 200 cars & 280 TVs 3. 400 cars & 0 TVs 4. 280 cars & 200 TVs A. Efficient B. Unnattainable

8. Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below 1.200 cars & 200 TVs ✓2. 200 cars & 280 TVs 3. 400 cars & 0 TVs 4. 280 cars & 200 TVs A. Efficient B. Unnattainable

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 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 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient
Column 1 Column 2 Column 3 Column 4 Column 5 Units of Units of Units of Units of Number of MU MU MU MU MU Good A Good B Good C Good D Dollars Saved 1 72.00 1 24.00 1 15.00 1 36.00 1 5.00 2 54.00 2 15.00 2 12.00 2 30.00 2 4.00 3 45.00 3 12.00 3 8.00 3 24.00 3 3.00 4 36.00 4 9.00 4 7.00 4 18.00 4 2.00 5 27.00 5 7.00 5 5.00 5 13.00 5 1.00 6 18.00 6 5.00 6 4.00 6 7.00 6 0.50 7 15.00 7 2.00 7 3.50 7 4.00 7 0.25 8 12.00 8 1.00 8 3.00 8 2.00 8 0.13 Columns 1 through 4 in the accompanying table show the marginal utility that Ralph Burgundy would get by purchasing various amounts of products A, B, C, and D, while Column 5 shows the marginal utility from saving. Assume that P of good A is $36.00, the P of good B is $12.00, the P of good C is $8.00, and the P of good D is $48.00, while only $209 is the amount available for spending. How many units of B will be purchased? 05 11
Shoes 16. What is PButter/pShoes? a. ¹5 b. 5 C. ¹3 d. 3 30 15 Butter Refer to Diagram 2 for question 16,17,18 and 19
6 Assume that you are a rational person and that you visit a grocery store to buy bananas. Use the marginal benefit and marginal cost (utils) principle, described in Unit 1, to explain how many bananas you will ultimately buy.
5. Opportunity cost and production possibilities Maria is a talented artist who sells hand-crafted goods on her website. Maria currently crafts and sells both crochet hats 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. Hours Crafting Produced Choice (Crochet hats) (Baskets) (Crochet hats) (Baskets) 0 0 10 16 18 19 BASKETS A B с D E 30 25 20 8 6 15 4 2 0 2 4 8 On the following graph, use the blue points (circle symbol) to plot Maria's initial production possibilities frontier (PPF). 4 3 2 1 0 Initial PPF ⠀3 New PPF
6. The interaction of individual choices Consider the following scenario: People in Iowa eat both corn and potatoes. It is technically possible for farmers to grow both corn and potatoes in Iowa, yet almost no farmers grow potatoes. Instead, every year, Iowa exports corn and imports potatoes from Idaho, where farmers specialize in potatoes. Which of the following principles of economic interaction best describes this scenario? All costs are opportunity costs. There is a tradeoff between equity and efficiency. There are gains from trade. When markets do not achieve efficiency, government intervention can improve overall welfare. True/False: Evaluate the following statement: Aa Aa "People tend to exploit gains from trade, which usually lead to efficient market outcomes." False True