a) Calculate opportunity costs for Elizabeth and Brian. b) Who produces apples and who produces bread? c) Given that Terms of Trade is 8 breads and 20 apples. Should they trade? (draw box and show).
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![3. Given the following table, answer the questions:
Elizabeth
Brian
Bread
Apple
Bread
Apple
100
20
50
50
10
100
15
a) Calculate opportunity costs for Elizabeth and Brian.
b) Who produces apples and who produces bread?
c) Given that Terms of Trade is 8 breads and 20 apples. Should they trade? (draw box and
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- 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 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e 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)) 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? Lewis puzzles and puppets 30 45 60 75 90 puppetsBoth 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 Lewis Puzzles Puppets 90 E 0 Puzzles 20 Puppets 75 TH 10 16 8 60 15 12 16 45 20 8 24 30 EHT 25 30 32 40 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) 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? Lewis: puzzles and [ puppets Geppetto: puzzles and puppetsBoth 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 Lewis Puzzles Puppets Puzzles Puppets 80 0 30 0 64 4 24 4 48 8 18 8 32 12 12 12 16 16 6 16 0 20 0 20 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: Geppetto Puppets: Lewis 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? Lewis: puzzles and puppets Geppetto: puzzles and puppets Geppetto Lewis Puzzles Puppets Puzzles Puppets 80 64 48 32…
- 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 puppetsBoth 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 Lewis Puzzles Puppets Puzzles Puppets 90 75 10 8 60 15 12 16 45 20 8 24 30 25 32 40 030 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) 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? Lewis: puzzles and puppets Geppetto: puzzles and puppetsThe table gives the opportunity cost of producing either a burrito or a taco. Under which of the following terms of trade will Ryan agree to trade, but Daniel will not? Opportunity Cost of Each Product Таco Burrito Daniel 2 burritos 4 taco Ryan 1 burrito 1 taco O A. 3 burritosG tacos B. 12 burritos: 8 tacos O C. 21 burritos: 5 tacos
- QUESTION 1 Pis Tim Pies Dave 10 The graphs above depict loe Cream loe Cream the amounts of ice cream and pies that Tim and Dave can make in a given weekend. Use this to answer the questions that follow. Suppose that currently Dave is producing 3 units of pies and 2 units of ice cream, while Tim is producing 5 units of pies and 3 units of ice cream. If they instead specialize based upon the principle of comparative advantage, what would be the change in the total number of pies and ice cream produced? O a. +5 pies and +3 ice cream O b. +2 pies and +1 ice cream O c. +2 pies and no change in ice cream O d. +1 pie and +2 ice cream QUESTION 2Based on the figure below, answer the following questions: A В 50 40 D 30 20 10 F 10 20 30 40 50 Food Production What this figure represents. Explain. а. b. How does the above curve illustrate the tradeoff we must make to increase food production? Clothing Production25 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
- Problem 1: Production Possibilities Frontier Consider an economy that produces bicycles and autos. The production possibilities schedule shown below denotes the points on the production possibilities frontier. Points Amount Bicycles Amount Autos A 10 B 8 D E 5 8 12 14 15 a) Draw the production possibilities frontier in a clearly labelled graph. You can assume the points on the frontier are connected by straight lines. Please put bicycles on the x-axis and autos on the y-axis. b) Is point E more efficient in production than point C? Explain. c) Based on this production possibility frontier, can the economy currently produce 8 bicycles and 10 autos? If not, explain what would need to happen to allow the economy to produce 8 bicycles and 10 autos. d) True/False/Uncertain (and explain): Point B more efficient in allocation than point A. e) Does this production frontier have increasing opportunity costs? Explain, and also explain why it is common for production frontiers to have increasing…30 Rafael's PPF Naomi's PPF 30 30 25 25 E of 20 20 A 15 15 10 10 A 5 5 10 15 20 25 30 0 5 10 15 20 25 30 Rackets Rackets Refer to the diagrams above. Suppose that before trading, Rafael and Naomi had been producing at point A on their respective PPF. What is Naomi's opportunity cost of producing 1 Racket? Select one: a. - 3 Balls b. - 1 Ball С. - 1/3 Вal d. - 15 Balls Balls BallsHector and Albert are bakers who can make either cakes or pies. Below is a graph showing their production possibilities curves (PPC) for these items. Cake 6. - Albert's PPC Hector's PPC 2 8. Pie Use the information from the above graph to answer the following questions. For opportunity cost please enter numeric answers (ie. 4 or 1/4 not "Four" or "one fourth"), for the question about comparative advantage just type either "Albert" or "Hector" into the submission box. What is Hector's opportunity cost for one cake? What is Albert's opportunity cost for one pie? Who has comparative advantage in making cake? 4-
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