A farmer produces both beans and corn on her farm. If she must give up 1616 bushels of corn to be able to get 66 bushels of beans, then her opportunity cost of 11 bushel of beans is 0.38 bushels of corn. 16.00 bushels of corn. 2.67 bushels of corn. 2.99 bushels of corn.

Q: Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can…

A: Sue can produce 10 units of Good A, if all resources are used in the production of Good A.…

Q: Refer to the above diagram. Points A, B, C, D, and E show: Multiple Choice that the opportunity cost…

A: Opportunity cost:It refers to sacrificing one good for an additional unit of another good. In…

Q: Alice and Bob are both capable of producing goods X and Y.  In one hour, Alice can produce one unit…

A: Alice and Bob are two producers of good X and good Y. Alice produces one unit of each good per hour…

Q: A farm grows wheat and produces pork. The marginal cost of producing each of these products…

A: Production Possibility Frontier, also known as the transformation curve. It is a graphical…

Q: Q15. If there are 20 units of good X being produced efficiently each day, how many units of good Y…

A: Efficient producer is such a producer which is able to produce a particular good at a lower…

Q: David and Morgan are farmers. Each one owns an 18-acre plot of land. The following table shows the…

A: Production Possibility Frontier (PPF) refers to the possible maximum combinations of two goods that…

Q: There are about 2500 leather wallets available in a country. When the price of these wallets is…

A: We will form the demand and supply equations using the equation of a line. Suppose, there are two…

Q: Suppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost…

A: The economic cost of attending the Olivia Rodrigo live performance isn't simply the price ticket…

Q: If bundle A lies on an indifference curve ai de ) and bundle B lies above of the curve (i ), the…

A: If bundle A lies on indifference curve while B lies above the curve, then it implies that B would…

Q: A farmer produces both green beans and corn. The farmer must give up 31 bushels of corn to get 7…

A: The Marginal Rate of Transformation (MRT) is a concept in economics that measures the rate at which…

Q: If an economy cannot produce more of one good without producing less of another good, this implies…

A: A consumer makes an economic decision between alternatives because resources are scarce and wants…

Q: The below table shows production points on Sweet-Tooth Land's production possibilities frontier.…

A: A production possibility curve, or PPC for short, is a graphical representation of the various…

Q: A factory can make ice cream or popsicles. In the course of 1 day, the factory can either make 1,000…

A: Opportunity cost is the value of next best use of the resources.

Q: Michael owns a strawberry farm in central California and is deciding how many strawberries to supply…

A: In economics the four core principles are the cost-benefit principle, the marginal principle, the…

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: Given, Each plant works up-to 250 days in a year Plant A can produce= 10 units of good X or 5 units…

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: It has been provided that, For plant A: MCx = 10 MCy = 5 For plant B: MCx = 5 MCy = 4

Q: Consider the production possibility frontier (PPF) illustrated in the figure to the right. If Px =…

A: This can be described as a concept that shows the graphical representation that shows the different…

Q: The figure to the right shows the production possibility frontiers (PPF) for Billary (B) and Hill…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first question for you as…

Q: Farmer Jones and Farmer Smith graze their cattle on the same field. If there are 20 cows grazing in…

A: Nash equilibrium is a concept in game theory when the player maintains their original idea despite…

Q: If an economy is producing efficiently, then it is possible to produce more of both goods without…

A: If an economy is producing efficiently, thena. it is possible to produce more of both goods without…

Q: Popcorn at the movies is $6 a bag. Candy at the movies is $2 a box. The opportunity cost of one bag…

A: Opportunity cost is the sacrifice of benefit from the next best alternative.

Q: In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an…

A: Given production possibility schedule   Bread produced in 8 hours Butter Andy 8 loaves 24 Kg…

Q: PPF 40 4. What is the MARGINAL cost of producing good y? a) 1/4 of a unit of x. b) 1/4 of a unit of…

A: The maximum output combinations of 2 products or services that an economy can generate with its…

Q: Assume two nations: Vietnam and US, and two commodities: clothing and wheat. There is only one…

A: 1. We have two countries: The United States and Vietnam. 2. Clothing and wheat are both produced…

Q: In an economy, only one combination of goods is productive efficient. True or false?

A: A production possibilities frontier is the locus of all maximum combinations of two goods or two…

Q: Refer to the figure below. Assume Cliff and Paul were both producing wheat and corn, and each person…

A: A country has less opportunity cost as compared to other countries, it will have comparative…

Q: An economy is said to have a comparative advantage in the production of a good if it can: produce…

A: The question is asking us to identify the correct definition of comparative advantage in the context…

Q: If a producer is producing at point z and wants to move to point X, then what is the trade-off? How…

A: The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is…

Q: QUESTION 7 Olivia and Susan operate a store that sells burritos. There are two main activities:…

A: Absolute advantage refers to a situation in which one individual, country, or entity can produce a…

Q: You have a field on which you can grow two types of crops, barley and wheat. The field has 30 acres…

A: Production bundles of goods which use all the resources are efficient.