Please correct answer and don't use hand rating Ah-Hong realizes that he can't finish preparing for both Economics and Accounting before the midterm. After evaluating, he concludes that if he spends all his time on Economics, he can score 90points, but get 0 in Accounting. Conversely, if he spends all his time on Accounting, he can score 85 points, but get 0 in Economics.(a) Plot the production possibility frontier (PPF) with Economics score on the horizontal axis and Accounting score on the vertical axis.(b) Using the concept of opportunity cost, explain the significance of the PPF being concave towards the upper right.(c) Now assume the PPF is a straight line. What is the opportunity cost of increasing the Economics score by 1 point?

(a) Plotting the PPFWhat is the PPF? The Production Possibility Frontier (PPF) shows all possible…

Answered: Ah-Hong realizes that he can't finish…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Your business produces two products: graphics and writing assessments. However, time is finite and your business must allocate its time between the two products. If your business is producing one service, it cannot produce the other service at the same time. Based on previous experience, you know that your firm can produce 11 graphics and 20 assessments per day. Your firm could also produce 7 graphics and 40 assessments per day. Given these production possibilities, what is the tradeoff between your two services? Make sure you estimate your tradeoff (opportunity cost) in terms of how much you receive for each unit of graphics services that you give up, that is, for 1 unit of graphics given up, how many units of assessments do you gain? Make sure to express your answer to the first decimal point.
Q/ Country X and Country Y are neighbours. Both Country X and Country Y can produce two goods: food and clothing. In one week, Country X can produce 4,400 clothing units or 2,200 food units, or a mix of the two. In one week, Country Y can produce 5,000 clothing units or 2,000 food units, or a mix of the two.For both Country X and Country Y, their individual trade-offs between clothing units and food units are constant, regardless of how they allocate their time. Currently, Country X produces 2,400 clothing units and 1,000 food units per week while Country Y produces 2,500 clothing units and 1,000 food units per week. c. Which country has a comparative advantage in food production? Which country has acomparative advantage in clothing production? Illustrate your answer using the PPC and showall the calculations. d. Should Country X and Country Y specialize and trade with one another? Why?
Assume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree. You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.
Hacmillan Leaming Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPF's for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h. Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway? Christine will write music for Paul will write music for Christine will write lyrics for Paul will write lyrics for h songs. songs. songs. songs. Music written (in # of songs) 1 0 Paul's PPF 1 Christine's PPF 2 Lyrics written (in # of songs))
i need Q31
could you answer only b. option ? thanks.
The Chief Executive Officer of Dar Al Herfya (World of Handicrafts) spends her days contacting potential clients and setting up meetings in which she explains the salient features of the hand-made products she sells and their role in sustaining the rural economy in Oman. Her hectic schedule has not diminished her enthusiasm a bit. “This has been my routine for the last three years. You have to work hard if you have a mission,” says Zuwaina of her pet project. In 2012, Zuwaina relinquished her top corporate job, and all the perks that went with it, to launch her own company with the goal of promoting traditional Omani handicraft. “I worked with Omran as director of branding, and Omantel as senior manager of branding and communication. During my stints, I observed that corporate gifts never reflected Oman’s cultural identity. It prompted me to do an independent market research to learn about the alternatives available. It culminated in the launch of Dar Al Herfya,”…
The Chief Executive Officer of Dar Al Herfya (World of Handicrafts) spends her days contacting potential clients and setting up meetings in which she explains the salient features of the hand-made products she sells and their role in sustaining the rural economy in Oman. Her hectic schedule has not diminished her enthusiasm a bit. “This has been my routine for the last three years. You have to work hard if you have a mission,” says Zuwaina of her pet project. In 2012, Zuwaina relinquished her top corporate job, and all the perks that went with it, to launch her own company with the goal of promoting traditional Omani handicraft. “I worked with Omran as director of branding, and Omantel as senior manager of branding and communication. During my stints, I observed that corporate gifts never reflected Oman’s cultural identity. It prompted me to do an independent market research to learn about the alternatives available. It culminated in the launch of Dar Al Herfya,”…
Julia and Ralph need to decide which one of them will take time off from work to complete the rather urgent task of pruning their trees. Julia is pretty good with a pole saw; she can prune the trees in 1 hour. Ralph is somewhat slow; it takes him 6 hours to prune the trees. Julia earns $120 per hour as a business consultant, while Ralph earns $15 per hour as a lifeguard.Keeping in mind that either Julia or Ralph must take time off from work to prune the trees, who has the lowest opportunity cost of completing the task?
Could you solve e, f, and g please?
(1) Sergei had to decide among watching a two-hour movie with a cost of $20, buying a book to read for $10 that would take about four hours to read, and going to a three-hour concert for $30. If he considers the benefit of each situation to be proportional to the amount of time, with a value of about $50 per hour, what is the opportunity cost of the best decision A) $190 B)$150 C)$120 D)$80
Shannon is the mother of a 3-year old. She currently stays home with her child. Before giving birth, Shannon worked as a marketing consultant making $36,000 annually. The cumulative opportunity cost of Shannon's decision to stay at home with her child is $ Shannon is offered a position with a marketing company that pays $36,000 annually. However, Shannon would need to spend an additional $1,500 per month for day care services for her child. The annual opportunity cost of Shannon turning this job down is $

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