Assume that the farmer and the rancher can switch between producing meat and producingpotatoes at a constant rate.Labor Hours Needed Pounds Producedto Make 1 Pound ofin 24 HoursMeatPotatoesMeat PotatoesFarmer82312Rancher68.4The farmer should specialize in the production ofO a. both goods and the rancher should specialize in the production of neither good.O b. potatoes and the rancher should specialize in the production of meat.O. neither good and the rancher should specialize in the production of both goods.O d. meat and the rancher should specialize in the production of potatoes. If your tuition is $2,000 this semester, your books cost $400, you can only work 10 rather than 40hours per week during the 15 weeks you are taking classes and you make $12 per hour, and yourroom and board is $4,000 this semester, then your opportunity cost of attending college thissemester isO a. $7,800.O b. $11,800.O. $2,760.O d. $2,400.

Comparative advantage arises when the individual can produces good at lower opportunity cost than…

Answered: Assume that the farmer and the rancher…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Price of Ice-Cream Cone M X. Demand curve, D2 Demand curve, D, Demand curve, D3 Quantity of Ice-Cream Cones
Many businesses taco increasing marginal costs because___ O A. in order to increase output, you have to purchase more inputs.O B. a business may have to shift to more expensive sources of inputs in order to increase output.O C. most businesses are not near capacity.OD. when the price falls, output increases.
To say that the supply curve is upward sloping to the right means that O a. Producers will provide more at higher prices. O b. As the costs of production decrease, the quantity supplied will have to decrease. O c. As price goes up, quantity supplied will decrease. O d. Consumers will want to buy less at higher prices.
0-Principles of Economics 1 | S1 21/22 Time le When might the supply curve for microwave ovens shift? Select one: O a. Only if the price of steel increases. O b. when a determinant of the supply of microwave ovens other than the price of microwave ovens changes. O c. only when production technology changes. O d. only when the number of sellers of microwave ovens changes. O e. when any determinant of the supply of microwavevens changes. Next F
COUCHES CHAIRS COUCHES O b.neither Graph (a) nor Graph (b). Oc. both Graph (a) and graph (b). O d. Graph (0) only. CHAIRS Refer to Figure 3-1. The rate of trade-off between producing chairs and producing couches is constant in O a. Graph (b) only.
The supply curve is Choose the best options from the choices below. sloping, which means that of a good will be supplied at higher prices. O a. upward; less O b. downward; less Oc upward; more O d. downward; more From the following find the difference between Positive and Normative statements? O a. normative statements can be tested whereas positive statements cannot O b. positive statements and normative statements can be graphed Oc normative statements state "what is" and positive statements state "what ought to be." Od. positive statements can be tested whereas normative statements cannot
As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because O a. consumers would be willing to pay higher prices for the good as more of the good is produced. O b. as more of a good is produced the quality of that good declines and therefore the costs of production increase. O. C. as more of a good is produced the inputs used to produce that good will increase in price. O d. resources are not equally well suited to producing all goods and as more of a good is produced it is necessary to use résources less well suited to the production of that good.
QUESTION 12 12. Which of the following statements is/are true? a) A change in supply of a good is the result of a change in its price b) A change in supply may be caused by a change the cost of production of the good O c) A change in quantity supplied is always caused by a change in an exogenous variable d) All of the above O e) Only (a) and (b) are true
O a. -520 O'b.-600 OC. -560 O d.-480 QUESTION 25 Tim loves to collect Lego architecture sets. Suppose that Tim's willingness to pay for different Lego sets is given below: Set Willingness.to Pay Sears Tower 40 Hancock Center 70 Fallingwater 100 Shanghai 80 Robie House 80 Suppose that Tim can purchase a lego bundle with all 5 sets for the price of $200, what is his CS from the bundle? a. 150 O b. 130 O c. 170 O d. 200 OUESTION 26
2
E Share Q Zoom TVC TC AVC MC 15 12 30
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