Solve it on paper! Assume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as theeconomy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using theblue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plussymbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purplepoint (diamond symbol) to identify point D on the graph.Quantity of Lawns MowedA50B45с40D3530252015105005True10O False20 25 3035Quantity of Cars WashedAllocation Efficient Inefficient15Indicate whether each of the following allocations is efficient or inefficient.4045 50True or False: The production possibilities frontier consists of straight-line segments, rather than being smoothly bowed outward throughout, becauseeach worker faces a constant trade-off between mowing lawns and washing cars.+ OPPFAB☐сD An economy consists of three workers: Dmitri, Jake, and Nick. Each works 10 hours a day and can produce two services: mowing lawns and washingcars. In an hour, Dmitri can either mow 1 lawn or wash 1 car; Jake can either mow 1 lawn or wash 2 cars; and Nick can either mow 2 lawns or wash 1car.For each of the scenarios listed in the following table, determine how many lawns will be mowed and how many cars will be washed per day and enterthese values into the corresponding row.ScenarioAll three spend all their time mowing lawns. (A)All three spend all their time washing cars. (B)All three spend half their time on each activity. (C)Dmitri spends half his time on each activity, while Jake only washes cars and Nick onlymows lawns. (D)In the following table, identify the opportunity cost of washing cars for each worker.Worker Opportunity Cost of Washing CarsDmitriJakeNickLawns Mowed Cars Washed1/2 lawn per car1 lawn per carAssume that the resto producing a particular service are preferentially used in the production of that service and that as theeconomy moves dowtion possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using theblue points (circle sy 2 lawns per carroduction possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plussymbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purplepoint (diamond symbol) to identify point D on the graph.

Opportunity cost is the cost of producing 1 good in terms of other. Opportunity cost shows the…

Assume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the economy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple point (diamond symbol) to identify point D on the graph. Quantity of Lawns Mowed A B 50 с 45 D 40 35 30 25 20 15 10 5 0 0 5 True 10 False 15 20 25 30 Quantity of Cars Washed Indicate whether each of the following allocations is efficient or inefficient. Allocation Efficient Inefficient OO O True or False: The production possibilities frontier consists of straight-line segments, rather than being smoothly bowed outward throughout, because each worker faces a constant trade-off between mowing lawns and washing cars. 35 οιοιο 40 O 45 50 PPF +< ◇ D ?

Assume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the economy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple point (diamond symbol) to identify point D on the graph. Quantity of Lawns Mowed A B 50 с 45 D 40 35 30 25 20 15 10 5 0 0 5 True 10 False 15 20 25 30 Quantity of Cars Washed Indicate whether each of the following allocations is efficient or inefficient. Allocation Efficient Inefficient OO O True or False: The production possibilities frontier consists of straight-line segments, rather than being smoothly bowed outward throughout, because each worker faces a constant trade-off between mowing lawns and washing cars. 35 οιοιο 40 O 45 50 PPF +< ◇ D ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 30 Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their cosplay group. Link has been doing this for years and can make a costume piece in 2 hours and an accessory item in 1 hour. Zelda is still learning and can make a costume piece in 3 hours and an accessory item in 2 hours. The opportunity cost of 1 costume piece for Link in terms of accessory items (i.e. accessory items per costume piece):
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