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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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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 50 B 45 с 40 D 35 30 25 20 15 10 5 0 0 5 True 10 O False 20 25 30 35 Quantity of Cars Washed Allocation Efficient Inefficient 15 Indicate whether each of the following allocations is efficient or inefficient. 40 45 50 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. + O PPF A B ☐ с D
Transcribed Image Text: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 50 B 45 с 40 D 35 30 25 20 15 10 5 0 0 5 True 10 O False 20 25 30 35 Quantity of Cars Washed Allocation Efficient Inefficient 15 Indicate whether each of the following allocations is efficient or inefficient. 40 45 50 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. + O PPF A B ☐ с D
An economy consists of three workers: Dmitri, Jake, and Nick. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. 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 1 car. 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 enter these values into the corresponding row. Scenario All 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 only mows lawns. (D) In the following table, identify the opportunity cost of washing cars for each worker. Worker Opportunity Cost of Washing Cars Dmitri Jake Nick Lawns Mowed Cars Washed 1/2 lawn per car 1 lawn per car Assume that the res to producing a particular service are preferentially used in the production of that service and that as the economy moves dow tion possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle sy 2 lawns per carroduction 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.
Transcribed Image Text:An economy consists of three workers: Dmitri, Jake, and Nick. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. 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 1 car. 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 enter these values into the corresponding row. Scenario All 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 only mows lawns. (D) In the following table, identify the opportunity cost of washing cars for each worker. Worker Opportunity Cost of Washing Cars Dmitri Jake Nick Lawns Mowed Cars Washed 1/2 lawn per car 1 lawn per car Assume that the res to producing a particular service are preferentially used in the production of that service and that as the economy moves dow tion possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle sy 2 lawns per carroduction 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.
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