At one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point along the same PPF, 9 burgers and 10 sandwiches can be produced. The opportunity cost of a burger between these points is per burger. Select one: a. 7/10 of a sandwich b. 10/7 of a sandwich C. 3 sandwiches d. 1/3 of a sandwich
Q: In production possibility frontier analysis, which mixes of goods are considered efficent by an…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: Magdalena decides to plant some fresh flowers in her garden. A. The opportunity cost of…
A: Opportunity cost is implying as the cost which the consumer or producer needs to relinquish in…
Q: Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1 hour. a)…
A:
Q: Edgar, who is a driver for Uber and earns $14 per hour, is considering going to see a movie tonight.…
A:
Q: In one week, Susan can see 4 blouses or bake 280 pies. The opportunity cost per pie is
A: Opportunity is the income foregone, that is, the income that has to be given up to pursue other…
Q: You leave work two hours early from $10 an hour job, stopping to buy a $15 take-out dinner as you…
A: Opportunity cost is the sacrifice of the benefit of a particular task for doing another task. The…
Q: During the Second World War, Germany’s factories were decimated. It also suffered many human…
A: PPC or production possibility curve is the locus of all the combinations of goods and services that…
Q: The table below shows production points on Sweet-Tooth Land's production possibilities frontier.…
A: Production possibilities frontiers are used to represent the trade-off that occurs between the…
Q: 3. Opportunity Cost Poornima and Valerie are roommates. They spend most of their time studying (of…
A: Since, Poornima takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza Valerie…
Q: In Kessy’s old kitchen, he could bake 10 cookies or mix 15 glasses of lemonade in a day. Now he has…
A:
Q: Mike Debby 60 minutes Vacuum room 45 minutes 30 minutes 45 minutes Wash Dishes What is Mike's…
A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…
Q: With the aid of a diagram, draw a production possibility Frontier (PPF) for an economy producing…
A: PPF: Creation probability curve is the chart which demonstrates the different creation prospects of…
Q: What is the opportunity cost involved in moving from point B to A? Production possibility curve…
A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…
Q: A production possibilities table for DVDS and computers is shown below. Production Alternatives B…
A: A. The opportunity cost is the next best alternative that is foregone while making the choice…
Q: Edgar, who is a driver for Uber and earns $12 per hour, is considering going to see a movie tonight.…
A: Given information Earning per hour from driving = $12 Cost of movie =$20 Movie duration = 4 hours…
Q: Using the Possibilities Production Frontier explain the concept of opportunity cost (moving from D…
A: Opportunity cost is calculated by taking the ratio of the sacrificed units by one to the gaining…
Q: Assume you have a production possibilities frontier (PPF) bowed out from the origin with healthcare…
A: The Production Possibility Frontier is the locus point of all the different combinations of the two…
Q: Production Alternative Types of Production A B C D E Butter 10 14 16 Guns 50 40 30 20 a. Draw a…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: Referring to table 1.1, the opportunity cost of producing 10 brushes is... a. 10 combs b. 1 comb C.…
A: The curve that depicts all combinations possible of two goods that could be produced using given…
Q: A production possibilities table for DVDS and computers is shown below. Production Alternatives Type…
A: Opportunity cost refers to the next best option that would have provided benefit if it was chosen.…
Q: Paul's PPF Sue's PPF Cheese Cheese 100 60 40 32 36 60 Ham 42 90 Ham According to the graph above,…
A: Opportunity cost is the benefit that might have been gained if a different available alternative had…
Q: Here is the production possibilities table for Television and Laptop: Production Alternative Types…
A: Hi Student, thanks for posting the question. As per the guideline, we are providing answer for the…
Q: An economy can either produce 300 airplanes and 25000 cars OR 200 airplanes and 40000 cars. What is…
A: The opportunity cost represents the next best alternative use of the resource or the potential…
Q: Does this production possibilities curve show increasing opportunity costs? Explain
A: The curve that depicts the combination of goods that could be produced using the resources being…
Q: A student has a monthly budget of $120 to spend on either burrito, which cost $6 each, or sodas,…
A: Please find the answer below. OPPORTUNITY COST: Opportunity costs represent the potential benefits…
Q: 1. Discuss the idea of an opportunity cost and think of three opportunity costs that you have made…
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…
Q: a. If a business is producing 4 mobile phones and 15 cameras, would they be efficient? If no, what…
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…
Q: Okay, so if I want one more bottle of water, what does this cost me in terms of fish? The…
A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…
Q: What is the opportunity cost of Y for PPF 1? a) ½ of X b) 2 of X c) 1/3 of X…
A: In microeconomics theory, opportunity cost is the loss or the benefit that could have been enjoyed…
Q: You have exams in economics and chemistry coming up and 5 hours available for studying. The…
A: Production Possibility Frontier (PPF) In the business examination, the creation plausibility…
Q: 1. Calculating opportunity cost using graphs (4 points) William David 2 Cakes 4 Cakes Given the two…
A: Opportunity cost is the cost or the value of the other alternative that is given up.
Q: What is the opportunity cost of 100 shirts?
A: Opportunity cost is the option foregone in order to produce something.
Q: Required information 50 40 30 20 10 25 65 10 20 30 40 50 60 70 80 90 Hot Dogs/hour 4 When Bill's…
A: Moving from one production point to another means, producing 10 less burgers and 40 more hot dogs.…
Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…
A: The production possibilities curve is the locus of all maximum combinations of two goods an economy…
Q: Production Alternative Types of Production В C D E Capital Goods 10 20 30 40 Consumer Goods 75 68 54…
A: The given table shows two types of products that are capital goods and consumer goods, with five…
Q: Graph the PPF, assuming that it has no curved segments.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…
A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…
Q: Hats Umbrellas Minnie 40 (C) 5 umbrellas 10 A) 1/10 of an umbrella D Table 2-8 shows the output per…
A: Opportunity Cost refers to the cost of next best alternative that is being sacrificed inorder to…
Q: Bob and Patrick do two things, cook fries and collect jellyfish. The table below shows how many…
A: According to the theory of comparative advantage, an individual specializes in the production of a…
Q: This question is a file-upload question. Work your answer in a piece of paper, take a picture with…
A: Production possibilities are various combinations of two goods that a country can produce over a…
Q: Based on PPF , if producer moves from B to C if producer have the following choices of production…
A: Here we calculate the opportunity cost of the PPC when it shift B to C and choose the correct…
Q: Is a production possibilities frontier (PPF) for Happyland, a country that produces only two…
A: The production capacity of a nation can be depicted in the production possibility frontier. Through…
Q: FIGURE 2-10 Apples (bushels) Refer to Figure 2-10. What movement along the production possibilities…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 4. Opportunity cost and production possibilities Tim is a talented artist who sells hand-crafted goods on his website. Tim currently crafts and sells both knit caps and pillows. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. PILLOWS Choice (Knit caps) AB А с D E 30 25 20 15 10 5 0 Hours Crafting 0 + 1 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF). + 2 3 (Pillows) (Knit caps) 0 2 4 6 8 4 KNIT CAPS 5 4 + 6 3 2 1 Produced 0 (Pillows) 0 10 + 7 16 18 8 19 Initial PPF New PPF ?Consider the table. What is the opportunity cost of changing from Choice B to Choice C? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to a b EM.26 C d 4 pizzas 2 salads 3 salads 3 pizzas Choice A B с D E ect an answer. Number of Pizzas 2 4 6 8 10 Number of Salads 20 18 15 11 6Use the PPF to answer the following questions: D. Hard drives A 525 E. 450 400 350 300 250 200 150 100 50 5 10 15 20 25 30 35 40 45 50 Sweaters (thousands)
- The table provides information about the production possibilities of a firm that produces bed linens. Quilts (per hour) Possibility A B C Pillows (per hour) 0 8 and and and 16 12 0 Draw points that show the three possibilities defined by the table. Label them A. B. and C. Draw the firm's PPF by connecting the points. Label it. Along this PPF, the quantities of A. all goods other than pillows and quilts are increasing OB. all goods other than pillows and quilts remain constant OC. pillows and quilts are either increasing or decreasing, so there is no scarcity OD. all goods other than pillows and quilts are decreasing2. Your opportunity cost of going to a movie isa. thepriceoftheticket.b. thepriceoftheticketplusthecostofanysodaandp1. Assume you are on an iceland, where you can produce different combinations of coconuts and fish that can be harvested in a given week. The table below shows these combinations. Notice that you can produce either all crabs, all pineapples, or a mix of the two. Coconuts Fish 25 3 15 4 12 5 a) Draw PPF using the information from this table; b) Calculate opportunity cost of coconuts if you decide to increase their harvest from 3 to 5; c) Calculate the slope of the PPF if you increase their harvest from 3 to 5; d) Will you harvest 5 coconuts and 12 fish on any day of the week? Why? e) Will you harvest 5 coconuts and 4 fish on any day of the week? Why?
- 2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)Rafael's PPF Naomi's PPF 30 30 25 25 20 20 A 15 15 10 10 A 5 10 15 20 25 30 10 15 20 25 Rackets Rackets Refer to the diagrams above. Suppose that before trading, Rafael and Naomi had been producing at point A on their respective PPF. Then suppose they choose to specialize and trade. After specializing they trade 8 Rackets for 8 Balls. After this trade, Rafael will consume and Select one: а. 20 Rackets; 8 Balls b. 8 Rackets; 8 Balls C. 8 Rackets; 12 Balls d. 12 Rackets; 8 Balls Balls Balls 30Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.
- 个 The table shows Frigidia's production possibilities. Fish (pounds per month) 300 200 100 0 Draw the four points defined in the table. Use the four-point line tool to draw the PPF. Label it. and and and and Skis (pairs per month) 0 50 100 150 If Frigidia produces 200 pounds of fish per month, how many pairs of skis must it produce to achieve production efficiency? Frigidia must produce pairs of skis to achieve production efficiency. What is Frigidia's opportunity cost of producing 1 pound of fish and 1 pair of skis? pairs of The opportunity cost of 1 pound of fish is skis 300- 250 200- Fish (pounds per month) 150- 100- 50- 25 50 75 100 125 Skis (pairs per month) 150 17!Describe the linkage between “Scarcity” and each of the following;i. Choiceii. Opportunity Costiii. CompetitionOption Baseball Bats Tennis Racquets A 20 2 19 C 4 18 6. 16 8 10 F 10 The table above shows the production possibilities frontier for a company producing only 2 goods: baseball bats and tennis racquets. Suppose the company is currently producing 4 bats and 10 racquets all of which have been ordered by customers. If customer John puts in an order for 4 bats, so that the total number of bats to produce would then be 8, what is be the opportunity cost of filling John's order? 8 racquets 10 racquets nothing 18 racquets