a. 5000Ob. 3000с. 2000d. 2500QUESTION 22Bob and Patrick do two things, cook fries and collect jellyfish. The table below shows how many units ofeach they can produce in a day. They have 5 days a week they can divide between the two tasks.Fries JellyfishBob10Patrick 4What is the opportunity cost of fries for Patrick?a. 3/4Ob. 2Ос. 1/2Od. 1QUESTION 23

According to the theory of comparative advantage, an individual specializes in the production of a…

Answered: Bob and Patrick do two things, cook…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Problems and Applications Q1 Yvette can read 40 pages of economics in an hour. She can also read 30 pages of sociology in an hour. She spends 4 hours per day studying. Use the blue line (circle symbol) to draw Yvette's production possibilities frontier (PPF) for reading economics and sociology. (?) 200 180 160 140 Economics Pages F 120 100 80 80 40 20 0 0 20 40 60 80 100 120 Sociology Pages 140 180 180 200 Yvette's opportunity cost of reading 90 pages of sociology is PPF pages of economics.
Figure G Buns 300 250 200 150 100 50 PPF 0 25 50 75 100 125 150 175 Cakes Figure G shows the PPF (production possibilities frontier) of Sue for producing buns and cakes during a wee Refer to Figure G. If Sue can make one more cake without sacrificing any buns, Select one: OA. Sue was experiencing decreasing opportunity costs. B. the opportunity cost of that cake was 2 units of buns. OC. the opportunity cost of that cake was 1/2 unit of buns. OD. Sue was experiencing increasing opportunity costs. OE. she initially was producing inside her PPF.
Use the table to answer questions 1. What is the oppourtonity cost of producing 800 tons of fruit instead of 450?
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
Production Possibilities Frontier Use the following information to complete this assignment. B C DE F G A Units of capital goods 6. 5 4 3 2 1 Units of consumer goods 3 4 5 Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other. 6.
Q.5. Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. Draw Maria’s production possibilities frontier for reading economics and sociology What is Maria’s opportunity cost of reading 100 pages of sociology?
Magdalena decides to plant some fresh flowers in her garden? what is the opportunity cost a.Time she could spend on other activities b.cost of flowers and pots c.cost of all other flowers and pots she couldve used d, a and b only e. none of the above
3. Opportunity Cost Frances and Latasha are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Frances takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Latasha takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. Frances's opportunity cost of brewing a gallon of root beer is and Latasha's opportunity cost of brewing a gallon of root beer is has an absolute advantage in brewing root beer, and has a comparative advantage in brewing root beer. If Frances and Latasha trade foods with each other, will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates v of root beer per pizza. better off is of root beer, and the lowest price that makes both roommates better off is…
Question 17 Pies 10 Tim Pies b. 3/5 c. 2/5 O d. 5/3 6 Ice Cream Ice Cream Tim and Dave can make in a given weekend. Use this to answer the questions that follow. What is the opportunity cost of ice cream for Tim? O a. 1 Dave
3. Opportunity Cost Ana and Dina are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Ana takes 3 hours to brew a gallon of root beer and 2 hours to make a pizza. Dina takes 7 hours to brew a gallon of root beer and 5 hours to make a pizza. Ana's opportunity cost of brewing a gallon of root beer is , and Dina's opportunity cost of brewing a gallon of root beer is . has an absolute advantage in brewing root beer, and has a comparative advantage in brewing root beer. If Ana and Dina trade foods with each other, will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is of root beer, and the lowest price that makes both roommates better off is of root beer per pizza.
Refer to the information provided in Table 33.2 below to answer the question(s) that follow. Table 33.2 China Thail and Tractors Tractors Motorcycles Motorcycles 300 225 300 250 10 200 10 150 15 150 15 75 20 100 20 25 50 30 Refer to Table 33.2. In Thailand, the opportunity cost of Select one: O A. a motorcycle is 1/15 of a tractor. O B. a motorcycle is 15 tractors. O C. a tractor is 20 motorcycles. O D. a motorcycle is 1/30 of a tractor.
2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) 300 200 100 0 Active Land also produces only food and suntan oil, and its production possibilities are: Food (pounds per month) 150 100 50 0 Draw the two PPFs Suntan oil (gallons per month) 0 50 100 150 Suntan oil (gallons per month) 0 100 2000 300 a. What are the opportunity costs of food and suntan oil in Happy Land? b. Why are the opportunity costs the same at each output level? c. What are the opportunity costs of food and suntan oil in Active Land? d. If each nation specialized where they have a comparative advantage; and then traded, find the acceptable ranges for trade. 1 pound of food would have to trade between which values of suntan oil? 1 pound of suntan oil would have to trade between which values of food? e. If each nation produces where they have a comparative advantage, and the terms of trade are 50 pounds of food for 75 gallons of suntan oil,…

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