Chapter 02 Homework Hours Crafting Produced Choice (Picture frames) (Baskets) (Picture frames) (Baskets) A 8 0 4 D B 6 2 3 11 4 2 15 D 2 6 1 18 E 0 8 O 19 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF). BASKETS 30 25 Initial PPF 20 New PPF 15 10 5 2 PICTURE FRAMES Suppose Tim is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame per per day. Now, suppose Tim is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frame day is per day, From the previous analysis, you can determine that as Tim increases his production of picture frames, his opportunity cost of producing one more picture frame Suppose Tim buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability to prod baskets. Use the green points (triangle symbol) to plot his new PPF on the previous graph Because he can now make more picture frames per hour, Tim's opportunity cost of producing baskets is Mit was previously.
Chapter 02 Homework Hours Crafting Produced Choice (Picture frames) (Baskets) (Picture frames) (Baskets) A 8 0 4 D B 6 2 3 11 4 2 15 D 2 6 1 18 E 0 8 O 19 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF). BASKETS 30 25 Initial PPF 20 New PPF 15 10 5 2 PICTURE FRAMES Suppose Tim is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame per per day. Now, suppose Tim is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frame day is per day, From the previous analysis, you can determine that as Tim increases his production of picture frames, his opportunity cost of producing one more picture frame Suppose Tim buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability to prod baskets. Use the green points (triangle symbol) to plot his new PPF on the previous graph Because he can now make more picture frames per hour, Tim's opportunity cost of producing baskets is Mit was previously.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Solve all parts with proper calculation and explanation please solve steps wise
Transcribed Image Text:Chapter 02 Homework
Hours Crafting
Produced
Choice
(Picture frames)
(Baskets)
(Picture frames)
(Baskets)
A
8
0
4
D
B
6
2
3
11
4
2
15
D
2
6
1
18
E
0
8
O
19
On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF).
BASKETS
30
25
Initial PPF
20
New PPF
15
10
5
2
PICTURE FRAMES
Suppose Tim is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame per
per day.
Now, suppose Tim is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frame
day is
per day,
From the previous analysis, you can determine that as Tim increases his production of picture frames, his opportunity cost of producing one more
picture frame
Suppose Tim buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability to prod
baskets. Use the green points (triangle symbol) to plot his new PPF on the previous graph
Because he can now make more picture frames per hour, Tim's opportunity cost of producing baskets is
Mit was previously.
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