CLASSWORK 1 Production Possibilities Frontier Happyland can use its limited resources to produce only pizza and beer. Below, are feasible combinations of pizza and beer that Happyland can produce, and that employ all Happyland's productive resources. Pizza 4 3 2 1 0 Beer 0 2 4 6 8 1. In the graph below, construct Happyland's PPF. Be sure to place pizza on the horizontal axis and beer on the vertical axis. 2. Can Happyland produce 3 pizzas and 6 beers? Why or why not?

CLASSWORK 1 Production Possibilities Frontier Happyland can use its limited resources to produce only pizza and beer. Below, are feasible combinations of pizza and beer that Happyland can produce, and that employ all Happyland's productive resources. Pizza 4 3 2 1 0 Beer 0 2 4 6 8 1. In the graph below, construct Happyland's PPF. Be sure to place pizza on the horizontal axis and beer on the vertical axis. 2. Can Happyland produce 3 pizzas and 6 beers? Why or why not?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 3CQQ

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Question 16 Daisy has the following Production Possibilities Frontier per week. Her resource is 5 Ibs of flour. Note: You will use this PPF to answer the next several questions. tarts 20 14 3. 3 1 3 2 ar » pies Given Daisy's PPF. the following production combo, 9 pies and 8 tarts is O an eficient use of resources. O an inefficient use of resources. O not possible with the given resources.
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|4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville’s points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Economics Textbooks Piggy Banks Hours 60 85 95 50 75 2 3 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville's marginal opportunity cost making the 4th Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules Production Possibilities Schedules Geppetto Puzzles 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles (Click to select)) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis puzzles and puppets 30 45 60 75 90 puppets
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Consider the production possibilities frontier in the figure shown. The opportunity cost of cars when moving from point B to point C: Cigars 4004 300 200 100 O a Ob OC Od 10 B C 20 30 D 40 Cars is greater than the opportunity cost of cars when moving from point A to point B. None of these statements are true. is less than the opportunity cost of cars when moving from point A to point. 8. is greater than the opportunity cost of cars when moving between any other two points.
5. Opportunity cost and production possibilities Van is a skilled toy maker who is able to produce both trucks and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Balls) (Trucks) (Balls) A 8 4 B 6 2 3 8 4 4 2 13 D 2 6 1 15 E 8 16 On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF).
Please answer the following
To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.
Refer to Figure 3-8. If the production possibilities frontiers shown are each for one day of production, then which of the following combinations of coffee and soybeans could Chile and Colombia together make in a given day?
The graph shows Wendell's PPE Wendell's opportunity cost of playing one hour of squash as he spends more time playing squash 養 O A. increases, because each additional hour he spends playing squash results in a greater decrease in his calculus grade O B. decreases, if he gets more benefit from playing squash than from studying calculus O C. is constant, if he gets as much benefit from playing squash as he does from studying calculus O D. increases, because a tradeoff exists between playing squash and studying calculus