Ej Country B grows both roses and apples. The following graphs shows the productionpossibilities frontier for country B.Use the given information to answer questions 23 - 25.Roses1009075500JQuestion 23Question 2440 50MQuestion 25PPFNIs the opportunity cost increasing, decreasing, or constant?[Select]60 70 ApplesWhat is the opportunity cost if the country goes from L to N?[Select]What is the gain if the country goes from M to J? [Select]

Production Possibility Frontier Possibility of manufacture The Production Possibility Curve is…

Country B grows both roses and apples. The following graphs shows the production possibilities frontier for country B. Use the given information to answer questions 23 - 25. Roses 100 90 75 50 0 Question 23 Question 24 40 50 M Question 25 PPF N 60 70 Is the opportunity cost increasing, decreasing, or constant? [Select] Apples What is the opportunity cost if the country goes from L to N? [Select] What is the gain if the country goes from M to J? [Select]

Country B grows both roses and apples. The following graphs shows the production possibilities frontier for country B. Use the given information to answer questions 23 - 25. Roses 100 90 75 50 0 Question 23 Question 24 40 50 M Question 25 PPF N 60 70 Is the opportunity cost increasing, decreasing, or constant? [Select] Apples What is the opportunity cost if the country goes from L to N? [Select] What is the gain if the country goes from M to J? [Select]

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 10RQ: What is comparative advantage?

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Construct a Production Possibilities Curve in Excel based on the following Production possibilities Schedule: Missiles Milk (millions of gallons) 0 4010 34 20 2730 1940 1050 0 What is the "shape" or the "slope" of the frontier or curve? Calculate the opportunity cost of producing the "first" batch of 10 missiles. Calculate the opportunity cost of producing the "last" batch of 10 missiles. What would it mean if the economy was operating at the frontier? What would happen to the frontier if the production technology improves?
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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 Lewis Puzzles Puppets Puzzles Puppets 90 75 10 8 60 15 12 16 45 20 8 24 30 25 32 40 030 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 Geppetto: puzzles and puppets
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 Lewis Puzzles Puppets 90 E 0 Puzzles 20 Puppets 75 TH 10 16 8 60 15 12 16 45 20 8 24 30 EHT 25 30 32 40 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 Geppetto: puzzles and puppets
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use the following scenario to answer the following quation : an economy has a two workers smith and ricardo. each day theywork .smith can produce 4 computers and 16 smartephone. and ricardo can producce 6 computers and 12 smartphones. (1) the opppertunity cost for smith to produce one computer is ......... smart phones. (a) one quater of (b) one half of (c) one (d) two (e) four
Homework (Ch 03) Attempts: Keep the Highest: 3/4 2. Gains from trade Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Rye Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 6. 12 Felicidad 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Felicidad uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Contente produces 6 million bushels of Is rye and 36 million pairs of jeans, and Felicidad produces 12 million bushels of rye and 16 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each…
In the first graph with hats and videos are opportunity costs constant or increase? How much does it cost him to make the first video in terms of hats? This is a movement from A to B. How about the last video? This is a movement from D to E.
4. A zoo cannot have everything it wants. It has to make choices. The zoo committeehas decidea that it can have several concession stands. It has to decide how many popcorn stands and how many cotton candy stands to have scattered around the zoo, The committee made up a table of the different combinations depending upon what the committee has determined to be the cost of each stand. Now the committee has to decide what combination is right. a. Use the table below to graph & label a Production Possibilities curve on the grid below Popcorn or Cotton Candy Popcorn, Cotton Candy Popcorn 10 1 9 2. 4 4 Cotton Candy b. Next, label a point of underutilization (inefficiency). Call it Point A, Next, label apoint of efficiency. Call it Point B. Last, label a point that is now unattainable. Call it Point C. c. Look at the table: To get one popcorn stand, how many cotton candy stands have to be given up (marginal/opportunity cost)? 10 -9 = ? d. What is the marginal/opportunity cost of 3 popcorn…
Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?
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