m.Emerald Calloway - Economix Classwork for Economics 5th X← C D→a se a■|||Emerald Calloway - Economics Unit 1 Review ☆File Edit View Insert Format Tools Extensions HelpƠQ Searchdocs.google.com/document/d/1GKW-TYD33-0EXzSCMAIMkqpsEWrSd-N53NcQ4p46qSE/editA100% ▼Normal text…………▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬500450400350300250200150100500ArialEmerald Calloway - Economi x b Enter your payment details1.ProductionPossibilitiesCurve(PPC)1500Toothpicks2Ps7 8 9 10 11Storage Sheds11 + B I U A53டடட 4Assume that the company is currently producing 7 storagesheds and 325 crab puffs. What is the opportunity cost ofproducing an additional 2 sheds?xb Home | bartlebyGE▾The business is producing 400 crab puffs and 2 sheds. Is thisefficient? Why or why not?Identify a point that would be considered unattainable. (Writeyour answer in this format: 0 crab puffs and 0 storage sheds.)Assume that the company is producing 800 popsicle sticks.How many toothpicks are they producing?Assume that the company is producing 1500 toothpicks and200 popsicle sticks. What would be the opportunity cost ofproducing an additional 400 popsicle sticks?Identify one inefficient point and one unattainable point. (Writeyour answer in this format: Inefficient: 3000 toothpicks and1400 popsicle sticks.)x +TURN IN▼ 13 ▼⠀AShareEXE:10:48 AM12/6/2023

A production possibility curve (PPC), also known as a production possibility frontier (PPF), is a…

Crab Puffs 500 450 400 350 300 250 200 150 100 50 0 Production Possibilities Curve (PPC) 7 8 9 10 11 Storage Sheds Assume that the company is currently producing 7 storage sheds and 325 crab puffs. What is the opportunity cost of producing an additional 2 sheds? The business is producing 400 crab puffs and 2 sheds. Is this efficient? Why or why not? Identify a point that would be considered unattainable. (Write your answer in this format: 0 crab puffs and 0 storage sheds.)

Crab Puffs 500 450 400 350 300 250 200 150 100 50 0 Production Possibilities Curve (PPC) 7 8 9 10 11 Storage Sheds Assume that the company is currently producing 7 storage sheds and 325 crab puffs. What is the opportunity cost of producing an additional 2 sheds? The business is producing 400 crab puffs and 2 sheds. Is this efficient? Why or why not? Identify a point that would be considered unattainable. (Write your answer in this format: 0 crab puffs and 0 storage sheds.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Theo sells baby rattles at $3 per unit and each month he sells 3,000 units out of the back of his wagon in the city park. Theo has no employees and estimates he could rent his wagon to another entrepreneur for $2,000 eachmonth. He also knows that he could earn about $5,000 a month as a model. He pays $1 per unit for plastic, his only raw material. Question: Should Theo continue to sell his baby rattles in the park? Explain
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R Imagine that it costs $40 in the United States to produce one ton of soybeans and transport them to market, while it costs $30 in Brazil to produce one ton of soybeans and transport them to market Imagine that it costs $20,000 in the United States to produce one automobile and transport it to maket, while costs $10,000 in Brazil to produce one automobile and transport it to market. Which of the following four arrangements would be most efficient? (Hint: Derived OC from PPF (production) = 1/OC derived from costs to make ) a. The United States should produce everything, since it can produce both soybeans and automobiles better than Brazil can produce them. Ob. Brazil should specialize and produce only automobiles. The United States should specialize and produce only soybeans. Then the two countries should trade with each other. Brazil will send automobiles to the United States, while the United States sends soybeans to the Brazil. Oc. The United States should specialize and produce…
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