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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Vincent Pearson makes dining tables, and he is trying to decide how many tables to produce. He can sell each dining table for $3,000. The cost of the first table is $1,000, for the second it's $1,500. For each additional table he produces, the marginal cost of each table increases by $500. How many dining tables should Vincent produce, and what is the total cost of his production? He will produce five tables at a cost of $10,000. He will produce four tables at a cost of $12,000. He will produce six tables at a cost of $13,500. He will produce seven tables at a cost of $17,500.
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2. Economies of scale are achieved when ... a) Supply consistently exceeds demand b) High energy efficiency levels are reached and maintained c) Waste is kept to a minimum d) Production quotas are raised
Spot the economics in the following cases by identifying the concept described within the scenario and then briefly articulating your answers When parking violations in San Francisco were $100, there were 250,000 tickets given out. When violations went up to $175 there were 200,000 violations given. Ford produces trucks and loses ⅓ of a sedan for each truck produced. When it produces sedans, it loses 2 trucks per sedan produced. Driving down Mendocino Blvd, you notice a street crew working near campus. One worker is jackhammering away, while another removes the rubble. Both are extremely productive. Two workers are talking and having a smoke, while another three are having some coffee all while watching the first two workers. Recently, I attempted to cancel my SiriusXM subscription. I logged into their website and clicked on the “cancel subscription” link which I had a hard time finding because it was hidden in some obscure menu. When I clicked on cancel, a window popped up…
Com 120.000 D 80.000 40.000 Robots 5.000 10.000 15.000 In the graph above, the resources in this economy are
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ECN 210 Dr. M. Di Liberto Principles of Economics I: Microeconomics Worksheet - Chapter 2 Problem 1 Suppose there are three techniques for producing 1 wool blanket (Techniques 1, 2, and 3), as shown in the table above. а. Given the resource prices shown, which production technique would the firm use? Why? b. Suppose the firm can sell blankets for $26 each. Would the firm be profitable? c. Assume a new technique is developed that economizes on the relatively expensive labor. It requires 2 units of land, one unit of labor, 3 units of capital, and 1 unit of entrepreneurial ability. Would the firm adopt this new technique? d. Suppose the firm's cost of capital rises to $5, all other values being the same. Which technique would the firm now choose? Price per Unit of Resource Resources Required Resource Technique 1 Technique 2 Technique 3 Technique 4 Units Costs Units Costs Units Costs Units Costs Land $2 2 3 Labor $4 2 1 Capital Entrepreneurship $3 $5 1 2 3 1 1 1 1 Total Price per Unit of…
QUESTION 2 After receiving an impressive commendation following a project, Ash realised the key to her inspiration and success was eating goji berries before starting her work. Ash can buy any number of kilograms of berries for $20 per kilogram. Ash gains a total benefit of $50 from consuming 2 kilograms of berries, and a total benefit of $65 from consuming 3 kilograms of berries. Which of the following statement(s) are true: There is insufficient information to determine the marginal cost of the third kilogram of berries. The average benefit of consuming the third kilogram of berries is $15. Ash should buy the third kilogram of berries because the marginal cost is less than the marginal benefit. The marginal benefit of consuming the third kilogram of berries is $15.
3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation
Timmy and Tommy both work at Nook's Cranny, a general store, where they spend all of their time doing one of two tasks: developing crafting projects and placing orders. The graph below shows their production possibilities frontiers for a day of work. Assume they operate efficiently all the time. Use this information for the following 2 problems. Coding Pr IN M 35 HP 13 42 11 30 9 2 T S 012345 1. (General Ideas) Their boss, Mr. Nook, has asked them to create exactly 9 Crafting Projects. Assuming Timmy and Tommy work together, how many Order Placements will get done? a. 11 b. 14 c. 17 d. 20 78 9 10 11 12 13 14 15 16 17 18 19 21 Onder Placement 2. (General Ideas) Tommy learned a new computer operating system, and can now do more Order Placements than he could before. Everything else stays the same. What is the minimum number of achievable Order Placements that would cause a change in Tommy's comparative advantage? a. 12 b. 14 c. 16 d. 18