Exhibit: Sugar and Freight TrainsTons of sugar perperiod24422518010023O 19 tons of sugar.45 tons of sugar.80 tons of sugar.O 3 freight trains.23O4 Quantity of freighttrains per periodSuppose the economy is operating at point C. The opportunity cost of producing the fourth freight train would be:

The Production Possibility Curve (PPC) is a graphical representation used in economics to illustrate…

Exhibit: Sugar and Freight Trains Tons of sugar per period 244 225 180 100 19 tons of sugar. B 45 tons of sugar. 80 tons of sugar. O 3 freight trains. 2 3 D Suppose the economy is operating at point C. The opportunity cost of producing the fourth freight train would be: 4 Quantity of freight trains per period

Exhibit: Sugar and Freight Trains Tons of sugar per period 244 225 180 100 19 tons of sugar. B 45 tons of sugar. 80 tons of sugar. O 3 freight trains. 2 3 D Suppose the economy is operating at point C. The opportunity cost of producing the fourth freight train would be: 4 Quantity of freight trains per period

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure 3-5 Hosne's Production Possibilities Frontier 10 9- 8 9 s wallets 1 2 3 4 5 6 7 8 4 purses and 8 wallets. O 7 purses and 7 wallets. O 10 purses and 6 wallets. 9 10 purses O 14 purses and 14 wallets. Merve's Production Possibilities Frontier 10 9 8- 3+ 6 5- 4+ Refer to Figure 3-5. If Hosne and Merve each divides her time equally between making purses and making wallets, then total production is 1 wallets 1 2 3 4 5 6 7 8 9 10 purses
need help 10 Pancakes 90 8 7 6- 5 4 3 2 1- 0- 0 1 2 3 4 5 6 Eggs When is the opportunity cost of one pancake the highest? O 0 pancakes O 2 pancakes O 4 pancakes O 6 pancakes O 8 pancakes O 9 pancakes 7 8 9 10
7. Which of the above figures represents economic growth caused by an improvement in the technology of producing product of both X and Y? a) FIG A b) FIG B c) FIG C d) FIG D
If Korea is currently producing at efficiency, and it proceeds to increase the production of missiles, then, as long as nothing else changes, its: O A. Production-possibilities curve will shift outward. O B. Production-possibilities curve will shift inward. O c. Production of non-military goods will increase. O D. Production of non-military goods (civilian goods) will decrease.
The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
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?
Question 4 There is now also another country, Foreign, there is a labor force of 800. Foreign's unit labor requirement in watermelon production is 5, while in kiwi production it is 1. a) how many units of watermelon can be produced? when the labor in Foreign country only produce watermelon. b) how many units of kiwi can be produced? When all the labor in Foreign country only produce kiwi. c) What is the opportunity cost of watermelon in terms of kiwi in Foreign country? d) Describe the pattern of trade. Home country should produce? Foreign country should produce? Why? e) Show that how both Home and Foreign country gain from trade.
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