Figure 3-7Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier10cups10986LL4321dowis9865432↑cups11 2 3 41/4 cup.1/2 cup.4 cups.5 6 7 8Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is2 cups.+ +1 2 3 45 6 7 8 bowls

The opportunity cost is the next best alternative cost. According to an individual perspective, if…

Figure 3-7 Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier 10 9 8 7 6 5 4 3 2 1 ↑cups + 1 2 3 4 5 6 1/4 cup. 1/2 cup. 4 cups. 8 2 cups. bowls 10 ↑caps 9- 8 7 Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is 3+ 2- 1 2 3 4 5 8 bowls

Figure 3-7 Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier 10 9 8 7 6 5 4 3 2 1 ↑cups + 1 2 3 4 5 6 1/4 cup. 1/2 cup. 4 cups. 8 2 cups. bowls 10 ↑caps 9- 8 7 Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is 3+ 2- 1 2 3 4 5 8 bowls

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Output of Trucks (per day) 50 A 40 30 20 10 0 10 B tank(s) 20 C D 30 40 E Output of Tanks (per day)…

A: Opportunity cost is a fundamental concept in economics that refers to the value of the next best…

Q: Quantity of Guns Production Possibilities Boundary Economy A 2 Quantity of Butter Consider the…

A: The issue introduced is a correlation between two hypothetical economies, An and B, with regards to…

Q: c. Does this production possibilities curve reflect the law of increasing opportunity costs?…

A: The production possibility curve (PPC) represents the different combinations of two goods or…

Q: 2. Table 1 Output possibilities for South Korea and Japan Country South Korea Japan Output per…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 3. Suppose the Canada can produce cattle or corn with a given amount of resources. Below is a graph…

A: a)By looking at the appropriate graphic, that has the marginal benefit, MB, and marginal cost, MC…

Q: 5. The price of trade Suppose that Portugal and Denmark both produce jeans and cheese. Portugal's…

A: Comparative Advantage: Comparative advantage is the ability of a country, individual, or entity to…

Q: IA nation with fixed quantities of resources is able to produce any of the following combinations of…

A: The production possibility curve shows the combination of goods produced in a country using all the…

Q: product Y 60 50 40 30 20 10->> O 0 10 PPF 3 PPF 2 20 30 product X C(c) All exhibit increasing…

A: The production possibility curve refers to the curve that shows the possible quantities that can be…

Q: Please refer to these PPFS for Questions 21-29. Maxine and Daisy are both bakers that make tarts and…

A: The curve that depicts various combinations of goods that could be produced using the same resources…

Q: 150- 140 130+ 120- 110 100- 90 80 70 60 50 40+ 30 20 10 Price Figure 9-1 The figure illustrates the…

A: The global trade is based on comparative advantage, and comparative advantage will be determined…

Q: Quantity of Guns Production Possibilities Boundary Economy A 16 15 + 3 N 2 3 Quantity of Butter…

A: An economic model that graphs a producer's production choices is called a production possibilities…

Q: Steel (millions of tons) 20 10 0 Country A Production possibilition curve 10 20 30 40 Chemicale…

A: This question focuses on to interpret the information displayed in the diagrams.The diagrams…

Q: 20 soybeans 18 16 14 12 10 8 6 Chile's Production Possibilities Frontier 4 (in pounds) 2 4 A. 6…

A: The opportunity costs for an item refers to the best forgone alternative; and help businesses and…

Q: stion 23 Please refer to Maxine's & Daisy's PPFs What is Maxine's opportunity cost of pies (in…

A: Given production possibilities Frontier of Maxine with maximum of 6 tarts and 12 pies produced in…

Q: The Per Unit opportunity cost of moving from a to b is bike. The Per Unit opportunity cost of moving…

A: Opportunity cost is the benefit lost as business chooses one option over another. The loss can come…

Q: Please help Screen shot attached

A: The production possibility frontier (PPF) is a curve on a graph that depicts the potential output of…

Q: 2. Mary's Production Possibilities Frontier 10 cookies 8 7- 6 5. 4 s w O 1 2 3 4 5 6 muffins Kate's…

A: Opportunity cost is the next best alternative.Opportunity cost shows the forgone units of one good…

Q: Figure 2-7 engines 45 40 35 30 25 N 20 15 P 10 10 15 20 25 30 35 40 45 tvs Refer to Figure 2-7. What…

A: In an economy, production resources are not present in infinite numbers which implies that the…

Q: Question 17 Figure 3: Production possibilities frontier baneries bagels Refer to figure 3. Which of…

A: Which of the following events would explain the shift of the production possibilities frontier from…

Q: Don't use ai to answer I will report your answer .. Solve it Asap with all steps explanation

A: Based on the Production Possibilities Frontier (PPF) graphs for Canada and Mexico, we can determine…

Q: The shift of the production possibilities frontier from A to B in the figure above illustrates a.…

A: Production possibility frontier depicts the combination of two goods that can be produced by using…

Q: Country A Textiles 4 Soybeans 4 5 The numbers in the table indicate the number of hours required to…

A: Opportunity cost and relative price: The value of alternative opportunities foregone and sacrificed…

Q: OUTPUT OF TANKS Graph 2.1 B PPC2 PPC1 OUTPUT OF AUTOMOBILES Bulgaria's production possibilities…

A: PPC in economics stands for Production Possibility Curve. It's a graphical representation that shows…

Q: 13. What is 1 1 − + X a. O b. C. O d. y x+y ху ху x + y ху ху 2 x+y

A: The objective of the question is to simplify the given expression (1/(1 - x)) + (x/(x + y)).

Q: Poornima is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day…

A: The cost of the next best alternative foregone is reffered to be as opportunity cost

Q: DVD players 50 40 30 20 10 0 10 B Japan 20 30 40 Quantity of wheat per period 50 Tools PP Curve…

A: a) The different ways that two commodities could be produced utilising the available resources are…

Q: No 1 12 . 3 4 15 6 7 Manufactured a. Point 1 to point 2 b. Point 2 to point 3 0 20 40 60 80 100 120…

A: Production possibility frontier is defined as the various production goods or commodities at the…

Q: 2-3 Production Possibilities for Footville Shoes Socks 800 0 600 400 400 700 200 900 1000 Refer to…

A: Production possibility frontier (PPF) is the curve that represents the maximum combinations of goods…

Q: Refer to the accompanying table. Corey's opportunity cost of making of a pizza is delivering Pizzas…

A: Opportunity cost refers to the next best alternative forgone.

Q: Rafael's PPF Naomi's PPF 30 30 25 25 20 20 A 15 15 10 10 5 5 10 15 20 25 30 5 10 15 20 25 30 Rackets…

A: Opportunity cost refers to decrease in number of units of good y needed to increase production of…

Q: A) 1/2 hour B 6 hours 1/16 hour CASHEWS (Pounds) (D) 2 hours 400 360 320 280 240 Brazil's PPF 200…

A: The production method using the limited resources efficiently is called the production possibility…

Q: 22 12 30 20 369 2 us 369 2 15 18 31 2* 27 3 zie Refer to Figure 3-17. At which of the following…

A: Gains from trade is a situation when both the trading countries gain from the international trade in…

Q: Perry's Production Possibilities Frontier 20 99 18+ 16- 14 12 10 8 novels Jordan's Production…

A: "A production possibility frontier also known as PPF or PPC reflects all the possible combinations…

Q: produ ossibility table Rye 0 10 20 30 40 0 50 O increasing marginal opportunity cost. decreasing…

A: In business examination, the creation plausibility wilderness (PPF) is a bend showing the differing…

Q: Refer to the diagram to the right which shows the production possibilities frontier for Mendonca, an…

A: Production possibility frontier or PPF shows the different combinations of two goods that can be…

Q: 1. Name three combinations of corn and soybean that would be on the line, on the Production…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: muffins 20 15 10 5 0 Select one: 2 6 bread a. 2 units of bread 8 00 b. The gain in muffin production…

A: Opportunity cost is a fundamental concept in economics that represents the value of the next best…

Q: Suppose a country operates on its production possibility frontier when it produces 1000 books and…

A: It shows how much goods an economy can produce by using the given resources at a point in time.

Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

Figure 3-7
Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier
10
cups
10
9
8
6
LL
4
3
2
1
dowis
9
8
6
5
4
3
2
↑cups
1
1 2 3 4
1/4 cup.
1/2 cup.
4 cups.
5 6 7 8
Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is
2 cups.
+ +
1 2 3 4
5 6 7 8 bowls

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define Opportunity cost

VIEW

Step 2: Explain the correct option

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Country 1 Country 2 Good A Good B Good A Good B 200 160 0 20 20 75 75 0 60 60 15 120 40 45 30 80 80 60 30 40 40 80 15 0 100 445 60 60 75 Refer to Exhibit 34-4. The opportunity cost of one unit of good A is country 2. for country 1 and for 20B; 15B 2B; 1B 40B; 15B 1/2B; 1B 1/20B; 1/15B
which seems to be correct?
The figure to the right shows the production possibilities frontier for Vidalia, a nation that produces two goods, roses and orchids. What is the opportunity cost of one dozen orchids? OA. 0.4 dozen roses B. 2.5 dozen roses O C. 7.25 dozen roses OD. 16 dozen roses Roses (dozens) 200 160 120 80 40 20 40 60 80 Orchids (dozens)
Figure 2-5 100 90- 80- 70 60- 50 40 30 20 10 dryers > O a. 1 dryer O b. 1 washer O c. 2 dryers A 10 20 30 40 50 60 70 80 washers d. 2 washers SA Refer to Figure 2-5. The opportunity cost of this economy moving from point A to point B is
Ice cream (millions of gallons per year) 5 A 4 В 3 2 3 4 Milk (millions of gallons per year) The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and Bis A) 4 gallons of ice cream for a gallon of milk. B) 3 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 1/3 of a gallon of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
Use the following production possibilities tables to answer the next question. Possibilities C 8 24 A Autos (millions) 0 Chemicals (millions) 40 Germany's Production B 4 32 United States' Production B 3 48 A Autos (millions) 0 Chemicals (millions) 60 Multiple Choice O O 8 million units of autos. D 12 16 Possibilities D 9 24 6 million units of autos. C 6 36 Assume that prior to specialization and trade Germany and the United States both produced combination C. Now if each nation specializes according to its comparative advantage, the resulting gains from specialization and trade will be 6 million units of autos and 8 million units of chemicals. E 16 8 8 million units of autos and 6 million units of chemicals. E 12 12 F 20 20 F 15 0
05. What is the per-unit opportunity cost of product Y as production moves from point D to point B? a) 6/7 b) -6/7 c) 7/6 d) -7/6
Use the table to answer questions 1. What is the oppourtonity cost of producing 800 tons of fruit instead of 450?
QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
(1) Specialization increases productivity which results in a De creasing revenue increasing b с d. asing marginal retums increasing opportunity increasing costs marginal output.
A) Which of the diagrams above best explains improved technology in the production of cars? B) Which of the diagrams above best explains improved technology in the harvesting of grapes? C) Which of the diagrams above best explains overall improvements in productivity?
1. Production Possibilities Country X is faced with the following output combinations for capital goods and consumer goods. Capital Goods Option ABCDE 8000 16000 24000 32000 Consumer Goods 220000 200000 160000 100000 Complete parts a, b, c, and d. a. Graph the production possibilities curve for Country X with capital goods on the x-axis and consumer goods on the y-axis. b. Does the Law of Increasing Opportunity Costs hold for this example? Explain why or why not. c. As you move from point B to point C, what is the cost of one more consumer good? d. If Country X wanted to experience higher levels of economic growth over the next few years, would they be better off choosing option B (a combination of 8000 capital goods and 200,000 consumer goods) or option D (a combination of 24000 capital goods and 100,000 consumer goods)? Explain.