Figure G Buns 300 250 200 150 100 50 PPF 0 25 50 75 100 125 150 175 Cakes Figure G shows the PPF (production possibilities frontier) of Sue for producing buns and cakes during a wee Refer to Figure G. If Sue can make one more cake without sacrificing any buns, Select one: OA. Sue was experiencing decreasing opportunity costs. OB. the opportunity cost of that cake was 2 units of buns. OC. the opportunity cost of that cake was 1/2 unit of buns. OD. Sue was experiencing increasing opportunity costs. OE. she initially was producing inside her PPF.

Figure G Buns 300 250 200 150 100 50 PPF 0 25 50 75 100 125 150 175 Cakes Figure G shows the PPF (production possibilities frontier) of Sue for producing buns and cakes during a wee Refer to Figure G. If Sue can make one more cake without sacrificing any buns, Select one: OA. Sue was experiencing decreasing opportunity costs. OB. the opportunity cost of that cake was 2 units of buns. OC. the opportunity cost of that cake was 1/2 unit of buns. OD. Sue was experiencing increasing opportunity costs. OE. she initially was producing inside her PPF.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Problem 1: Production Possibilities Frontier Consider an economy that produces bicycles and autos. The production possibilities schedule shown below denotes the points on the production possibilities frontier. Points Amount Bicycles Amount Autos A 10 B 8 D E 5 8 12 14 15 a) Draw the production possibilities frontier in a clearly labelled graph. You can assume the points on the frontier are connected by straight lines. Please put bicycles on the x-axis and autos on the y-axis. b) Is point E more efficient in production than point C? Explain. c) Based on this production possibility frontier, can the economy currently produce 8 bicycles and 10 autos? If not, explain what would need to happen to allow the economy to produce 8 bicycles and 10 autos. d) True/False/Uncertain (and explain): Point B more efficient in allocation than point A. e) Does this production frontier have increasing opportunity costs? Explain, and also explain why it is common for production frontiers to have increasing…
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When new and better ways of producing all goods and services are discovered or when the quantity of capital increases, O A. the opportunity cost of all goods decreases O B. our economy grows, but we still face scarcity and opportunity cost O C. the economy moves along its production possibilities frontier O D. the production possibilities frontier shifts inward e Text Pages Grapher Get More Help -
Question 17 Pies 10 Tim Pies b. 3/5 c. 2/5 O d. 5/3 6 Ice Cream Ice Cream Tim and Dave can make in a given weekend. Use this to answer the questions that follow. What is the opportunity cost of ice cream for Tim? O a. 1 Dave
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The production possibilities are listed below: Coconuts Pineapples 8. 2. 4 2 8. Which of the following best describes the PPF for the information above? Select one: O a. The opportunity cost of producing an additional pineapple decreases as the amount of coconuts produced decreases O b. The opportunity cost of producing an additional pineapple is the same at every point O c. The opportunity cost of producing an additional pineapple is zero at every point O d. The opportunity cost of producing an additional pineapple increases as the amount of coconuts produced increases 6. 4.
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