For a two-good economy with a PPF, an increase in the amount of resources will result in:a parallel rightward shift in the PPFa reduction in the slope of the PPFa parallel leftward shift in the PPFa decrease is the cost of Y in terms of X Carlos is offered a contract as a rookie for the New England Patriots. If he accepts, he must leavethe university where he is getting a liberal arts education. What can we definitely say about Carlos'situation?the opportunity cost of staying in school would probably seem low by most peopleFootball is for a short period of time in a life span, but educational attainment can never be taken away.Carlos should stay in school.It's not even a contest. He should join the Patriots.Based on his own preferences, Carlos must weigh the relative opportunity costs of staying in school orjoining the Patriots. He should choose the option with the lower opportunity cost.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If country A uses all of its resources efficiently, it can produce a maximum of 100 units of good X. If country A uses all of its resources efficiently, it can produce a maximum of 150 units of good Y. If country B uses all of its resources efficiently, it can produce a maximum of 75 units of good X. If country B uses all of its resources efficiently, it can produce a maximum of 125 units of good Y. Both countries have (linear) straight line PPFs. What is the opportunity cost of producing 10 units of X in country A? (hint: your answer should be measured in the positive number of units of good Y that must be given up - round your answer to two decimal places only if necessary)
The graph to the right depicts an economy, Home, that produces both flowers and soybeans. Flowers are the labor intensive good and soybeans are the land intensive good. Home presently exports flowers. The graph also indicates Home's optimal point of production, X. Suppose that Home has acquired more land in which it can now produce 12 units of soybeans if all land were devoted toward its production. Using the three-point curved line drawing tool, draw the new production possibilities frontier that indicates this biased growth of land in Home. Properly label this curve. Carefully follow the instructions above and only draw the required object. The growth biased toward land causes OA. export-biased growth. O B. a decrease in the relative price of flowers. OC. a rightward shift of the relative supply curve. O D. import-biased growth. 16- 15- 14- 13- 12- 11- 10- 9- 7- 6- 5- Growth of a Factor Soybean output VV TT 7 8 9 10 11 12 13 14 15 16 Flower output €
Use the PPF to answer the following questions: (a) At point F, how many sweaters are being produced? How many hard drives? (b) Label points A-H as either efficient, inefficient, or unattainable. (c) Can we determine if point F is productively efficient? If so, is it productively efficient? (d) Can we determine if point F is allocatively efficient? If so, is it allocatively efficient?
Suppose that the US economy produces agricultural products (A) and manufactured products (M). Explain and graphically illustrate the impact of each of the following events on the economy’s production possibilities curve (draw a new PPF for each, placing M on the vertical axis). a. Scientists develop a new fertilizer that will increase the productivity of land on which agricultural products are grown. b. The price of manufactured goods increases. c. Russian attacks on Ukraine devastate the Ukrainian wheat crop, increasing their demand for American wheat. d. The government increases taxes on manufactured goods.
An economy is said to have a comparative advantage in the production of a good if it can: produce that good with more resources than another economy. produce that good with a higher opportunity cost than another economy. produce that good outside its production possibilities curve. produce the good at a lower opportunity cost than another economy.
Graph A Graph B Graph C Graph D Which of the above 4 graphs best represents the change in the PPF if a tornado destroys part of the country?
The graph below represents a change to a PPF. Assume the production of cars is represented on the y-axis and the production of houses is represented on the x-axis. Which of the following events could be cause the illustrated change? more labor becomes available less labor becomes available better technology used to produce cars is discovered better technology used to produce houses is discovered Factories used to produce cars are destroyed Equipment used to build houses is destroyed Overall technology advances None of the events would result in the illustrated change O 0 0 O O O0 0
When technology of production improves what happens to the production possibilities frontier? does not affect the PPF. shifts the PPF inward, toward the origin. shifts the PPF outward, away from the origin. rotates the PPF outward, making it less steep.
Suppose a small economy produces only two goods: apples and oranges. The production possibilities frontier (PPF) for this economy is given by the following equation: PPF: 5A + 3O = 60, where A represents the quantity of apples produced and O represents the quantity of oranges produced. Calculate the opportunity cost of producing one additional apple.
Figure 2 shows the PPF for an economy that produces Butter and Guns. Suppose the economy is currently producing 30,000 units of butter and 3,600 guns. What is the economy's opportunity cost of producing 10,000 additional units of butter? A) 600 Guns B) 1,000 Guns C) 1,400 Guns D) 1,700 Guns
This question is a file-upload question. Work your answer in a piece of paper, take a picture with your phone and upload the file. Using the table below answer the following: Points Soda Pizza A 10 В 1 6 3 a) Draw a PPF map (put soda in the vertical axis and pizza in the horizontal axis), showing all the points on the PPF. b) What is the opportunity cost of an extra pizza when you are on segment AB? What about when you are at segment CD? (i.e., how many sodas you have to give up in order to get an extra pizza? SHOW YOUR WORK!) c) What is your PPF's shape? Is it a straight line or does it have a bowed outward shape? Justify! d) Suppose that there is a new technology that affects ONLY the production of soda. Illustrate this effect on your PPF map.
Help! The question is to Explain how the following situation would affect a nation's production possibilities curve. A category 5 hurricane destroys over 40% of the nation's productivity. The two questions are What happens to PPF and an explanation. The options for both are in the drop down.

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For a two-good economy with a PPF, an increase in the amount of resources will result in: a parallel rightward shift in the PPF a reduction in the slope of the PPF a parallel leftward shift in the PPF a decrease is the cost of Y in terms of X