Homework (Ch 02)Gilberto is a skilled toy maker who is able to produce both trains and drums. He has 8 hours a day to produce toys. The following table shows the dailyoutput resulting from various possible combinations of his time.Hours ProducingProducedChoice(Trains)(Drums)(Trains)(Drums)13D15E16On the following graph, use the blue points (circle symbol) to plot Gilberto's initial production possibilities frontier (PPF).3025Initial PPF20New PPF1510TRAINSSuppose Gilberto is currently using combination D, producing one train per day. His opportunity cost ofproducing a second train per day isSNRUG

In the graph, the green plot is Train hour produced in comparison to the Drums per hours which is…

Answered: Homework (Ch 02) Gilberto is a skilled…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bob is a skilled toy maker who is able to produce both cars and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice PUZZLES A B с D E 30 25 20 15 10 On the following graph, use the blue points (circle symbol) to plot Bob's initial production possibilities frontier (PPF). 50 Hours Producing (Cars) (Puzzles) 8 0 2 4 6 8 0 16.0 1 4 2 0 2 3 CARS (Cars) 4 3 2 1 0 Produced 5 (Puzzles) 0 11 16 19 20 6 7 8 Initial PPF New PPF
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** || 85% Microeconomics > Page 2 of 5 2. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows? 3. Consider the following events: Scientists reveal that consumption of oranges. decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees more productive. Illustrate and explain what effect these changes have on the equilibrium price and quantity of oranges. 4. Imagine that you are a nonsmoker sharing a room with a smoker. According to the Coase theorem, what determines whether your roommate smokes in the room? Is this outcome efficient? How do you and your roommate reach this solution? 5. Charlie loves watching Teletubbies on his local public TV station, but he never sends any money to support the station during its fundraising drives. (a) What name do economists have for people like Charlie? (b) How can the government…
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