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![In the following PPF, what is the opportunity cost of moving from point c to b?
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- 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 0Sulan oil. 2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) 300 200 100 0 Active Land also produces only food and suntan oil, and its production possibilities are: Draw the two PPFs 300 250 200 150 LOO Food (pounds per month) 150 100 50 0 50 100 200 Food 300 Sutan o.1 300 250 200- 150. loo 50 Suntan oil (gallons per month) 0 50 100 150 Suntan oil (gallons per month) 0 100 200 300 100 Active land's PPF 200 1,00 Food a. What are the opportunity costs of food and suntan oil in Happy Land? b. Why are the opportunity costs the same at each output level? c. What are the opportunity costs of food and suntan oil in Active Land? I pound of food is ons gations upoil 2 gallons of ot d. If each nation specialized where they have a comparative advantage, and then traded, find the acceptable ranges for trade. 1 pound of food would have to trade between which values of suntan oil? 1 pound of suntan oil would have to…Suppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish. Which points on the graph are efficient? Coconuts (lbs/day) 8 7 6 0 0 O Multiple Choice O O O 1 2 3 4 5 Point A A Fish (lbs/day) Point B C Point C B Both points A and B 6
- The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy. Combination A B C D E Guns O 20 60 80 100 Butter 8 6 4 2 0 Your response should be a number ONLY. 1. What is the marginal opportunity cost of moving from 2 to 4 units of butter? Guns. 2. What is the total opportunity cost of producing the four (4) unit of butter? GunsAdjust the production possibilities frontier (PPF) to show the economy's new production possibilities after the deterioration of infrastructure. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. QUANTITY OF CARS (Millions) 24 16 0 0 O 5 OO PPF 10 QUANTITY OF COMPUTERS (Millions) 15 Suppose society faces a broad tradeoff between allocating resources to the production of investment goods (computers) and consumption goods (cars) before the deterioration of infrastructure described above. PPF Which of the following events would be most likely to lead to the deterioration of infrastructure you just illustrated? Increasing production of investment goods and decreasing production of consumption goods Decreasing production of investment and consumption goods Increasing…Possibility Movie Tickets (M) Chocolate Truffles (C) (units) (units) A 60 0 B 40 35 с 20 45 D 0 50 Consider the above PPF. What is the opportunity cost of 1 unit of chocolate truffles as the island moves from possibility A to possibility B? O 4/7 units of movie tickets O 7/4 units of movie tickets O 20 units of movie tickets O 7/8 units of movie tickets
- ed 13 out of an In one hour, Sue can produce 50 caps or 10 jackets and Tessa can produce 70 caps or 7 jackets. Sue's opportunity cost of producing a cap is, cost of producing a cap is. jackets. has a comparative advantage in producing caps. If Sue and Tessa each specialize in producing the good in which they have a comparative advantage and trade 1 jacket for 7 caps, then Select one: O a. 5.0/10.0/Tessa/Sue loses but Tessa gains O b. 0.2/0.10/Sue/both Sue and Tessa gain 0 c.0.2/0.10/Tessa / both Sue and Tessa gain 0 d. 0.2/0.10/Sue / Tessa gains but Sueloses e. 5.0/10.0/Sue/both Sue and Tessa gain jackets and Tessa's opportunity 47A nation can produce two products: tanks and autos. The following table is the nation's production possibilities schedule. Production Possibilities A B 0 1 1,000 950 Product Tanks Autos Multiple Choice The total opportunity cost of two unit(s) of tanks is O O O O 850 units of autos. 150 units of autos. 200 units of autos. C 2 850 100 units of autos. D 3 650 E 4 350The 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.
- In the production possibilities frontier depicted in the figure above, what is the opportunity cost of increasing the production of bananas from two million pounds to three million pounds? Use a production possibilities frontier to analyze opportunity costs and trade-offs. Hats (millions per year) 5 4 3 2 1 0 1 2 3 4 5 6 Bananas (millions of pounds per year) O 1/2 million hats 1 million hats O 2 million hats O 3 million hatsgo.view.usg.edu/ Question If the production of wheat increases from point B to point A, what is the opportunity cost? Reflect in ePortfolio Tons of Wheat 100 90 75 45 25 A 20 B 75 80 F 90 D 10020 New PPC 15 10 3 4 7. TRUCKS PER DAY Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is per day. From the previous analysis, you can determine that as Raphael increases his production of trucks, his opportunity cost of producing one more truck Suppose Raphael buys a new tool that allows him to produce twice as many trucks per hour as before but doesn't affect his ability to produce puzzles. Use the green points (triangle symbol) to plot his new PPC on the previous graph. Because he can now make more trucks per hour, Raphael's opportunity cost of producing puzzles is it was previously. PUZZLES PER DAY
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