Leisure Island has 50 hours of labor a week that it can use to produce entertainment and good food. The table shows the maximum quantity of each good that Leisure Island can produce with different quantities of labor. Leisure Island's Production Possibilities Entertainment (shows per week) Good food (meals per week) Labor 3. If Leisure Island produces 8 shows and 5 meals a week, do the people of Leisure Island face a tradeoff? (hours) or 10 2 or O A. No, it doesn't face a tradeoff. 20 4 or O B. Yes, it faces a tradeoff. 30 or 12 40 8 or 14 4. Suppose that Leisure Island produces 4 shows and 12 meals a week. Calculate the opportunity cost of producing 2 additional shows a week? 50 10 or 15 The opportunity cost of producing 2 additional shows per week is V per week.

Leisure Island has 50 hours of labor a week that it can use to produce entertainment and good food. The table shows the maximum quantity of each good that Leisure Island can produce with different quantities of labor. Leisure Island's Production Possibilities Entertainment (shows per week) Good food (meals per week) Labor 3. If Leisure Island produces 8 shows and 5 meals a week, do the people of Leisure Island face a tradeoff? (hours) or 10 2 or O A. No, it doesn't face a tradeoff. 20 4 or O B. Yes, it faces a tradeoff. 30 or 12 40 8 or 14 4. Suppose that Leisure Island produces 4 shows and 12 meals a week. Calculate the opportunity cost of producing 2 additional shows a week? 50 10 or 15 The opportunity cost of producing 2 additional shows per week is V per week.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

1. Home has 1,200 units of labour available. It can produce two goods, cars and televisions. The unitlabour requirementin car production is 3, while in television production it is 2.(a) Graph Home’s production possibility frontier.(b) What is the opportunity cost of cars in terms of televisions?(c) In the absence of trade, what would be the price of cars in terms of televisions? Why?
I need answer typing clear urjent no chatgpt i will give 5 upvotes
Use the table to answer questions 1. What is the oppourtonity cost of producing 800 tons of fruit instead of 450?
Table 2-1 Production Possibilities Tennis Rackets Tennis Balls 100 200 300 8,000 6,500 ? Refer to Table 2-1. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of tennis balls produced when 300 tennis rackets are produced? O a. 6,000. b. 5,500. O c. 5,000. O d. 4,500.
Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton the Country produce with different labour (hours) used. Combination A B C D E F Corn 15 14 12 9 5 0 Wheat 0 2 4 6 8 10 A) If Country JKL produces 8,000 kg of wheat and 5,000 kg cotton a week, does it face trade-off? Why? B) Suppose Country JKL has successfully brought in an adv technology that improves the production of cotton by 20% from its original combinations. Sketch a diagram that shows the changes of the PPC for Country JKL
Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?
1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 50 40 30- A 20 10 D 20 20 40 50 60 (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: _ ||| 38 Egys
25. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in wine? a) Portugal b) England c) Both d) Neither e) Cannot tell
QUESTION 26 Which of the following is not correct? A typical production possibilities curve O A. indicates how much OB.reveals how much each of two products a society can produce additional unit of one product will cost in terms of the other OC specifies how much of each O D. indicates that to produce more of one product society must forgo larger and larger amounts product society should produce product
11
Consider Babs and Donna, who can each produce cake, beer, or some combination of the two using only 40 hours of labor each. Babs can produce a maximum of 50 cakes if she produces no beer, and 100 units of beer if she produces no cake. Donna can produce a maximum of 100 cakes with no beer produced; if she makes no cake, she can produce 120 units of beer. Calculate donnas opportunity cost for a cake