LO 5 P CUPS OF COFFEE 2 3 4 1 R 0 T S 1 2 3 4 5 6 DONUTS Refer to Figure above. The opportunity cost of moving from point R to point P is a. 2 donuts and 2 cups of coffee. Ob. 4 donuts. c. 2 donuts. Od. 2 cups of coffee.
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- 4. Opportunity cost and production possibilities Tim is a talented artist who sells hand-crafted goods on his website. Tim currently crafts and sells both knit caps and pillows. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. PILLOWS Choice (Knit caps) AB А с D E 30 25 20 15 10 5 0 Hours Crafting 0 + 1 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF). + 2 3 (Pillows) (Knit caps) 0 2 4 6 8 4 KNIT CAPS 5 4 + 6 3 2 1 Produced 0 (Pillows) 0 10 + 7 16 18 8 19 Initial PPF New PPF ?The table provides information about the production possibilities of a firm that produces bed linens. Quilts (per hour) Possibility A B C Pillows (per hour) 0 8 and and and 16 12 0 Draw points that show the three possibilities defined by the table. Label them A. B. and C. Draw the firm's PPF by connecting the points. Label it. Along this PPF, the quantities of A. all goods other than pillows and quilts are increasing OB. all goods other than pillows and quilts remain constant OC. pillows and quilts are either increasing or decreasing, so there is no scarcity OD. all goods other than pillows and quilts are decreasingTom and Abby produce rackets and balls. The tables show their production possibilities. Tom allocates all his resources and produces 2 rackets and 16 balls an hour. Abby allocates all her resources and produces 2 rackets and 4 balls an hour. Tom and Abby decide to specialize and trade. specializes in rackets and produces specializes in balls and produces A. Tom; 2 rackets; Abby; 32 balls B. Tom; 4 rackets; Abby; 8 balls C. Abby; 4 rackets; Tom; 32 balls D. Abby; 2 rackets; Tom; 8 balls E. Tom; 4 rackets; Tom; 32 balls The number of balls produced by If Tom and Abby specialize and trade 1 racket for 8 balls. gets rackets from for less than it costs gets balls from to produce them. to produce them, and for less than it costs Tom's Production Possibilities Rackets (per hour) 0 1 2 3 4 Abby's Production Possibilities Rackets (per hour) 0123 and and and and and 4 and and and and and Balls (per hour) 32 24 16 8 0 Balls (per hour) 8 006 NO 4 2 0
- Use the following table to answer the question below. Jake's Production Possibilities Schedule Jane's Production Possibilities Schedule Pounds of Green Pounds of Corn Pounds of Green Pounds of Corn Beans Beans 160 80 10 120 20 60 40 20 80 40 30 40 60 20 40 80 Jake should specialize in the production of which good? neither both corn O green beansChapters 2 1. Suppose Alphonso's town raises the price of bus tickets from $1 to $2 and the price of burgers rises from $2 to $4. Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso's weekly spending money increases from $10 to $20. How is his budget constraint affected from all three changes? Explain and sketch the difference graphs.whith practical examples distinguish between sacale of preference and opportunity cost
- uestion 1 When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing O scarcity O surpluses O inefficiencins O inequalities Question 2 Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"? O Megan U. must decide between going to a track event or doing her nails. O Sarah B. can attend the concert only if she takes her sister with her. O Charlie H. is hungry and homeless. O Cullen J. must repair the tire on his bike before he can ride it to class.Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $211 explain the role of ceteris paribus in economic analysis
- Option Baseball Bats Tennis Racquets A 20 2 19 C 4 18 6. 16 8 10 F 10 The table above shows the production possibilities frontier for a company producing only 2 goods: baseball bats and tennis racquets. Suppose the company is currently producing 4 bats and 10 racquets all of which have been ordered by customers. If customer John puts in an order for 4 bats, so that the total number of bats to produce would then be 8, what is be the opportunity cost of filling John's order? 8 racquets 10 racquets nothing 18 racquetsSue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good BTony and Patty produce skis and snowboards. The tables show their production possibilities. Each week, Tony produces 5 snowboards and 40 skis and Patty produces 10 snowboards and 5 skis. Tony's opportunity cost of producing a snowboard is skis. Patty's opportunity cost of producing a snowboard is skis, t More Heln