The people of Leisure Island have 50 hours of labor a day that can be used to produce entertainment and good food.EntertainmentGood foodThe table shows the maximum quantity of either entertainment or good food that Leisure Island can produce with different quantities oflabor.Labor(units)(units)orWhat is the opportunity cost of producing an additional unit of entertainment?1020or602040or100How does the opportunity cost of producing a unit of entertainment change as more entertainment is produced?3060or120>>> Answer to 1 decimal place below.4080130or50100or134When Leisure Island produces 20 units of entertainment and 100 units of food, the opportunity cost of producing an additional unit ofentertainment is 0 units of food.When production is 40 units of entertainment and 120 units of food a day, the opportunity cost of producing another unit ofentertainment is 1.0 units of food.When production is 60 units of entertainment and 100 units of food a day, the opportunity cost of producing another unit ofentertainment is 2.0 units of food.When Leisure Island is producing on its PPF, the opportunity cost of producing a unit of entertainmentis produced.as more entertainmentA. decreasesB. does not changeC. increases and then decreasesD. increases

ment is o' units of food. oduction is 40 units of entertainment and 120 units of food a day, the opportunity cost of producing another unit of ment is 1.0 units of food. oduction is 60 units of entertainment and 100 units of food a day, the opportunity cost of producing another unit of ment is 2.0 units of food. isure Island is producing on its PPF, the opportunity cost of producing a unit of entertainment, ed. as more entertainment ecreases

ment is o' units of food. oduction is 40 units of entertainment and 120 units of food a day, the opportunity cost of producing another unit of ment is 1.0 units of food. oduction is 60 units of entertainment and 100 units of food a day, the opportunity cost of producing another unit of ment is 2.0 units of food. isure Island is producing on its PPF, the opportunity cost of producing a unit of entertainment, ed. as more entertainment ecreases

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

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
Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below. Output per Week web pages designed apps created Bill 3 12 Melinda 2 4 Melinda’s opportunity cost of designing one web page is: Group of answer choices designing 2 apps designing 3 apps designing 4 apps designing 5 apps
Ice cream (millions of gallons per year) 5 A 4 В 3 2 3 4 Milk (millions of gallons per year) The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and Bis A) 4 gallons of ice cream for a gallon of milk. B) 3 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 1/3 of a gallon of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
Suppose Liam's Automotive, a repair shop: offers two items: oil changes and tires. With all employees working diligently, the shop can produce these combinations each hour. Type of Product: Production Alternatives A B C D E Oil Changes 0 10 20 30 40 Tires. 80 60 40 35 0 Calculate the opportunity costs of moving from one point to each of the others (This is not a calculation provided in the text: What's the tradeoff?): Provide the answers after showing all work, and explain if theses costs are constant. What would it mean if the shop was actually doing 15 Oil Changes and 35 Tires? What would it mean if the shop was actually doing 35 Oil Changes and 35 tires?
Production Possibilities Frontier Use the following information to complete this assignment. B C DE F G A Units of capital goods 6. 5 4 3 2 1 Units of consumer goods 3 4 5 Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other. 6.
The table gives the opportunity cost of producing either a burrito or a taco. Under which of the following terms of trade will Ryan agree to trade, but Daniel will not? Opportunity Cost of Each Product Таco Burrito Daniel 2 burritos 4 taco Ryan 1 burrito 1 taco O A. 3 burritosG tacos B. 12 burritos: 8 tacos O C. 21 burritos: 5 tacos
When new and better ways of producing all goods and services are discovered or when the quantity of capital increases, O A. the opportunity cost of all goods decreases O B. our economy grows, but we still face scarcity and opportunity cost O C. the economy moves along its production possibilities frontier O D. the production possibilities frontier shifts inward e Text Pages Grapher Get More Help -
5. Opportunity cost and production possibilities Van is a skilled toy maker who is able to produce both trucks and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Balls) (Trucks) (Balls) A 8 4 B 6 2 3 8 4 4 2 13 D 2 6 1 15 E 8 16 On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF).
The 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.
go.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 100
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
Production Possibilities Curve for Time Spent Working After School & Time Spent Studying for Economiks Claes S120 Hours spent studying In the scenario depicted by the graph above, suppose the student decided to study one more hour to try to get a B instead of a C on their economic exam. What is the opportunity cost of this decision? O A The student would give up two hours of work in order to study one more hour for their economics exam. R. The student would up $20 on their paycheck after giving up an hour of work C The student would give up $60 on their paycheck after giving up an hour of work. O D The student would give up one hour of study time to attempt to eam a B