N inputs e 20 40 60 80 100 output 0 45 75 98 113 121 Possibility A Cheese Wine & inputs 0 e 20 40 60 80 100 output 0 60 105 143 a. From this data, complete Utopia's production possibilities table below. B с 158 165 b. Utopia (Click to select) c. If Utopia is at D, the total cost of 15 more cheese is [ d. If Utopia is at D, the total cost of 38 more wine is produce 98 cheese and 143 wine. wine. cheese. F 0

N inputs e 20 40 60 80 100 output 0 45 75 98 113 121 Possibility A Cheese Wine & inputs 0 e 20 40 60 80 100 output 0 60 105 143 a. From this data, complete Utopia's production possibilities table below. B с 158 165 b. Utopia (Click to select) c. If Utopia is at D, the total cost of 15 more cheese is [ d. If Utopia is at D, the total cost of 38 more wine is produce 98 cheese and 143 wine. wine. cheese. F 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Claire and Don are farmers who produce beef and com. In a year, Claire can produce 40 tons of beef or 200 bushels of corn. In a year, Don can produce 20 tons of beef or 120 bushels of corn.. To maximize their total output of beef and corn A. Claire and Don each spend half of their time producing beef and the other half producing corn B. Don produces beef and corn while Claire produces nothing C. Claire produces beef and Don produces corn OD. Don produces beef and Claire produces com
QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
5. Draw a Production Possibilities Graph for Toyota using the following information: A B C E F Trucks 20 28 35 40 43 45 Cars 54 52 49 43 35 25 A. Which combination(s) on the graph are considered efficient?
Potatoes (tons) 8 100 200 300 400 500 Sausages (tons) 400 350 300 a. If the two countries decided to combine their resources, what is the maximum amount of potatoes the two countries could produce? O 250 tons O 500 tons O 1,000 tons 750 tons 250 b. If the two countries decided to combine their resources, what is the maximum amount of sausages the two countries could produce? 200 Sausages (tons) 158 128 98 150 100 250 tons 350 tons c. If the two countries specialize and produce the good in which they have a comparative advantage. what is the maximum combination of potatoes and sausages they can produce together? 50 60 30 8 150 tons 750 tons O 750 tons of potatoes and 350 tons of sausages 500 tons of potatoes and 200 tons of sausages 650 tons of potatoes and 450 tons of sausages 250 tons of potatoes and 150 tons of sausages d. Using the three combined amounts of production, graph the combined production possibilities frontier for Ireland and Scotland. Instructions: Use the tool provided…
You have only 20 hours per week to use for either study time or fun time. Suppose the relationship between study time, fun time, and grades is shown in this table: bartelby learn Fun time (hours per week) 20 18 14 8 0 Study time (hours per week) 0 2 6 12 20 Grade point average 0 1.0 2.0 3.0 4.0 a. Draw the (linear) production possibilities curve on the graph below that represents the alternative uses of your time. b. On the same graph, show the combination of study time and fun time that would get you a 2.0 grade point average. c. What is the cost, in lost fun time, of raising your grade point average from 2.0 to 3.0? ________hours of fun time d. What is the opportunity cost of increasing your grade point average from 3.0 to 4.0? ___________hours of fun time
Use the data in the following graph to illustrate the law of increasing costs numerically. (Hint: Start at point E and move toward point A.) A 180 C D 150 120 90 60 30 30 60 90 120 150 180 Units of digital cameras Moving from point E toward point A, we give up (Click to select) v players. amounts of digital cameras for each gain of (Click to select) V DVD The opportunity cost of moving from: E to D is (Click to select) v digital cameras; D to C, (Click to select) V digital cameras; C to B, (Click to select) V digital cameras; and B to A, (Click to select) digital cameras. Units of DVD players
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?
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
What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9
QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X
Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 18 dozen eggs or collect 6 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? (Click to select) ✓ dozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.
Table 19.15 shows how the average costs of production for semiconductors (the "chips" in computer memories) change as the quantity of semiconductors built at that factory increases. a. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? b. If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? c. Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers. Quantity of Semiconductors 10,000 20,000 30,000 40,000 100,000 Table 19.15 Average Total Cost $8 each $5 each $3 each $2 each $2 each