QUESTION 10Fred makes shoes. He specialises in sandals and boots. Fred wants to maximise his output. Shown below is Fred's productionpossibilities curve. The X denotes the quantity of each shoe he is currently producing.Sandals 84-(pair/week)634221-24Answer the following questions:487296Boots(pair/week)a. Is the current output attainable?Type Y for Yes or N for No.b. Calculate the opportunity cost of producing 1 pair of sandals. Answer to the nearest two decimal places.pairs of boots.c. is the current output efficient, inefficient, or neither because it is unattainable?for Inefficient, or N for Neither.Type E for Efficient, I

The production possibility Frontier shows the different combinations of two goods that can be…

nswer the following questions: a. Is the current output attainable? Type Y for Yes or N for No. b. Calculate the opportunity cost of producing 1 pair of sandals. Answer to the nearest two decimal places. pairs of boots. c. is the current output efficient, inefficient, or neither because it is unattainable? Type E for Efficient, I

nswer the following questions: a. Is the current output attainable? Type Y for Yes or N for No. b. Calculate the opportunity cost of producing 1 pair of sandals. Answer to the nearest two decimal places. pairs of boots. c. is the current output efficient, inefficient, or neither because it is unattainable? Type E for Efficient, I

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Law of increasing opportunity cost: a. Explain it. b. What does it teach us? c. How could it be explained graphically?
The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as O marginal effects. scarcity constraints. O opportunity costs. O secondary effects.
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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?
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Martha is a florist who is trying to maximise her output. She can produce two types of flowers: lilies and violets. Shown below is Martha's production possibilities curve. The X denotes the quantity of each flower she is currently producing. Lilies (bunch/hour) 132 99 66 33- 24 Answer the following questions: 48 72 a. Is the current output attainable? 96 Violets (bunch/hour) Type Y for Yes or N for No. b. Calculate the opportunity cost of producing 1 bunch of lilies. Answer to the nearest two decimal places. c. Is the current output efficient, inefficient, or neither because it is unattainable? bunches of violets. Type E for efficient, I for Inefficient, or N for Neither.