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Productivity Table | ||
Soup per unit of labor | Swords per unit of labor | |
Wesley | 30 | 25 |
Fezzik | 10 | 30 |
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- What is the per-unit opportunity cost of product Y as production moves from point D to point A?show on the graph where is the opportunity cost is measuredYou 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
- Soybean (bushels per year) Chicken (Pounds per year) 500 0 400 300 200 500 0 600 9.) If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year? Explain your answer.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 players6
- 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 9Firm X have 1200 labor, to producer one unit Cheese its required 5 unit labor and to produce one unit Wine its required 10 unit labour. 1.Find out the opportunity cost of cheese in terms of wine. 2.Draw the PPF of firm X. 3.Show what will happen to PPF when labor requirement for cheese increase to 10 and wine decrease to 5.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
- Output Mathew Danar bagels 9 4 cream cheese 12 9 What is Mathew's opportunity cost for 9 units of bagels? What is Mathew's opportunity cost for 1 unit of bagels? What is Danar's opportunity cost for 4 units of bagels? What is Danar's opportunity cost for 1 unit of bagels? What is Mathew's opportunity cost for 12 units of cream cheese? What is Mathew's opportunity cost for 1 unit of cream cheese? What is Danar's opportunity cost for 9 units of cream cheese? The table shows the maximum amount of bagels and cream cheese that Mathew and Danar can produce with the same amount of resources. What is Danar's opportunity cost for 1 unit of cream cheese? units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit)A student has 100 pencils and 400 pens, B student has 150 pencils and 200 pens, C student has 350 pencils and 50 pens. Find the opportunity cost of each student and graph the marginal opportunity cost curve of pens?You rent a car for $29.95. The first 100 miles are free, but each mile thereafter costs 10 cents. You plan to drive it 200 miles. What is the marginal cost of driving the car beyond the first 100 free miles? O The marginal cost is $10.00 plus the cost of gas. O The marginal cost is whatever can be purchased with $29.95 plus $10.00. O The marginal cost is $29.95. The marginal cost is the cost of gas plus the initial payment.
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