Professor Rush allocates his limited time between baking squirrel pies and knitting mittens. Professor Rush currently produces 15 squirrel pies and 3 pairs of mittens each day. Professor Rush's opportunity cost of producing an additional squirrel pie is. A. 0.2 pairs of mittens B. 1 pair of mittens C. 3 pairs of mittens D. 5 pairs of mittens E. There is too little information

Professor Rush allocates his limited time between baking squirrel pies and knitting mittens. Professor Rush currently produces 15 squirrel pies and 3 pairs of mittens each day. Professor Rush's opportunity cost of producing an additional squirrel pie is. A. 0.2 pairs of mittens B. 1 pair of mittens C. 3 pairs of mittens D. 5 pairs of mittens E. There is too little information

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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help! scenario questions about PPF.
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It is a beautiful afternoon, and Jose is considering taking a leisurely two-hour stroll through the park. There ar other activities Jose is considering doing instead. The value Jose receives from each of the activities is provide Alternative Activities Value Streaming a movie $5 Taking a nap $8 Chatting with his best friend $13 Reading a new book $15 What is Jose's cost of taking the stroll through the park?
Antje currently produces fish and fruit at point A in the graph. Use the graph to complete the following sentence. Antje's marginal cost of producing an additional unit of fish is OA. 2/52 units of fruit OB. 52 units of fruit O c. 3 units of fruit O D. 52/2 units of fruit C 60- Fruit (units) Fish (units) ģ PPF 10 12 >>> Click on the graph to work out the answer. Q
An economy will be operating on a point inside of its production possibilities frontier if there is inefficiency in resource allocations.what is meant by inefficiency ?you may find it helpful to use an example in your answer.
The marginal benefit of an additional beach towel is $8. The marginal cost of producing an additional beach towel is $12. If producers are not minimizing the average costs of production, then we can conclude beach towel production is neither allocatively nor productively efficient. beach towel production is allocatively efficient but not productively efficient O beach towel production is both allocatively and productively efficient. O beach towel production is not allocatively efficient but is productively efficient.
5. Opportunity cost and production possibilities Sam is a talented artist who sells hand-crafted goods on his website. Sam currently crafts and sells both crochet hats 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. Choice A B C D E PILLOWS 30 25 20 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). 15 10 5 0 Hours Crafting Produced (Crochet hats) (Pillows) (Crochet hats) (Pillows) 0 0 9 15 17 18 0 8 6 4 2 0 1 2 3 2 4 6 8 4 5 CROCHET HATS 4 3 2 6 1 0 7 8 Initial PPF A New PPF (?)
Please help me find the answer to the following. I got the answer wrong.
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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
Point A B C D E Production of X Production of Y 0 40 36 28 16 0 3 6 9 12 The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a production point that is inefficient? OA. 10 units of good X and 16 units of good Y B. 6 units of good X and 28 units of good Y OC. 3 units of good X and 35 units of good Y OD. 0 units of good X and 40 units of good Y CEED
K The figure shows the production possibilities frontier for Suzie's Squeeze, a smoothies producer. Draw a point at which the firm achieves production efficiency Label it Efficient Draw a point that is attainable but Inefficient. Label it Inefficient. GELES What does it mean to say that production is efficient? When production is efficient. OA. there is no tradeoff betweenfruit drinks and veggie drinks OB. the firm can produce more veggie drinkswithout producing fewerfruit drinks OC. the firm can produce more veggie drinksonly by producingfewerfruit drinks OD. some resources areunused or misallocated roo 80 70- 60- 50. 40 3n 100 á Veggie drinks (per hour) Fruit >>> Draw only the objects drinks (per hour) PPF specified in the question. O TA