Refer to Figure 3-2. If the production possibilities frontier shown is for 40 hours of production, then how long does it take Peru to make one emerald? Figure 3-2 Pern's Production Possibilities Frontier T 406 300 120 200- 2404 300 160 130- B OA. 1/6 hour OB. 1/5 hour OC5 hours OD. 6 hours

Refer to Figure 3-2. If the production possibilities frontier shown is for 40 hours of production, then how long does it take Peru to make one emerald? Figure 3-2 Pern's Production Possibilities Frontier T 406 300 120 200- 2404 300 160 130- B OA. 1/6 hour OB. 1/5 hour OC5 hours OD. 6 hours

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
(A) OC. C OD. D oo 53 (B) (C) 7 Which one of the above figures represents an economy's production possibilities frontier? OA. B O B. A o (D) Q 2
QUESTION 12 wine 88185432 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth wine 8818588 90 80 70- 60 +09 40 30- 20 England PPF CPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
m Question 36 Alpha Production Possibilities Product A B C D Product A B X 3 210X64Y 0 4812Y 04 Refer to the above tables. The domestic opportunity cost of one unit of X in Beta is: 1 unit of Y. 3 units of Y. 4 units of Y. 6 units of Y. 2 units of Y. Beta < Previous 4 pts Production Possibilities 823 CD O 12 Next
The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative D and for the United States is alternative S. Product Apparel Chemicals (tons) Product Apparel Chemicals (tons) (Click to select) ✓ China Production Possibilities A 10,000 0 units B 8,000 4 6,000 8 U.S. Production Possibilities R S 30,000 24,000 0 6 T 18,000 12 ton(s) D 4,000 12 U 12,0000 18 E 2,000 16 V 6,000 24 Instructions: Enter your answers as whole numbers. a. Are comparative-cost conditions such that the two countries should specialize? F 0 20 W 0 30 If so, what product should each produce? China should produce (Click to select) The United States should produce (Click to select) ✓ b. What is the total gain in apparel and chemical output that would result from such specialization? Apparel: Chemicals:
The sccompanying hypothetical production possibilities tables are for New Zesiand and Spain. Esch country can produce spples and plums New Zealand's Production Possibllities Table (Millions of Bushels) Production Alternatives Product Apples 28 60 Plus 15 18 Spain's Production PossIblilties Table (Millions of Bushels) Production Alternatives Product Apples Plums 20 48 20 a. Plotthe production possibilities dsta for esch of the two countries separatejy. Show the tracling possibilities lines for each nation if the sctusl terms of trade sre 1 plum for 2 spples. Instructions: (I Use the tools provided, 'PPC NZ' snd 'PPC SP iplat 4 polnts esch) to drsw the PPC curves. (2) Use the tool provided, ToT, in esch diegram (elot 4 points esch) to draw the trading possibilities lines for esch nation. To earn full credit, you must correctly plot al points for esch Iine. New Zealand Spain Tools 140 Tools 120 TOT PPC s TOT 100 80 40 40 20 20 5 10 15 20 25 30 35 40 10 20 30 40 50 60 70 80 Plums (millions…
1. Production Possibilities Country X is faced with the following output combinations for capital goods and consumer goods. Capital Goods Option ABCDE 8000 16000 24000 32000 Consumer Goods 220000 200000 160000 100000 Complete parts a, b, c, and d. a. Graph the production possibilities curve for Country X with capital goods on the x-axis and consumer goods on the y-axis. b. Does the Law of Increasing Opportunity Costs hold for this example? Explain why or why not. c. As you move from point B to point C, what is the cost of one more consumer good? d. If Country X wanted to experience higher levels of economic growth over the next few years, would they be better off choosing option B (a combination of 8000 capital goods and 200,000 consumer goods) or option D (a combination of 24000 capital goods and 100,000 consumer goods)? Explain.
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?
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