So what is the opportunity cost of producing one more cake if we move from combination C to combination D? (If needed, round to one decimal place.) Point Number of Cookies Number of Cakes A 42 0 B 38 4 C 30 7 D 19 9 E 0 10
Q: A clothing factory manufactures leather as well as denim jackets. Suppose the opportunity cost of…
A: Opportunity cost refers to the amount of forgone benefit which could be obtained from choosing the…
Q: Once again, consider Babs and Donna, who can each produce cake, beer, or some combination of the two…
A: The potential gains that an individual, investor, or organisation misses out on by choosing one…
Q: Suppose there exist two imaginary countries, Denali and Congaree. Their labor forces are each…
A: Opportunity Cost refers to the value of a consumer's foregone activity such as the consumption of a…
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A: Given information There are 2 countries Denali and Sequoia There are 2 products Pistachios and…
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Q: Like a good economist, you calculated the cost of getting your college degree, including the…
A: As a prudent economist, considering the full cost of a college degree involves not only direct…
Q: Is this a good example of opportunity cost? “In 2019, I started my small business by selling prints…
A: Opportunity cost is the cost or the value of the next best alternative that is given up.
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A: Opportunity cost is the value of the next best alternative use of resources. In our context,…
Q: One last time, keep considering the case of Babs and Donna, and fill in the blank: Before trade, the…
A: The production possibility frontier (PPF) is a curve that depicts the different amounts of two goods…
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A: Production possibility curve is a graphical representation that shows various combinations of two…
Q: The term "opportunity cost" points out that *
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A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the…
Q: Once again, consider Babs and Donna, who can each produce cake, beer, or some combination of the two…
A: Comparative cost advantage: - it is a principle of international trade given by David Ricardo which…
Q: Both Bob and Laura can work 6 hours per day in either market work for a wage or in home production.…
A: Production possibilities frontier:It refers to the combination of two goods that shows the possible…
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A: The three economic problems are: (i) Human needs are unlimited. (ii) The resources to satisfy human…
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A: When Bob orders 40 cases of beer at a price of $40 per case, then the consumption and import can be…
Q: Assume the U.S. currently grows 2.7 million tons of fresh winter fruit and that the resources…
A: Opportunity cost is the cost of next best alternative forgone given available resources.
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A: There are only two goods, milk (in bottles) and eggs (in cartons) produced in Mexico and a fixed…
Q: Amy and Bill are fixing up their house by painting walls and installing electrical outlets.…
A: The opportunity cost is the cost of the next best alternative foregone. Here the opportunity cost is…
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A: Gains from trade arises when the country specializes in the production of the product which bring…
Q: Suppose further that consumers in both countries have identical Leontief preferences, utility…
A: Units of Labour Required Home Foreign Fish 6 2 Edamame 6 3
Q: Once again, consider Babs and Donna, who can each produce cake, beer, or some combination of the two…
A: Babs can produce a maximum of 50 cakes if she produces no beer, and 100 units of beer if she…
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A: Opportunity Cost : The opportunity cost of picking an option equals to the forgone revenue on the…
Q: Suppose that a nation currently is producing combination F in the table below and on the graph of…
A: Opportunity Cost: It refers to the foregone revenue on the next best alternative if we pick a…
Q: Alright, let's think about combination C - that is where we are making 30 cookies and 7 cakes,…
A: The objective of the question is to calculate the opportunity cost of producing one more cake as we…
Q: s this an example of opportunity cost? “To begin, I began selling prints of my pictures in 2019…
A: The cost or value of the next alternative which is best being given up is known as the cost of…
Q: Suppose there exist two imaginary countries, Yosemite and Congaree. Their labor forces are each…
A: A country has the comparative advantage in the good which it can produce at a lower opportunity cost…
Q: During a debate on the floor of the U.S. Senate, Senator Creighton states, "Our nation should not…
A: The production possibilities frontier measures the maximum output an economy can produce of two…
Q: Consider Babs and Donna, who can each produce cake, beer, or some combination of the two using only…
A: Trade refers to the flow of goods and services across borders. Economist argues that free trade…
Q: Assume that two individuals, Maya and Nate, have equal amounts of resources. Maya can produce 30…
A: As there are multiple parts to the question ,the first three would be solved. To get answers to the…
Q: "The state of California is one of the most expensive states to live in across the United States of…
A: Price Stability:Price stability refers to a situation in which the general level of prices in an…
Q: The following questions focus on the exchange rate between the Russian ruble and the Danish krone.…
A: There are two countries- Russia with currency ruble and country Denmark with currency krone. The…
Q: If a country (say the UK) has 900 units of labour available, can produce two goods (cars and PCs)…
A: Opportunity cost is defined as the foregone benefit that would have been derived from an option not…
Q: Okay, so what is the opportunity cost of one cake if we move from combination A to combination B?…
A: The objective of the question is to calculate the opportunity cost of one cake when we move from…
Q: Is this a good example of opportunity cost? Why or why not. “In 2019, I started my small business by…
A: “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily…
Q: specializes in labor market work. If they still need to each eat 3 meals per day (for a total of 6…
A: Comparative Advantage refers to the ability of an individual or a country to produce a particular…
Q: The following hypothetical production possibilities tables are for China and the United States.…
A: Comparative cost advantage means that if countries specialize in production of a good which has a…
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- Paul, Ringo, and George have a business where they visit people's homes to mow lawns and wash cars. Paul can wash 6 cars or mow 3 lawns in one hour. Ringo can wash 3 cars or mow 3 lawns in one hour. George can wash 3 cars or mow 6 lawns in one hour. They each work 6 hours per day. If two of them wash cars and one mows lawns then at most they can wash cars and mow lawns. Enter whole numbers.Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college? $Which is a good example of an opportunity cost? 1. “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. UPS was expensive at the moment for smaller or lightweight packages whereas USPS offered a cheap price for these types of packages. UPS ships more than 220 internationally while USPS ships to certain international destinations. I have chosen USPS over UPS, orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS shipping. “ 2. “To begin, I began selling prints of my pictures in 2019 throughout 2020. USPS and UPS were the options I had during this period to ship out orders. I chose to ship my orders via UPS rather than USPS since it had the choice to ship orders internationally. While USPS is cheap and has fast shipping. Shipping the orders with UPS did not ship orders out on time, orders were damaged, and…
- Consider Figure 2-2 in Chapter 2. Assume the numbers on the y-axis 820 and 610 were changed to respectively 800 and 700. The opportunity cost of going from 240 to 480 units of food would now be _ and the law of increasing (opportunity) cost__ still hold. a) 100 // would b) 800 // would c) 700 // would not d) 100 // would notWould the opportunity cost be a benefit to UPS shipping or a benefit to UPS international shipping for this example? “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Smaller or lighter packages were more expensive to ship with UPS, but USPS provided a low-cost alternative. UPS ships more than 220 internationally, whereas; USPS is strict about shipping to specific international destinations. I have chosen USPS over UPS; by doing this, orders were delivered on time and without damage by the United States Postal Service.”Assume that two countries, A and B, can produce Beef and Barbecues and the production possibilities frontiers of two countries are represented by: Country A: Beef = 30 - 1.25 BBQ and Country B: BBQ = 15 - 0.5 Beef Barbecues are measured in units, beef in kilograms. a) On a single chart, graph the production possibility frontiers for Country A and for Country B. Make sure you use a good scale and mark all your axes and important curves or points. b) Interpret the slope and the shape of the PPF for each country and make the relevant comparisons. c) Assume that each country allocates half of its resources to the production of beef and half of its resources to the production of barbecues. Under autarky (No trade), how much would each country consume of the two products? Plot these points on the graph as Ca and Cb respectively d) Should either of these countries specialize in the production of beef and/or barbecues? If yes, explain which country and which products and why. If they…
- In a month, Carlos can produce a maximum of either 50 bushels of pears or 25 bushels of apples, or any linear combination in between.Similarly, Debora can produce a maximum of either 40 bushels of pears or 10 bushels of apples, or any linear combination in between. What is the opportunity cost for Carlos to produce one more bushel of apples in terms of pears? One bushel of apples equals bushels of pears.What is the opportunity cost for Debora to produce one more bushel of apples in terms of pears? One bushel of apples equals bushels of pears. What would Debora and Carlos agree to as acceptable terms of trade? bushels of pears per bushel of apples.Suppose initially that the United States is consuming 2 boots and 18 shirts and Canada is consuming 12 boots and 2 shirts, as indicated in the figure. Then, suppose the United States and Canada specialize by each only producing the good for which they have a comparative advantage and then trade. In particular, suppose the United States trades Canada half of its production for half of what Canada produces. The United States will have ? additional shirt(s) after the trade (enter a numeric response using an integer)Suppose your Chaffey college tuition per semester is $4,000 and your extra expenses with the college during the year (books, ather materiais, gas, meals, etc) sum $3,000. If you were not attending college, you could work at firm X and get an annual salary of $ 5,000. What is your opportunity cost of attending college in one year? In your calculations assume that you are taking 2 semesters in a year
- Two neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination of both. Suppose that they each have 4 million labor hours available per week for production. The following table gives the amount of each product that can be produced using one hour of labor: Country Mauritius Seychelles Mauritius' opportunity cost of produing 1 iPad is iPads (per hour of labor) 12 of coffee. Therefore, 8 Initially, suppose Mauritius uses 1 million hours per week to produce iPads and 3 million hours per week to produce coffee, while Seycheles uses 3 million hours of labor per week to produce iPads and 1 million hours per week to produce coffee. Consequently, Mauritius produces 12 million iPads and 72 million pounds of coffee, and Seychelles produces 24 million iPads and 32 million pounds of coffee. Assume there are no other countries willing to trade with them. So, if Mauritius and Seychelles don't trade with each other, they can only consume what they can produce using…The US and France each have 100 hours of labor to allocate between producing cheese and bread. With 1 labor hour, the US can produce either 100 loaves of bread, or 1 wheel of cheese. With 1 labor hour, France can produce either 400 loaves of bread, or 2 wheels of cheese. Suppose the countries jointly decide to produce a combined amount of 45000 loaves of bread. What is the maximum amount of cheese they can jointly produce? 50 wheels O wheels 100 wheels 25 wheels Moving to another question will save this response. Question 5 of 25Suppose there exist two imaginary countries, Sequoia and Denall. Their labor forces are each capable of supplying four million hours per week that can be used to produce almonds, shorts, or some combination of the two. The following table shows the amount of almonds or shorts that can be produced by one hour of labor. Almonds Country (Pounds per hour of labor) Sequoia Denall Suppose that initially Denall uses 1 million hours of labor per week to produce almonds and 3 million hours per week to produce shorts, while Sequoia uses 3 million hours of labor per week to produce almonds and 1 million hours per week to produce shorts. As a result, Sequola produces 12 million pounds of almonds and 16 million pairs of shorts, and Denall produces 6 million pounds of almonds and 36 million pairs of shorts. Assume there are no other countries willing to engage in trade, so, in the absence of trade between these two countries, each country consumes the amount of almonds and shorts it produces.…
