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ssignment ts 1 Keep the Highest 1/5 portunity cost and production possibilities is a skilled toy maker who is able to produce both cars and balls. She has 8 hours a day to produce toys. The following table sh resulting from various possible combinations of her time. Hours Producing Produced Choice (Cars) (Balls) (Cars) (Balls) 8 4 2 3 10 4 4 2 15 2 1 17 8 18 6.

ssignment ts 1 Keep the Highest 1/5 portunity cost and production possibilities is a skilled toy maker who is able to produce both cars and balls. She has 8 hours a day to produce toys. The following table sh resulting from various possible combinations of her time. Hours Producing Produced Choice (Cars) (Balls) (Cars) (Balls) 8 4 2 3 10 4 4 2 15 2 1 17 8 18 6.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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View History Bookmarks Profiles Tab Window Help dent Login - Te X Bb Week 2- ECO 211 04 - TR - Int X MindTap - Cengage Learning b Answered: Required: Firm A ha X ge.com/static/nb/ui/evo/index.html?deploymentld=59828121723590572122889874&elSBN=9780357133606&id=1390640231&snapshotld=276652 CENGAGE MINDTAP Homework (Ch 02) Back to Assignment Attempts 1 Keep the Highest 1 /5 5. Opportunity cost and production possibilities Ginny is a skilled toy maker who is able to produce both cars and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Hours Producing Produced Choice (Cars) (Balls) (Cars) (Balls) A 4 B 10 C 4 4 2 15 D 2 1 17 E 8 18 On the following graph, use the blue points (circle symbol) to plot Ginny's initial production possibilities frontier (PPF). 30 25 Initial PPF 20 New PPF 15 10 3 JAN 5 30 étv BALLS +
Transcribed Image Text:View History Bookmarks Profiles Tab Window Help dent Login - Te X Bb Week 2- ECO 211 04 - TR - Int X MindTap - Cengage Learning b Answered: Required: Firm A ha X ge.com/static/nb/ui/evo/index.html?deploymentld=59828121723590572122889874&elSBN=9780357133606&id=1390640231&snapshotld=276652 CENGAGE MINDTAP Homework (Ch 02) Back to Assignment Attempts 1 Keep the Highest 1 /5 5. Opportunity cost and production possibilities Ginny is a skilled toy maker who is able to produce both cars and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Hours Producing Produced Choice (Cars) (Balls) (Cars) (Balls) A 4 B 10 C 4 4 2 15 D 2 1 17 E 8 18 On the following graph, use the blue points (circle symbol) to plot Ginny's initial production possibilities frontier (PPF). 30 25 Initial PPF 20 New PPF 15 10 3 JAN 5 30 étv BALLS +
View History Bookmarks Profiles Tab Window Help dent Login - Te X Bb Week 2- ECO 211 04 - TR - Int X MindTap - Cengage Learning b Answered: Required: Firm A ha X ge.com/static/nb/ui/evo/index.html?deploymentld=59828121723590572122889874&elSBN=9780357133606&id=1390640231&snapshotld=276652 CENGAGE MINDTAP Homework (Ch 02) 30 25 Initial PPF 20 New PPF 15 10 5 + + + 1 2 3 4 6. 7 8 CARS Suppose Ginny is currently using combination D, producing one car per day. Her opportunity cost of producing a second car per day is per day. Now, suppose Ginny is currently using combination C, producing two cars per day. Her opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Ginny increases her production of cars, her opportunity cost of producing one more car Suppose Ginny buys a new tool that enables her to produce twice as many cars per hour as before, but it doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more cars per hour, Ginny's opportunity cost of producing balls is it was previously. Grade It Now Save & Continue Continue without saving 3 JAN 5 30 étv + LO BALLS
Transcribed Image Text:View History Bookmarks Profiles Tab Window Help dent Login - Te X Bb Week 2- ECO 211 04 - TR - Int X MindTap - Cengage Learning b Answered: Required: Firm A ha X ge.com/static/nb/ui/evo/index.html?deploymentld=59828121723590572122889874&elSBN=9780357133606&id=1390640231&snapshotld=276652 CENGAGE MINDTAP Homework (Ch 02) 30 25 Initial PPF 20 New PPF 15 10 5 + + + 1 2 3 4 6. 7 8 CARS Suppose Ginny is currently using combination D, producing one car per day. Her opportunity cost of producing a second car per day is per day. Now, suppose Ginny is currently using combination C, producing two cars per day. Her opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Ginny increases her production of cars, her opportunity cost of producing one more car Suppose Ginny buys a new tool that enables her to produce twice as many cars per hour as before, but it doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more cars per hour, Ginny's opportunity cost of producing balls is it was previously. Grade It Now Save & Continue Continue without saving 3 JAN 5 30 étv + LO BALLS
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