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ssume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the conomy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the que points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus wmbol) identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple oint (diamond symbol) to identify point D on the graph. A 50 B 45 с 40 D 25 20 15 10 5 0 5 O True 10 O False Allocation Efficient Inefficient O O O O O O O O 15 20 25 30 35 Quantity of Cars Washed ndicate whether each of the following allocations is efficient 40 45 50 -O PPF ient or inefficient. or inefficient. + rue or False: The production possibilities frontier consists of straight-line segments, rather than being smoothly bowed outward throughout, because ach worker faces a constant trade-off between mowing lawns and washing cars. A A B 0 C 。 D (?

ssume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the conomy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the que points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus wmbol) identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple oint (diamond symbol) to identify point D on the graph. A 50 B 45 с 40 D 25 20 15 10 5 0 5 O True 10 O False Allocation Efficient Inefficient O O O O O O O O 15 20 25 30 35 Quantity of Cars Washed ndicate whether each of the following allocations is efficient 40 45 50 -O PPF ient or inefficient. or inefficient. + rue or False: The production possibilities frontier consists of straight-line segments, rather than being smoothly bowed outward throughout, because ach worker faces a constant trade-off between mowing lawns and washing cars. A A B 0 C 。 D (?

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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Could you please help me answer all these questions please there’s 5 questions
Assume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the economy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple point (diamond symbol) to identify point D on the graph. A B 50 с 45 D 40 35 30 25 20 15 10 5 0 0 + 5 O True 10 15 20 25 30 35 Quantity of Cars Washed O False Indicate whether each of the following allocations is efficient or inefficient. Allocation Efficient Inefficient O O O O O O O O 40 45 50 PPF + A A True or False: The production possibilities frontier consists of straight-line segments, rather than being smoothly bowed outward throughout, because each worker faces a constant trade-off between mowing lawns and washing cars. B O с • D (?
Transcribed Image Text:Assume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the economy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple point (diamond symbol) to identify point D on the graph. A B 50 с 45 D 40 35 30 25 20 15 10 5 0 0 + 5 O True 10 15 20 25 30 35 Quantity of Cars Washed O False Indicate whether each of the following allocations is efficient or inefficient. Allocation Efficient Inefficient O O O O O O O O 40 45 50 PPF + A A True or False: The production possibilities frontier consists of straight-line segments, rather than being smoothly bowed outward throughout, because each worker faces a constant trade-off between mowing lawns and washing cars. B O с • D (?
4. Production Possibility Frontier An economy consists of three workers: Alex, Clancy, and Hubert. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Alex can either mow 1 lawn or wash 2 cars; Clancy can either mow 1 lawn or wash 1 car; and Hubert can either mow 2 lawns or wash 1 car. For each of the scenarios listed in the following table, determine how many lawns will be mowed and how many cars will be washed per day and enter these values into the corresponding row. Scenario All three spend all their time mowing lawns. (A) All three spend all their time washing cars. (B) All three spend half their time on each activity. (C) Alex spends half his time on each activity, while Clancy only washes cars and Hubert only mows lawns. (D) In the following table, identify the opportunity cost of washing cars for each worker. Worker Opportunity Cost of Washing Cars Alex Clancy Hubert Demo Assume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the economy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple point (diamond symbol) to identify point D on the graph. 50 45 40 35 30 25 PPF + Lawns Mowed ? Cars Washed
Transcribed Image Text:4. Production Possibility Frontier An economy consists of three workers: Alex, Clancy, and Hubert. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Alex can either mow 1 lawn or wash 2 cars; Clancy can either mow 1 lawn or wash 1 car; and Hubert can either mow 2 lawns or wash 1 car. For each of the scenarios listed in the following table, determine how many lawns will be mowed and how many cars will be washed per day and enter these values into the corresponding row. Scenario All three spend all their time mowing lawns. (A) All three spend all their time washing cars. (B) All three spend half their time on each activity. (C) Alex spends half his time on each activity, while Clancy only washes cars and Hubert only mows lawns. (D) In the following table, identify the opportunity cost of washing cars for each worker. Worker Opportunity Cost of Washing Cars Alex Clancy Hubert Demo Assume that the resources best suited to producing a particular service are preferentially used in the production of that service and that as the economy moves down along the production possibilities frontier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol) to identify point A, the green point (triangle symbol) to identify point B, the orange point (square symbol) to identify point C, and the purple point (diamond symbol) to identify point D on the graph. 50 45 40 35 30 25 PPF + Lawns Mowed ? Cars Washed
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