Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to the table below, the opportunity cost of 10 additional bushels of peanuts is Peanuts Corn (Bushels) (Bushels) 0 55 10 50 20 42 30 28 40 0   A. impossible to determine from the information given. B. 50 bushels of corn. C. 8 bushels of corn. D. 42 bushels of corn.

Q: Figure 2-11 Pails Fetched Boards Sawed Jack 20 4 Jill 10 5 Using the information in Figure 2-11,…

A: Opportunity cost (OC), is the loss of Quantity of a good which when another good is being produced.

Q: When moving along the production possibilities frontier, opportunity cost is measured as the Select…

A: When moving along the production possibility curve,decrease in quantity of one good is divided by…

Q: Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted…

A: When talking about production possibility, any outcome that lies  on the production possibility…

Q: Person 1 can allocate her 8-hour a day between the production of two goods. A and B. Each hour…

A: As per given details:- Production level(each hour)   Goods A Goods B Person 1 4 2 Person 2…

Q: Popcorn at the movies is $6 a bag. Candy at the movies is $2 a box. The opportunity boxes of candy.…

A: Opportunity cost is one of the effective economic measures used in different aspects, such as in the…

Q: A farm grows wheat and produces pork. The marginal cost of producing each of these products…

A: Production Possibility Frontier, also known as the transformation curve. It is a graphical…

Q: Bicycles 14 12 10 8 6 4 2 B с D ET 0 24 6 8 10 Computers Refer to the diagram. Points A, B, C, D,…

A: Production possibility curve reflects all the combinations of two products that can be produced when…

Q: Q15. If there are 20 units of good X being produced efficiently each day, how many units of good Y…

A: Efficient producer is such a producer which is able to produce a particular good at a lower…

Q: Person 1 can allocate her 8-hour day between the production of two goods. A and B. Each hour devoted…

A: Answer : g. Move inwards on Good B axis only

Q: There are two people: Brandon, who is really, really good at cleaning front yards and mowing lawns;…

A: Let us prepare the matrix of the given information   Cleaning Front Yard (C) Mowing Lawn (M)…

Q: If we assume that a cafe owner wants to increase the number of people she can serve lunch to and is…

A: Answer: Introduction part: To some extent, all economic resources are  interchangeable.The cafe…

Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…

A: Opportunity cost refers to decrease in quantity of one good needed to have more of other good. It is…

Q: A survey of 500 people finds that when the price of a table is $100, the people in the survey will…

A: The demand and price are inversely related to each other. When the price of good increases, it leads…

Q: Question 3 • C В Jeans Refer to the graph above. Productive efficiency occurs at what points?…

A: The production possibility curve (PPC) shows the combination of two goods that a nation can produce…

Q: Table: Production of Good Z and Good X in Urbanville Combination E F Good Z 0 5 10 15 20 25 Good X…

A: Urbanville is currently producing at combination C. At this combination, Urbanville produces 10…

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: Given, Each plant works up-to 250 days in a year Plant A can produce= 10 units of good X or 5 units…

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: It has been provided that, For plant A: MCx = 10 MCy = 5 For plant B: MCx = 5 MCy = 4

Q: QUESTION 38 38. Which of the following statements referring to economic jargon is TRUE? a "free…

A: Economic jargons refers to the specific terms used by the economists to explain specific economic…

Q: Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted…

A: Person 1 can produce two goods, i.e., A and B Person 1 can produce 4 units of good A per hour Person…

Q: • Refer to fig. 2.1 in the text. 1. Identify the optimal level of production of this good. 2. In…

A: 1. Optimal level of production is determined at the point where, MB=MC Thus, the condition for the…

Q: Q11. Refer to Figure 1. Along the production possibilities frontier, the most efficient point of…

A: Production Possibility Frontier is a curve which shows the locus of different combinations of two…

Q: What is the relationship between scarcity and shortage, as economists use the terms? O Scarcity…

A: Scarcity means there are limited resources available in the economy that are not sufficient to…

Q: I don't know if I'm doing right

A: You are doing it correctly Equations for per unit opportunity cost for alternative productions will…

Q: Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks…

A: Production possibility frontier shows the combination of two goods that can be produced with the…

Q: Food output QUESTION 20 Study the diagram and answer the question. Production possibility frontier A…

A: Explanation in DetailThe production possibilities frontier (PPF) is a graphical representation that…

Q: If the production possibilities frontier between two goods were a straight line, then the…

A: Answer: If the production possibilities curve is a straight line it means the opportunity cost in…

Q: An economy can either produce 300 airplanes and 25000 cars OR 200 airplanes and 40000 cars. What is…

A: The opportunity cost represents the next best alternative use of the resource or the potential…

Q: Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted…

A: Opportunity cost of good X = maximum units of good Y / maximum units of good X

Q: Which of the following questions can the criterion of Pareto efficiency answer? a. How much of a…

A: Pareto efficiency is a theory that implies that resources that are considered as allocated in the…

Q: (a) 10 units of potatoes. (b) 20 units of potatoes. (c) 30 units of potatoes. (d) 40 units of…

A: The Production Possibilities Frontier (PPF) illustrates all the possible output combinations of two…

Q: The most efficient point of production along the production possibilities frontier is .) Group of…

A: Below are the mentioned inefficient points: * Point "E" shows the unattainable point. * Point "G"…

Q: In looking at the diagram above, if the consumer has an income of $40, then the absolute price of a…

A: Income = 40

Q: A farmer produces both beans and corn on her farm. If she must give up 1616 bushels of corn to be…

A: Opportunity cost refers to the given up benefits to obtain some other benefits.

Q: Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of…

A: Opportunity cost: It is the loss of other alternatives when one alternative is chosen.

Q: Which of the following will shift an economy's production possibilities curve outward?

A: Production possibility curve is the graphical illustration of the the combination of two goods that…

Q: 2. Match each of the following to the diagram below (choose one or more): a. Inefficient production…

A: Introduction: When two or more goods are produced on the market with limited resources and with…

Q: A small bakery makes baguettes and muffins. With the resources available (workers, flour, machines)…

A: A small bakery makes baguettes and muffins. With the available given resources, this bakery can…

Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…

A: Opportunity cost is the forgone value of second best opportunity in order to gain  best opportunity.…

Q: Person 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted…

A: Opportunity cost Opportunity cost is the cost of next best alternative foregone. In other words it…

Q: person 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted…

A: When talking about production ability, it provides information about how much goods are be generated…

Q: Consider the market for hamburgers in an economy where the market equilibrium is characterized by a…

A: For an efficient market the cost should be equal to the benefit. In the above scenario the market is…

Q: Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted…

A: Person 1 and Person 2 both have 8 hours a day each Both produce two goods, i.e., A and B Person 1…

Q: PPF 40 4. What is the MARGINAL cost of producing good y? a) 1/4 of a unit of x. b) 1/4 of a unit of…

A: The maximum output combinations of 2 products or services that an economy can generate with its…

Q: Suppose the price of reusable straws is $25 and the price of Apple Air Pods is $100. What is the…

A: You will pay $100 for Apple air pod From 100 you can buy 100/25=4 reusable straws

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.