Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. Create a graph to calculate the opportunity cost.
Q: Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and…
A: The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is…
Q: Explain why the slope of the production possibilities curve becomes steeper as we move along the…
A: The production possibility curve (PPC) refers to a graphical representation of various combinations…
Q: Consider the following production possibilities table that shows different combinations of two goods…
A:
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…
Q: If it takes 10 farmworkers to harvest 1 ton of strawberries and 3 farmworkers to harvest 1 ton of…
A: The opportunity cost is the value of the next-best alternative that must be forgone in order to…
Q: Consider two neighboring island countries called Arcadia and Dolorium. They each have 4 million…
A: Since you have posted multiple sub-parts, we are answering the first three for you. If you want…
Q: Deborah and Janet are roommates. They spend most of their time studying (of course), but they leave…
A: Two roommates, Deborah and Janet, making pizza and brewing root beer as their favorite activities.…
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: Suppose two nations, Beta and Gamma, each make aircraft and corn. The main resource in each nation…
A: Opportunity costs address the potential benefits that an individual, monetary patron/financial…
Q: For a country X producing only two products, A and B; when other things remain equal, points along…
A: The PPF or PPC is the curve that shows various possible combinations of two goods that can be…
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.
Q: Country X has 50 workers at their disposal to produce both Guns and Aluminum Foil. It takes 5…
A: - Country X has 50 workers at their disposal to produce both Guns and Aluminum Foil - It takes 5…
Q: Suppose Country A can produce 60 units of wool or 60 units of steel with one unit of resources.…
A: Every producer plans to produce a specific quantity of good but they also had to forego a specific…
Q: Consider two neighboring island countries called Contente and Dolorium. They each have 4 million…
A: Hey, Thank you for the question. According to our policy we can only answer up to 3 subparts per…
Q: If Yucatan produces 200 pounds of food per month, it must produce 5050 gallons of sunscreen to…
A: Opportunity cost refers to the cost of the Opportunity foregone by choosing some other opportunity…
Q: Irving has 10 hours available for knitting scarves and hats. It takes him 20 minutes to knit a scarf…
A: Opportunity costs is the benefits foregone in picking one among a few alternatives. The opportunity…
Q: Shifts in production possibilities Suppose South Africa produces two types of goods:…
A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the…
Q: Suppose that there are 10 million workers in Japan and that each of these workers can produce either…
A: Given that there are 10 million workers in Japan and that each of these workers can produce either 2…
Q: Jane can either bake 10 mango tarts or clean 2 cars in one hour. If Jane decides to do both these…
A: Opportunity cost is the decrease in production of one good needed to increase production of other…
Q: opportunity costs t each tood tem for both Carolyn and Jen Carolyn, the opportunity cost of a…
A: DISCLAIMER “Since you have asked multipart questions, we will solve the first three sub-part…
Q: Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25…
A: Given: Feasible for Andreas is to knit 37.25 pairs of mittens. Mittens per hour Scarves per…
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…
Q: Mya and Donovan produce two goods in an 8 hour day. Mya can produce 10 capital or 55 consumables and…
A: According to question data represent the productivity table for the Mya and Donovan in 8 hours a day…
Q: Calculate the gains from trade-that is, the amount by which each country has increased its…
A: Gains from trade arises when the country specializes in the production of the product which bring…
Q: Directions: Calculate the per unit opportunity cost for soybeans and sugar in the United States and…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: In the first graph with hats and videos are opportunity costs constant or increase? How much does…
A: The law of increasing opportunity cost is the concept that as you continue to increase production of…
Q: Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and…
A: The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is…
Q: Suppose country A specializes in toothpaste, country B specializes in toothbrushes, and both…
A: There are two countries A and B with two goods tooth paste and tooth brushes. Also, it is give that…
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: Make a graph using the information in the table below: ITEM A B C D E Pretzels 0 300 450 600 700…
A: By using the table, we form production possibility curve which shows the two possible combinations…
Q: The accompanying graph contains the production possibilities frontier (PPF) for Rubberland.…
A: Answer: If a new method of rubber processing is discovered then the productivity of all Rubberland's…
Q: answer to one decimal place. Be sure to enter the correct units for what they are giving up.
A: Opportunity cost is what one must give up in order to get something. Now, personal opportunity cost…
Q: David and Morgan are farmers. Each one owns a 16-acre plot of land. The following table shows the…
A: There are two people; David and Morgan. Each produces two goods; Watermelon and Zucchini. David can…
Q: What are two scenarios where the opportunity cost of improving your math grade will decrease?
A: Opportunity Cost : Opportunity cost is the potential benefits one misses out on when choosing an…
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: Consider two neighboring island countries called Euphoria and Bellissima. They each have 4 million…
A: The transfer from one person or entity to another, of goods or services being in exchange for money,…
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…
Q: Karen can make 4 jackets or 17 ties in one day working at the clothing factory can make 8 jackets or…
A: Opportunity cost measures the trade-off between two goods i.e. it measures what we give up to obtain…
Q: Suppose a gardener produces both green beans and corn in her garden. If the opportunity cost of one…
A: The Marginal Rate of Transformation is a concept in economics that determines the rate at which one…
Q: Based on the production possibility frontier below, what is the opportunity cost of producing the…
A: Given production possibility schedule of cars and TV is represented in the table below:Car (in…
Q: Country A has 6 million workers and Country B has 9 million workers. Each worker in Country A can…
A: Country A has 6 million workers and Country B has 9 million workers. Each worker produces:…
Q: Like a good economist, you calculated the cost of getting your college degree, including the…
A: Given information: At university, you will pay $15,000 each year for tuition, $3000 each year for…
Q: The graph shows the Production Possibility Frontiers of Writ (orange, dotted line) and Greg (green,…
A: Opportunity cost, comparative advantage, and PPF: The value of alternative opportunities foregone…
Q: Two neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination…
A: Opportunity cost and comparative advantage: Opportunity cost signifies all the alternative benefits…
Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…
A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…
Q: Suppose there exist two imaginary countries, Everglades and Denali. Their labor forces are each…
A: The price of ignoring the next best alternative is referred to as the opportunity cost. The…
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.
Create a graph to calculate the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Ron can either workout or make sushi rolls. It takes him 40 minutes to finish 1 workout and 20 minutes to make 1 sushi roll. If he has 120 minutes to do these two activities, what is the equation of the production possibility frontier (PPF) that describes the tradeoff between these two activities? (Assume workouts are on the x axis and sushi rolls are on the y axis) A y=6-2x B y=3-0.5x C y=3-2x D y=6-0.5xSuppose that a nation currently is producing combination F in the table below and on the graph of the production possibilities curve to the right. What is the opportunity cost of producing 10.5 million more smartphones and moving to production combination E? Combination A B с D E F G Smartphones (millions per year) 50.0 48.0 45.0 40.0 33.0 22.5 0.0 Tablets (millions per year) 0 10 20 30 40 50 60 The opportunity cost of producing 10.5 million more smartphones and moving from production combination F to production combination E is million tablet devices per year. (Enter your response as a whole number.) (...) Smartphones (millions per year) 50€ 40- 30- 20- 10- 0 A B 10 C D E F G 20 30 40 50 60 Tablet Devices (millions per year) QConsider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Country Corn Jeans (Bushels per hour of labor) (Pairs per hour of labor) Bellissima 8 16 Felicidad 5 20 Initially, suppose Bellissima uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce jeans, while Felicidad uses 3 million hours of labor per week to produce corn and 1 million hours per week to produce jeans. Consequently, Bellissima produces 8 million bushels of corn and 48 million pairs of jeans, and Felicidad produces 15 million bushels of corn and 20 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount…
- Please help me .........Suppose there exist two imaginary countries, Congaree and Yosemite. 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.And since we're giving up some of one good, does that mean the opportunity cost is a negative number? Josie Well, we don't often say that "it cost us negative two dollars" or "we gave up negative two units of something," right? We just say "it cost two dollars" or "we gave up two units." Sabrina Yeah, the "we gave up" or "it cost us" part kind of implies the negative, doesn't it? Josie Exactly! So we put opportunity cost in terms of absolute value - we get rid of the negative sign. Continue Sabrina Okay, so what is the opportunity cost of one cake if we move from combination A to combination B? (If needed, round to two decimal places.) PPF PPF Point A B C D E Y2 Y1 O Number of Cookies 37 35 29 20 0 X1 X2 Number of Cakes 0 4 7 9 10 D X3 X4 E → Cakes
- Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee in an hour or gather 4 pounds of nuts. Each works 6 hours per day. a. What is the maximum number of pounds of coffee the two can pick in a day? pounds. b. What is the maximum number of pounds of nuts the two can gather in a day? c. Suppose Susan and Tom were picking the maximum number of pounds of coffee when they decided that they would like to begin gathering 4 pounds of nuts per day. Who would gather the nuts? (Click to select) +. How many pounds of coffee would they still be able to pick? pounds of coffee per day. d. Now suppose Susan and Tom were gathering the maximum number of pounds of nuts when they decided that they would like to begin picking 8 pounds of coffee per day. Who would pick the coffee? (Click to select)). How many pounds of nuts would they still be able to gather? pounds of nuts per day. e. Would it be possible for Susan and Tom in total to gather 26 pounds of…Suppose the United States produces only two goods: alfalfa and computers. The following graph shows the United States’s current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or unattainable. Check all that apply. (refer to screenshot for table and graph)Suppose Sansa and Arya divide their time between making daggers and shields. It takes Sansa 6 hours to make a dagger and 3 hours to make a shield, and it takes Arya 3 hours to make a dagger and 1 hour to make a shield. Sansa and Arya each work 30 hours a week. a. What is the maximum number of daggers each can make in a week? daggers per week Arya: daggers per week b. What is the opportunity cost to each of making a dagger? Sansa's opportunity cost of making a dagger: Arya's opportunity cost of making a dagger: c. Who has the comparative advantage in making daggers? Sansa: Neither Sansa O Arya shields Arya Neither Sansa shields d. Who has the absolute advantage in making daggers?
- Suppose there exist two imaginary countries, Sequoia and Yosemite. Their labor forces are each capable of supplying four million hours per day that can be used to produce chinos, pistachios, or some combination of the two. The following table shows the amount of chinos or pistachios that can be produced by one hour of labor. Country Sequoia Yosemite Chinos Pistachios (Pairs per hour of labor) (Pounds per hour of labor) 4 16 10 is 5 Suppose that initially Yosemite uses 1 million hours of labor per day to produce chinos and 3 million hours per day to produce pistachios, while Sequoia uses 3 million hours of labor per day to produce chinos and 1 million hours per day to produce pistachios. As a result, Sequoia produces 12 million pairs of chinos and 16 million pounds of pistachios, and Yosemite produces 5 million pairs of chinos and 30 million pounds of pistachios. Assume there are no other countries willing to engage in trade, so, in the absence of trade between these two countries, each…With an example, use a production possibility frontier as a straight line, assume that the country has two factors of production, L and K. The payments to the factors are: w = wages (labor) r = rent (capital) Calculate: i) The total cost of production ii) The value of the slopeConsider Babs and Donna, who can each produce cake, beer, or some combination of the two using only 40 hours of labor each. Babs can produce a maximum of 50 cakes if she produces no beer, and 100 units of beer if she produces no cake. Donna can produce a maximum of 100 cakes with no beer produced; if she makes no cake, she can produce 120 units of beer. Calculate donnas opportunity cost for a cake