41Lorenzo is a skilled toy maker who is able to produce both trains and balls. He has 8 hours a day to produce toys. The following table shows the dailyoutput resulting from various possible combinations of his time.Hours ProducingProducedChoice(Trains) (Balls)(Trains)(Balls)8.B6.211162.6.119820On the following graph, use the blue points (circle symbol) to plot Lorenzo's initial production possibilities frontier (PPF).30o search TRAINSSuppose Lorenzo is currently using combination D, producing one train per day. His opportunity cost of producing a second train per day isper day.es ofNow, suppose Lorenzo is currently using combination C, producing two trains per day. His opportunity cost of producing a third train per day isper day.From the previous analysis, you can determine that as Lorenzo increases his production of trains, his opportunity cost of producing one more trainSuppose Lorenzo buys a new tool that enables him to produce twice as many trains per hour as before, but it doesn't affect his ability to produce balls.Use the green points (triangle symbol) to plot his new PPF on the previous graph.Because he can now make more trains per hour, Lorenzo's opportunity cost of producing balls isit was previously.re to search66

The possibility curve shows various combination of two goods that a producer can produce by using…

Suppose Lorenzo is currently using co per day. Now, suppose Lorenzo is currently usi per day. From the previous analysis, you can Suppose Lorenzo buys a new tool th= Use the green points (triangle symbc Because he can now make more trai

Suppose Lorenzo is currently using co per day. Now, suppose Lorenzo is currently usi per day. From the previous analysis, you can Suppose Lorenzo buys a new tool th= Use the green points (triangle symbc Because he can now make more trai

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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