Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. a. Draw Martha's daily PPC Instructions: Use the tool provided to draw Martha's PPC curve. Plot only the endpoints and locate these endpoints on the axes of the diagram Ⓡ Loaves of bread 100 90 80 70 60 50 40 30 20 10 0 Martha's PPC 40 80 120 160 200 240 280 320 360 400 Muffins Tools 7 line 1

Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. a. Draw Martha's daily PPC Instructions: Use the tool provided to draw Martha's PPC curve. Plot only the endpoints and locate these endpoints on the axes of the diagram Ⓡ Loaves of bread 100 90 80 70 60 50 40 30 20 10 0 Martha's PPC 40 80 120 160 200 240 280 320 360 400 Muffins Tools 7 line 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider Economia, a nation that produces only clothes and food. On their straight-line PPF, food is measured on the horizontal axis and clothes are measured on the vertical axis. If Economia produces no food, it can produce 1200 units of clothing; if it produces no clothing, it can produce 4800 units of food. Calculate the slope of the nation's PPF. Economia would like to produce one more unit of food. To do so, it must sacrifice how many units of clothing?
Note: Please help with last graph and if anything already done is incorrect!
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Use the figure below to answer the following questions. Assume the economy is currently at PPC3. E F D A B PPC PPC 1 PPC PPC 2 Output of Trucks (per day)
Use the graph to answer the following question: Plant R and Plant S both produce radios and calculators. Which of the following statements is most true? A) Plant R has the comparative advantage to produce radios but not calculators. B) Plant R has the comparative advantage to produce both goods. C) Plant S has the comparative advantage to produce radios but not calculators. D) Plant S has the absolute advantage to produce both calculators and radios.
Consider a company that produces TVs and tablets. The PPF curve for this company is represented by the equation 7x2+4y2=13,9487x2+4y2=13,948, where xx is the quantity of TVs and yy is the quantity of tablets. Using this equation, how many tablets can the company make if it produces 2626 TVs? Enter your answer in the box below and round your final answer to the nearest whole number if necessary.
c. Suppose a small country produces only food and clothing. An earthquake destroys many of the clothing factories, but the ability to produce food is unaffected. Use the 3-point-curve drawing tool to draw a new production possibilities boundary on the graph on the right, labeled c, reflecting the change in the clothing factories. Properly label this line. Place end points one on horizontal and one on vertical axes. Carefully follow the instructions above, and only draw the required objects. Tonnes of Clothing Per Year PPBO Tonnes of Food Per Year
CAPITAL GOODS Use the diagram below to answer the questions that follow. M. CONSUMER GOODS (a) What change could cause the PPF to shift from the original curve (HJ) to the new curve (MN)? (b) Under what conditions might an economy be operating at point Z? (c) Why might a government implement a policy to mnove the economy from Point V to Point W? Question 3 F7 PrtSc Insert 88 F10 F11 6 F12 & 9- 7.
Consider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have 10 hours of time available. They can use their time to do one of 2 things: make pancakes or make hamburgers. Bob can make 2 hamburgers in an hour or 1 pancake in an hour. Jake can make 3 pancakes in an hour and 2 hamburgers in an hour. Use this information to answer the following question: Who has absolute advantage in the production of hamburgers and who has absolute advantage in the production of pancakes?
4. a. Suppose that you are on a deserted island and can produce either 32 tons of coconuts OR 16 tons of pineapples. Draw the PPF representing this situation. Assume that coconuts are on the x-axis. Also assume that the PPF is linear. Clearly label your graph. b. For each of the following combinations say whether they are attainable (feasible) or unattainable (infeasible), based on the above information. If they are feasible, say whether they are efficient or inefficient. Also, label the three points on the graph above. (i) 8 tons of coconuts and 12 tons of pineapples: (ii) 16 tons of coconuts and 3 tons of pineapples:
On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye Nick 12 3 Rosa 15 5 (ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye. Nick's opportunity cost of producing 1 bushel of rye is__________bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a comparative advantage in the…
Use the following Production Possibilities Graph to explain the concepts of scarcity, choice, and opportunity cost and how they relate to decision making. Be sure to specify how the PPF graph inllustrates each concept and include numerical values. Butter | 3 25 == 05 15 10 == 1.5 0.0 1.6 Guns 0 2 3 4 Butter 20 12 ● 20 18 16 14 12 4 2 0 Guns (Protective Goods) vs Butter (Consumer Goods) (In billions of metric tons) 1 2 Guns 3