Suppose that Kate and Pete can make Shirts and Hats. Kate is more skillful in making Shirts than Pete,and Pete is more skillful in making Hats than Kate. This is shown in the following table:ProductionShirtsHatsSelected Answer:Answers:500 per month, making onlyShirts250 per month, making onlyHatsKate's opportunity cost of one Shirt in terms of Hats isShirts is−1+I4.Kate4-in224Pete250 per month, making only Shirts500 per month, making only Hatsand opportunity cost of one Hat in terms of

The objective of this question is to calculate the opportunity cost of one Hat in terms of Shirts…

Answered: Suppose that Kate and Pete can make…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph to the right depicts an economy, Home, which produces flowers and soybeans. Its production possibilities frontier is shown as TT. One of Home's isovalue lines is also shown as VV. Ps = $2 ... the price of a unit of soybeans Q = 5 ... the number of units of soybeans currently being produced at point X P $2... the price of a unit of flowers = Q₁ = 5... the number of units of flowers currently being produced at point X. What is the significance of Home operating at point X on the graph to the right? A. It maximizes Home's value of output. B. It minimizes Home's total cost of production. OC. It maximizes Home's profit. OD. It maximizes the utility of Home consumers. C Production of soybeans, Qs 16- 15- 14- 13- 12- 11- 10- 7- Home Production 6- ☑ 5- 4- 3- 2- 1- 0- TT ⚫JVV 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Flower production, Qf
A ng.cengage.com + 5 Welcome to Johnston Community College * Mind Tap - Cengage Learning b Answered: 4. Shifts in production possibilities.. | bartle. G shifts in production possibilities - Google Search Nevaeh v CENGAGE MINDTAP Q Search this course Homework (Ch 02) Edison is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. A-Z Hours Producing Produced Choice (Boats) (Puzzles) (Вoats) (Puzzles) A 8 4 B 2. 10 4 4 16 2 6 1. 19 8 20 On the following graph, use the blue points (circle symbol) to plot Edison's initial production possibilities frontier (PPF). (? 30 At 25 Initial PPF 20 O New PPF 15 10 PUZZLES
6. Fred found that fine flowers grow faster with fertilizer. In one month, Fred can harvest between 1000 and 5000 flowers, depending on his fertilizer level. Fred sells flowers for $2 each (in 1000 flower lots) and his only major variable cost is fertilizer. Fred's fixed cost is $500. The table below shows the fertilizer needed to grow different amounts of flowers. Flowers per Month Fertilizer Bags 1000 0 2000 7 3000 11 4000 17 5000 25 A. If fertilizer costs $400/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make? B. If fertilizer costs $350/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make? C. If fertilizer costs $300/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make? D. If fertilizer costs $200/bag, how many bags should Fred buy, how many flowers will he sell, and how much profit would he make?
What will be the average cost per ton for the 30 tons? Instructions: Round your answer to 2 decimal places. $ c. Suppose that Eric and Kyle can both sell whatever amount of fish they catch for $3,000 per ton. Also suppose that Eric is initially given ITQS (individual transferable quotas) for 30 tons of fish, while Kyle is given ITQS for zero tons of fish. Suppose that Kyle is willing to pay Eric $550 per ton for as many tons of ITQS as Eric is willing to sell to Kyle. How much profit would Eric make if he used all the ITQS himself? What is the profit situation if Eric sold 25 tons' worth of his ITQS to Kyle while using the other 5 tons of ITQS to fish for himself? d. What price per ton can Kyle offer to pay Eric for his 25 tons of ITQS such that Eric will make exactly as much money from that deal (in which he sells 25 tons' worth of ITQS to Kyle while using the rest to fish for himself) as he would by using all 30 tons of ITQS for himself? per ton of ITQS
For each lettered space in the following table, determine the appropriate dollar amount.
Question 12 The figures below depict the production possibilities frontiers (PPFS) for two people who can allocate the same amount of time between building wooden boats and solving crimes. Refer to these figures to answer the following questions. Gibbs Wooden Boats 3 30 Crimes Solved DiNozzo Wooden Boats
Antarctica produces only party ice and frozen fish. The table shows the marginal benefit and marginal cost schedules for frozen fish. If Antarctica produces 37 frozen fish, the marginal benefit from frozen fish frozen fish. To achieve allocative efficiency, Antarctica must O A. is less than; decrease O B. exceeds; decrease O C. O D. exceeds; increase is less than; increase C the marginal cost of the quantity of frozen fish produced. Frozen fish (per month) 33 34 35 36 37 38 Marginal cost (packs of ice per pack of fish) Marginal benefit 53 6 5 4 3 2 3 4 20 35
25
Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.
5. Ya'qub is going on vacation for 10 days. He is spending SR2000 on the plane ticket, SR500 for food accommodation. He gets paid by the hour and will lose SR3000 for not working and SR100 on hotel 10 days. a. What is his explicit cost? b. What is his implicit cost? c. What is his opportunity cost?
Krisha can pick 4 pounds of coffee beans in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee beans in an hour or gather 4 pounds of nuts. Each works 6 hours per day. Together, what is the maximum number of pounds of coffee beans the two can pick in a day? What is the maximum number of pounds of nuts the two can gather in a day? Maximum amount of coffee beans pounds per day Maximum amount of nuts pounds per day Now suppose Krisha 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 beans per day. Who would pick the coffee beans? How many pounds of nuts would they still be able to gather? Would it be possible for Krisha and Tom in total to gather 26 pounds of nuts and pick 20 pounds of coffee beans each day? If so, how much of each good should each person pick? The combination of 30 pounds of coffee beans and 12 pounds of nuts per day is show Krisha and Tom's combined daily PPC.

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