Table 2-5 Corn (in bushels) 2000 1600 1200 800 400 p Wheat (in bashels) D 700 1300 1800 2200 2500 Refer to Table 2-5. Table 2-5 shows one set of production possibilities. Which of the following combinations of com and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology? Oa 1400 bushels of corn and 800 bushels of wheat Ob. 600 bushels of corn and 1800 bushels of wheat Oc. 1600 bushels of corn and 300 bushels of wheat Od. 1000 bushels of corn and 2000 bushels of wheat

Table 2-5 Corn (in bushels) 2000 1600 1200 800 400 p Wheat (in bashels) D 700 1300 1800 2200 2500 Refer to Table 2-5. Table 2-5 shows one set of production possibilities. Which of the following combinations of com and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology? Oa 1400 bushels of corn and 800 bushels of wheat Ob. 600 bushels of corn and 1800 bushels of wheat Oc. 1600 bushels of corn and 300 bushels of wheat Od. 1000 bushels of corn and 2000 bushels of wheat

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Next All stions VI na. Mark Comment Calculator Notes Finish Question (7) Germany is trying to lower its CO₂ emissions by phasing out coal-based electricity production through the forced closure of coal power plants. Why is this policy, even if it is successful in lowering Germany's CO₂ emissions, unlikely to result in lower emissions at the European scale? O This policy does nothing to address the emissions from the transportation sector, which far outweigh those of coal. O CO₂ produced in Germany stays in Germany, and thus has no bearing on the European scale. O Germany has already made substantial reductions to its CO₂ output, so that it is a small player on the European scale. O Germany is a member of the European Emissions Trading System (ETS), which sets a binding cap on greenhouse gas emissions. O Coal power production in Germany has become extremely efficient, so that its CO₂ footprint is insubstantial. D
2. The relationship between price and demand per month for a consumer product is p = 3500 -1.1D5 where p is the price per unit in dollars and D is the demand in units. The fixed cost is $300 per month and the variable cost is $4.00 per unit. What is the optimal number of units that should be produced and sold per month? a. b. What is the maximum profit per month?
1. Production Possibilities Country X is faced with the following output combinations for capital goods and consumer goods. Capital Goods Option ABCDE 8000 16000 24000 32000 Consumer Goods 220000 200000 160000 100000 Complete parts a, b, c, and d. a. Graph the production possibilities curve for Country X with capital goods on the x-axis and consumer goods on the y-axis. b. Does the Law of Increasing Opportunity Costs hold for this example? Explain why or why not. c. As you move from point B to point C, what is the cost of one more consumer good? d. If Country X wanted to experience higher levels of economic growth over the next few years, would they be better off choosing option B (a combination of 8000 capital goods and 200,000 consumer goods) or option D (a combination of 24000 capital goods and 100,000 consumer goods)? Explain.
System (Academic) les of Microeconomics || Fall20 At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too of other goods, pizza and too Select one: on O a. much; little O b. much; much Oc. little; much O d. little; little 00 HUAWEI Nova 3 Al CAMERA Dage Next pac
go.view.usg.edu/ Question If the production of wheat increases from point B to point A, what is the opportunity cost? Reflect in ePortfolio Tons of Wheat 100 90 75 45 25 A 20 B 75 80 F 90 D 100
QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X
3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Paolo is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Paolo's free-throw percentage for each game and his overall free-throw average after each game. Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 6/8 75 8/16 10/20 18/30 26/40 Game 1 2 3 4 5 RCENTAGE 6/8 2/8 2/4 8/10 8/10 On the following graph, use the orange points (square symbol) to plot Paolo's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot his overall average free-throw percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 90 75 Game Free-Throw Percentage A Average Free-Throw Percentage
1 Trade Suppose Cascadia has the following industry-level output (in dollars) and emissions rates (in tons of CO₂ per dollar) in 2000 and 2020. Year Industry 2000 Output Emissions Rate Output 80 300 300 250 Agriculture 50 Electricity 100 Transportation 150 Industry 200 0.16 0.2 0.26 0.3 2020 Emissions Rate 0.12 0.16 0.2 0.25 1.1 Calculate the Scale, Scale+Composition, and Scale+Composition+Technique effects 1.2 Use your answers from the previous question to explain which of the scale, com- position, and technique effects has had the largest impact on emissions growth
3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation
6. Suppose the United States can produce cattle or corn with a given amount of resources. Attached is a graph depicting the production possibility frontier for the United States and the marginal benefit and cost of a bushel of corn. You are asked to discuss the relationship between the marginal cost and marginal benefit of corn and the production of both corn and cattle. Production Possibility Frontier MC $9 40 30 B 20 3 MB 10 15 20 10 15 20 Bushels of Corn Quantity of Bushels of Corn (in billions) (in billions) (a) Determine whether there is an overallocation of resources, underallocation of resources, and optimal allocation of resources. For example, at 10 billion bushels of corn production, what are the marginal cost and marginal benefit? MB: Do they meet the marginal principle of MB=MC? (Yes, No) If not, what problem happens? There an ( underallocation, overallocation ) of resources to corn production. MC: Similarly mention in case of at 15 billion bushels and 20 billion bushels.…
You have a field on which you can grow two types of crops, barley and wheat. The field has 30 acres and each acre can produce 2 wheat or 3 barley. Suppose you are producing 60 barley and it is economically efficient for you to do so. How much wheat are you producing? 5 wheat 10 wheat 15 wheat 20 wheat
Timmy and Tommy both work at Nook's Cranny, a general store, where they spend all of their time doing one of two tasks: developing crafting projects and placing orders. The graph below shows their production possibilities frontiers for a day of work. Assume they operate efficiently all the time. Use this information for the following 2 problems. Coding Pr IN M 35 HP 13 42 11 30 9 2 T S 012345 1. (General Ideas) Their boss, Mr. Nook, has asked them to create exactly 9 Crafting Projects. Assuming Timmy and Tommy work together, how many Order Placements will get done? a. 11 b. 14 c. 17 d. 20 78 9 10 11 12 13 14 15 16 17 18 19 21 Onder Placement 2. (General Ideas) Tommy learned a new computer operating system, and can now do more Order Placements than he could before. Everything else stays the same. What is the minimum number of achievable Order Placements that would cause a change in Tommy's comparative advantage? a. 12 b. 14 c. 16 d. 18