Table 2-8HatsUmbrellasABDMinnie40Table 2-8 shows the output per week of two people, Minnieand Mickey. They can either devote their time to making hatsor making umbrellas.10Refer to Table 2-8. What is Mickey's opportunity cost ofmaking a hat?5 umbrellas1/10 of an umbrella10 umbrellas1/5 of an umbrellaMickey505?

Opportunity cost is the value of what you lose while picking either at least two options. At the…

Table 2-8 Hats Umbrellas A Minnie B 40 10 Table 2-8 shows the output per week of two people, Minnie and Mickey. They can either devote their time to making hat or making umbrellas. (C) 5 umbrellas Refer to Table 2-8. What is Mickey's opportunity cost of making a hat? 1/10 of an umbrella Mickey 1/5 of an umbrella 50 5

Table 2-8 Hats Umbrellas A Minnie B 40 10 Table 2-8 shows the output per week of two people, Minnie and Mickey. They can either devote their time to making hat or making umbrellas. (C) 5 umbrellas Refer to Table 2-8. What is Mickey's opportunity cost of making a hat? 1/10 of an umbrella Mickey 1/5 of an umbrella 50 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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