TableZoomA country has the following production possibilities table:Resources devotedOutput of clothingResources devotedOutput of foodto clothingto food100%200%8016206012409.408.60122080140.0.10015a. Graph the country's production possibilities curve. Be sure to label all parts of yourgraph.b. Say the country gets better at the production of food only. What will happen to theproduction possibilities curve? Demonstrate on your graph.c. Define increasing marginal opportunity costs. Now restate the definition in your ownwords.2.X-Ray Machines.w

Increasing marginal opportunity cost implies that the rate of substitution of clothing for food is…

Answered: Table Zoom A country has the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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po Suppose that Paulie and Vinny can each produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny can produce in 1 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. © Macmillan Learning Paulie Ice cream (cups) T-shirts (quantity) 2.00 17.00 Vinny 7.00 12.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost: t-shirts b. What is Vinny's opportunity cost of producing a t-shirt? Vinny's opportunity cost: cups of ice cream c. Paulie has a comparative advantage in t-shirts and Vinny has a comparative advantage in ice cream.
Suppose the fictional country of Everglades produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and electric scooters, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. PPF0701402102803504201801501209060300ELECTRIC SCOOTERS (Thousands)MILLET (Millions of bushels) PPF
Every point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demand
4. Shifts in production possibilities Suppose France produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 600 500 PPF 400 300 200 100 PPF 60 120 180 240 300 360 BARLEY (Millions of bushels) CARS (Thousands)
Define the term “Production Possibilities.” Explain what each point on the production possibilities curve depicts. The production possibilities curve illustrated two essential economic principles. Define these two principles and provide an example of each.
Below table shows the production possibilities for the country of Emilon: A B C D Rice 40 72 96 112 Beef 30 27 21 12 Complete the following (approximate) possibilities for Emilon. a. Emilon can produce 104 rice and beef. b. Emilon can produce rice and 24 beef. Which of the following product combinations is Emilon capable of producing? C. Can Emilon produce 80 rice and 24 beef? (Click to select) d. Can Emilon produce 56 rice and 21 beef? (Click to select)
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B. Use the data in the table below to calculate the opportunity cost of moving from one production point to another. ( - Calculate the Movement from A to B - Calculate the Movement from D to C Production of tables (millions) 60 Production point Production of cars (millions) A 4 56 C 8 48 12 36 16 20 E F 20
G, 10
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
5. China is able to produce turnips and potatoes in combinations represented by the following table. (Each number represents 1,000s of bushes.) Potatoes Production Turnips point a. B C D E b. C. points. 100 and 0 90 and 10 and 20 and 30 and 40 70 40 0 Plot the data on a production possibilities graph, labeling Can China produce a combination of 30 turnips and 24 potatoes? Draw this production point on the graph (label it F) and verbally explain. Demonstrate that China experiences increasing opportunity costs by calculating the opportunity cost of producing another potato at each production point. Explain.
a] Draw a production possibilities curve (PP1). Label the horizontal axis Tools and the vertical axis Grain. Now, assume the development of a new technology that can be used only in the tool industry, and that it increases tool output by 50 percent. 6. Assume that the economy of Finhorn faces the following production possibilities: QUANTITIES PER YEAR C D b) Draw a new production possibilities curve (PP2) that reflects this new technology. A 25 40 50 Grain c) If Finhorn produced 12 units of tools per year, how many units of grain could be produced after the introduction of the new technology? 12 8 4. Tools

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