Ted can wax a car in 25 minutes or wash a car in 75 minutes. Ishana can wax a car in 20 minutes or wash a car in 40 minutes. What is each person's opportunity cost of washing a car? instructions: Enter your responses rounded to one decimal place. Ted's opportunity cost of washing one car is [ wax jobs. shana's opportunity cost of washing one car is Who has a comparative advantage in washing cars? wax jobs.

Ted can wax a car in 25 minutes or wash a car in 75 minutes. Ishana can wax a car in 20 minutes or wash a car in 40 minutes. What is each person's opportunity cost of washing a car? instructions: Enter your responses rounded to one decimal place. Ted's opportunity cost of washing one car is [ wax jobs. shana's opportunity cost of washing one car is Who has a comparative advantage in washing cars? wax jobs.

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?
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. s. 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 Loaves of bread 90 80 70 60 50 40 30 20 10 0 120 108 96 84 72 60 48 36 24 12 Martha's PPC 0 40 80 120 160 200 240 280 320 360 400 Muffins b. Draw Julia's daily PPC. Instructions: Use the tool provided to draw Julia's PPC curve. Plot only the endpoints and locate these endpoints on the axes of the diagram. Julia's PPC Tools 60 120 180 240 300 360 420 480 540 600 Muffins line 1 O Tools line 1 O
Suppose a gardener produces both green beans and corn in her garden. If the opportunity cost of one bushel of corn is 3/5 bushel of green beans, then the opportunity cost of 1 bushel of green beans is 5/3 bushels of corn. 5 bushels of corn. 3 bushels of corn. 3/5 bushel of corn.
What is the opportunity cost of one cake if we move from combination A to combination B?
Viktor is a lawyer who loves filing legal briefs and motions. His goal is to get as many legal briefs and motions filed as possible. Viktor has a colleague, Mr. Bean, who can also write briefs and motions. The number of legal briefs and motions each can write in one day is shown in the table below. a. Fill in the rest of the table with the opportunity cost of legal briefs and motions written for each person. Be sure to include the units. b. If the two colleagues decide to specialize, who will write legal briefs and who will write legal motions? c. What is the range of legal briefs exchanged for one legal motion in order to make the terms of trade beneficial (better than not trading) for both colleagues? Maximum Legal Briefs Maximum Legal Motions Opportunity Cost of 1 Legal Brief Opportunity Cost of 1 Legal Motion Viktor 2 3 Mr. Bean 4 3
LaTonya can make 4 cakes or 10 pies in one day working at the bakery. Tom can make, 8 cakes or 33 pies in one day working at the bakery. What is LaTonya's opportunity cost of producing 1 pie? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up. Your Answer: Answer units
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…
Fill in the Blanks cupcakes A В muffins Type your answers in all of the blanks and submit Consider this unusual PPF. The opportunity cost of making cupcakes is lowest at point A (A, B, or C). The opportunity cost of making cupcakes is highest at point C (A, B, or C).
show graph for pizzas and shoes
Randy and Frank are both landscapers. Randy can mow 12 lawns per day or prune 15 trees. Frank can mow 16 lawns per day or prune 24 trees. Randy and Frank each work 240 days per year. a. Determine who has the absolute advantage at each task, what their respective opportunity costs are for mowing a lawn, and who has comparative advantage in each task. (Click to select) (Click to select) The opportunity cost of mowing a lawn for Randy is The opportunity cost of mowing a lawn for Frank is (Click to select) ✓has a comparative advantage in mowing lawns. (Click to select) has a comparative advantage in pruning trees. b. Assuming that only one of the tasks is performed, then together Randy and Frank can service a maximum of lawns or trees each year. ✓has an absolute advantage in mowing lawns. ✓has an absolute advantage in pruning trees. trees. trees. c. If each landscaper fully specializes according to his comparative advantage, then the maximum number of lawns that can be mowed annually is…
Use the PPF to answer the following questions: (a) At point F, how many sweaters are being produced? How many hard drives? (b) Label points A-H as either efficient, inefficient, or unattainable. (c) Can we determine if point F is productively efficient? If so, is it productively efficient? (d) Can we determine if point F is allocatively efficient? If so, is it allocatively efficient?