The Economics Student Club has $30 to spend on pizza and pop at each of its meetings. If pizza costs $8 and the club buys 3 pizzas, how much money can be spent on pop? $24 O $3 O $30 $6
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- Refer to Table 1, at which of the following prices would both Daniel and Katie gain from trade with each other? Table 1 Minutes needed to make 1 Piece of Brownies Cup of Milk Tea Daniel 15 9. Katie 12 14 Select one: O a. 6 pieces of brownies for 3 cups of milk tea O b. 6 pieces of brownies for 4 cups of milk tea O c. 6 pieces of brownies for 5 cups of milk tea O d. 6 pieces of brownies for 8 cups of milk tea O e. 6 pieces of brownies for 12 cups of milk tea None of the above prices.Hi could you please answer these questions thank you !Van brings $40 to a baseball game to spend on sodas and pizza. The following diagram shows his budget constraint: SUCES OF PIZZA 20 18 16 14 12 4 2 0 4 6 U BC 10 SODAS According to the diagram, sodas cost 5 12 14 16 18 20 each, and puzza costs $ BC ? per slice. Adjust the diagram to show how Van's budget constraint would change if he had brought more money to the ballpark (Assume the prices of sodas
- Which of the following describes the difference between "scarcity" and "shortage"? O There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. O There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.how the shortage of semiconductor chips has shifted the production possibilities curve inward for automobile production?4. Shifts in production possibilities Suppose the fictional country of Olympia produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rye, an agricultural good, and microprocessors, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of microprocessors. 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. ? MICROPROCESSORS (Thousands) 400 400 320 240 160 80 100 270 PPF W م PPF
- Y YA Ys B PPF XA Xs The graph above represents the PPF for two goods X andY Which of the points is most beneficial to society? O B O A O cannot tell with this information O DI need answer typing clear urjent no chatgpt i will give 5 upvotesSuppose you are considering whether to spend an additional hour studying for your economics midterm tomorrow. If you do not study you can either surf the web, which you value at $5, or you can talk to your roommate, which you value at $4. Your opportunity cost of studying for an additional hour is: O $4 O $9 O $5 O $1
- Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficientWhen a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Desonia. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 6 million pounds of grain and 3 million pounds of tea, as indicated by the grey stars marked with the letter A. TEA (Millions of pounds) tea. 16 14 12 10 8 6 2 0 0 PPF 2 Freedonia Þ 4 6 8 10 12 GRAIN (Millions of pounds) 14 16 ? TEA (Millions of pounds) 16 14 Note: Dashed drop lines will automatically extend to both axes. 12 10 6 2 0 0 PPF I 2 Desonia 4 6 8 10 12 GRAIN (Millions of pounds) 7 Freedonia has a comparative advantage in the production of while Desonia has a comparative advantage in the production of ▼. Suppose that…The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy. Combination A B C D E Guns O 20 60 80 100 Butter 8 6 4 2 0 Your response should be a number ONLY. 1. What is the marginal opportunity cost of moving from 2 to 4 units of butter? Guns. 2. What is the total opportunity cost of producing the four (4) unit of butter? Guns