The following diagram is the feasible set of a student, showing the combinations of her final grade and thehours of free time per day.10090A8070604030Feasible set201013 1419 2024Hours of free time per dayAEFFree time13141920Grade84815750Opportunity cost7Based on this information, we can say that:Points A and C are on the feasible frontier, while at B she can get a higherа.grade for the same hours of free time compared to C. Therefore the studentwill choose B.b.At D, the student is able to attain a higher grade but has less free timecompared to C. Whether she would choose C or D then depends on herpreferences.c.The marginal rate of transformation at F is 7, meaning that the student can"transform" one hour of free time into 7 extra points on her grade.d.At E, the student can attain the grade of 84 for 14 hours of free time.Therefore for one extra hour of studying, she can increase her grade by 2.5points.Final exam mark

A curve that depicts the varying amounts of two products that could in turn be produced when both of…

Answered: The following diagram is the feasible…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below. Output per Week web pages designed apps created Bill 3 12 Melinda 2 4 Melinda’s opportunity cost of designing one web page is: Group of answer choices designing 2 apps designing 3 apps designing 4 apps designing 5 apps
Two neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination of both. Suppose that they each have 4 million labor hours available per week for production. The following table gives the amount of each product that can be produced using one hour of labor: Country Mauritius Seychelles Mauritius' opportunity cost of produing 1 iPad is iPads (per hour of labor) 12 of coffee. Therefore, 8 Initially, suppose Mauritius uses 1 million hours per week to produce iPads and 3 million hours per week to produce coffee, while Seycheles uses 3 million hours of labor per week to produce iPads and 1 million hours per week to produce coffee. Consequently, Mauritius produces 12 million iPads and 72 million pounds of coffee, and Seychelles produces 24 million iPads and 32 million pounds of coffee. Assume there are no other countries willing to trade with them. So, if Mauritius and Seychelles don't trade with each other, they can only consume what they can produce using…
E4
Com 120.000 80.000 40.000 Robots 5.000 10.000 15.000 In the graph above, the opportunity cost of producing one more robot is A 1 corn. 8 corn. 5,000 corn. 15,000 corn.
Suppose Liam's Automotive, a repair shop: offers two items: oil changes and tires. With all employees working diligently, the shop can produce these combinations each hour. Type of Product: Production Alternatives A B C D E Oil Changes 0 10 20 30 40 Tires. 80 60 40 35 0 Calculate the opportunity costs of moving from one point to each of the others (This is not a calculation provided in the text: What's the tradeoff?): Provide the answers after showing all work, and explain if theses costs are constant. What would it mean if the shop was actually doing 15 Oil Changes and 35 Tires? What would it mean if the shop was actually doing 35 Oil Changes and 35 tires?
For each of the following, identify the opportunity cost involved: ⦁ Harry went to the club the night before his econ exam and scored a 50 instead of the usual 75 he scores.
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Please explain opportunity costs
QUESTION 9 Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010 and ECON1020), and currently finds himself with a 4-hour period in which he can complete either task. Oliver's production possibilities curve for the next 4 hours is shown below. 16 ECON1010 (questions) 12 8 0 1 1 12 1 1 1 24 36 48 ECON1020 (questions) What is Oliver's opportunity cost of writing (producing) a single ECON1020 question? Answer to the nearest two decimal places. [a] ECON1010 questions.
3) What is the opportunity cost of taking this Intro to Microeconomics course at NYU?What is the opportunity cost of attending class? Remember to consider explicit and implicit costs.
5. Opportunity cost and production possibilities Van is a skilled toy maker who is able to produce both trucks and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Balls) (Trucks) (Balls) A 8 4 B 6 2 3 8 4 4 2 13 D 2 6 1 15 E 8 16 On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF).
Suppose that the opportunity cost of producing 10 chickens is always 8 turkeys. Given this, the relevant production possibility curve must be: I II III IV Exlain your choice in few words

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