The four people listed below are the only workers in an economy that works 10 hours per day and only produces two products. Use the table below and the questions below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Pies Per Hour LeBron Anthony 4 Rajon Alex X-axis - pies Y-axis - basketballs Point (110, 70) lies on the PPF. Use it along with the intercepts and the answer the Question 4 to plot the PPF curve. Then, locate the polnt (90, 100). What is true about that point's location, relative to the PPF? O a It lies to the left of the PPF, which means that the economy is operating at less than peak efficiency. It also lies on the PPF, which means that this is a possible combination of basketballs and apple pies that can be achieved with this current configuration of the economy. It lies to the right of the PPF, which means that the economy needs to grow in order to produce this combination of basketballs and apple pies. O b O c

The four people listed below are the only workers in an economy that works 10 hours per day and only produces two products. Use the table below and the questions below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Pies Per Hour LeBron Anthony 4 Rajon Alex X-axis - pies Y-axis - basketballs Point (110, 70) lies on the PPF. Use it along with the intercepts and the answer the Question 4 to plot the PPF curve. Then, locate the polnt (90, 100). What is true about that point's location, relative to the PPF? O a It lies to the left of the PPF, which means that the economy is operating at less than peak efficiency. It also lies on the PPF, which means that this is a possible combination of basketballs and apple pies that can be achieved with this current configuration of the economy. It lies to the right of the PPF, which means that the economy needs to grow in order to produce this combination of basketballs and apple pies. O b O c

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 18 Refer to Daisy's PPF Given Daisy's PPF, the following production combo, 12 pies and 12 tarts is Group of answer choices an inefficient use of resources. not possible with the given resources. an efficient use of resources.
11. 111. You may use this diagram below, to show the movement of the PPC Curve above. 4 CDs State the points which represent: Scarcity (8.75M) Choices (8.75M) Inefficiency (8.75M) Opportunity (8.75M) (Ctrl) - PPC1 TVs
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?
You’re working on a team-based homework assignment with a partner, Deidre, that consists of an essay and graphing questions. You can write an essay answer in 15 minutes while Deidre takes 20 minutes to write an essay of similar quality. You can answer a graphing question in 30 minutes and it also takes Deidre 30 minutes. a. What are you and your partner’s opportunity cost of answering essay questions and of finishing graphing questions? b. Use the opportunity cost principle to determine each of your comparative advantages. c. If you each agree to spend one more hour on the task for which you hold a comparative advantage, and one less hour on the other task, what will happen to your joint output?
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The four people listed below are the only workers In an economy that works 10 hours per day and only produces two products. Use the table below and the questions below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Pies Per Hour LeBron 1 Anthony 6. Rajon Alex X-axis - pies Y-axis - basketballs Who is the only economic actor in this economy that does not have an efficiency bonus due to a product specialization? Rajon LeBron Anthony O d Alex 443
Explain how each of the following situations would affect a nation's possibility curve. What happen to the ppf and why. 1. A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals. 2. A switch to online delivery, increases access to education in the nations colleges and universities but might have a detrimental impact on the quality of education 3. The nation passes a law requiring all employers to give employees 16 weeks of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time
1)What does the law of increasing opportunity cost?2) Does the law of increasing opportunity cost apply for the Production Possibilities Frontier in the case of Rabbits and Berries?3) If the opportunity cost of Rabbits with respect to Berries (and/or vice versa) was constant, what would the PPF look like?
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:
The following graph shows the production possibilities curve (PPC) of an economy that produces clothing and steel. The black points (plus symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates. (?) 40 35 B 0 90 180 270 380 450 540 630 720 STEEL (Millions of tons) Suppose the economy initially produces 15,000 pieces of clothing and 450 million tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving production to point B) is_ tons of steel. (A. 54 million, B. 72 Million, C. 90 Million, D. 108 Million. E. 135 Million) Suppose, instead, that the economy currently produces 378 million tons of steel and 20,000 pieces of clothing, which is represented by point B. Now the opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving to point C) is_____ tons of steel. (A. 54 Million B. 72 Million C. 90 million E. 108…