The opportunity cost of moving from point H to point G in the above picture is (specify amount and good, ie: 5,000 guns) Guns45,00030,00015,000ABE5,000,000CD10,000,000Guns A45,00030,00015,00015,000,000ButterF11,000,00014,000,000GHButter15,000,000

Opportunity cost shows the measure of forgone units of one good in acquiring the other. The…

Answered: The opportunity cost of moving from…

The opportunity cost of moving from point H to point G in the above picture is (specify amount and good, ie: 5,000 guns)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…

A: Opportunity cost refers to the value of the next best alternative foregone when a decision is made…

Q: Consider the following production possibilities table that shows different combinations of two goods…

Q: Suppose the economy initially produces 12,000 pieces of clothing and 250 million barrels of oil,…

A: Loss of production of Steel in moving from point B to point C = 16 - 12 = 4 barrels of oil So…

Q: If it takes 10 farmworkers to harvest 1 ton of strawberries and 3 farmworkers to harvest 1 ton of…

A: The opportunity cost is the value of the next-best alternative that must be forgone in order to…

Q: T Suppose the fictional country of Katmai produces only two goods: sorghum and microprocessors. The…

A: The PPF is the production possibility frontier. The Points are efficient when points lies on the…

Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…

A: We need to calculate the opportunity cost in forgone consumer goods for each additional unit of…

Q: Mexico can produce either 30 beans or 10 tacos in an hour, so its opportunity cost o producing 1…

A: Given that Mexico can produce either 30 beans or 10 tacos in an hour. We have to calculate the…

Q: If the state of Texas has a lower opportunity cost for producing beef compared to Alaska, then...

A: Opportunity cost refers to the potential benefit that the consumer misses out on when he chooses a…

Q: Assume that a society only produces two goods, bicycles and pairs of shoes. From the data presented…

A: a. the PPCTo graph the PPC, let's put the bicycles production levels at the y-axis as the dependent…

Q: The term "opportunity cost" points out that *

A: In economics, there are different types of costs associated with a specific economic activity and…

Q: Shifts in production possibilities Suppose South Africa produces two types of goods:…

A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the…

Q: Country A can produce one Outfit in 6 hours and one unit of Corn in 2 hour. Country B can produce…

A: The ability of an economy to produce a specific good or service at a lower opportunity cost than its…

Q: calculate the opportunity cost of increasing the number of mp3 players produced by 100 between 0 and…

A: The concept of opportunity cost can be clearly defined by the use of a production possibility…

Q: Q.2. This table below shows the production possibilities for the United States. State the…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: In Kessy’s old kitchen, he could bake 10 cookies or mix 15 glasses of lemonade in a day. Now he has…

Q: The opportunity cost of moving from point H to point G in the above picture is (specify amount and…

A: Opportunity cost refers to the benefit that is gone for other best alternative. Opportunity cost is…

Q: What is Comparative Advantage and how is it determined? Explain this concept in words.

A: Theory of comparative advantage in international trade helps trading countries in specialization and…

Q: Jane can either bake 10 mango tarts or clean 2 cars in one hour. If Jane decides to do both these…

A: Opportunity cost is the decrease in production of one good needed to increase production of other…

Q: Bob is a skilled toy maker who is able to produce both cars and puzzles. He has 8 hours a day to…

A: Production possibilities frontier shows maximum possible quantities of goods with the given level of…

Q: Indicate True (T) or False (F) for the following questions, and explain your answer in 50 words "If…

A: International trade is the commercial transactions between countries that take place. Consumer…

Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…

A: Opportunity cost refers to decrease in quantity of one good needed to have more of other good. It is…

Q: What would be the opportunity cost if he opts as a salesman

A: Opportunity cost is the cost of next best alternative. The calculation for opportunity cost of the…

Q: Q.2. This table below shows the production possibilities for the United States. State the of moving…

A: Opportunity cost refers to the loss which is incurred by not choosing the next best alternative. It…

Q: Explain how each of the following situations would affect a nation’s production possibilities curve…

A: The production of a country depends directly on the nation's supply of the electricity.

Q: Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or…

A: The correct answer is option C i.e., It is in the interest of the beta to grow oranges and trade…

Q: Calculate the gains from trade-that is, the amount by which each country has increased its…

A: Gains from trade arises when the country specializes in the production of the product which bring…

Q: Acme supply is analyzing a Production Possibilities Curve that compares the production of wrenches(…

A: Change in Y variable (Pliers) divided by change in X variable (Wrenches) is the slope of the PPF…

Q: growing opportunity What would the curve cts . like if opportunity costs fixed? (Voice you onse or…

A: When the production possibility curve is concave in shape then the opportunity cost is increasing.…

Q: Consider a production possibility frontier with jeans on the vertical axis and shoes on the…

A: Answer: If the jeans are shown on the vertical axis and the economy moves towards to frontier closer…

Q: Suppose that Kate and Pete can make Shirts and Hats. Kate is more skillful in making Shirts than…

A: The objective of this question is to calculate the opportunity cost of one Hat in terms of Shirts…

Q: What is the opportunity cost in this example? “ To begin, I began selling prints of my pictures in…

A: Opportunity cost refers to the cost that is foregone. In other words, it is the value of the next…

Q: Write a clearly positive economic statement referring to comparative advantage. Explain why is it a…

A: Positive economic statements are the ones which do not necessarily have to be true but they can be…

Q: TRADE Prior to the global pandemic, the aggregate output of sweet potatoes(S) and green bananas (G)…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Consider the production possibility frontier (PPF) illustrated in the figure to the right. If Px =…

A: This can be described as a concept that shows the graphical representation that shows the different…

Q: ppose you have 4 hours of free time when you can either play a video game or watch 6 episodes of a…

A: Opportunity cost of a activity is the sacrifice of benefit that could be achieved by the doing the…

Q: The accompanying graph contains the production possibilities frontier (PPF) for Rubberland.…

A: Answer: If a new method of rubber processing is discovered then the productivity of all Rubberland's…

Q: What are the relative prices (opportunity costs) of wine and cloth? a) wine costs 1/2 yard of…

A: In portugal the production of cloth requires double man-hoirs than the wine while in England both…

Q: If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3…

A: Given, PPF: 4X2+ Y2 = 16 X = √3, Y = 2

Q: Discuss why combinations of two goods cannot be attained above the PPC.

A: PPC is defined as the locus points of output that can be produced with two goods given the factors…

Q: If a country (say the UK) has 900 units of labour available, can produce two goods (cars and PCs)…

A: Opportunity cost is defined as the foregone benefit that would have been derived from an option not…

Q: Suppose two economies Home (H) and Foreign (F) produce two goods, bread and wine, with only one…

A: Since the questions you have posted consists of multiple parts, we will answer the first two…

Question

The opportunity cost of moving from point H to point G in the above picture is (specify amount and good, ie: 5,000 guns)

Guns
45,000
30,000
15,000
A
B
E
5,000,000
C
D
10,000,000
Guns A
45,000
30,000
15,000
15,000,000
Butter
F
11,000,000
14,000,000
G
H
Butter
15,000,000

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Okay, so what is the opportunity cost of one cake if we move from combination A to combination B? (If needed, round to two decimal places.)
Thanks!
Based on the production possibility frontier below, what is the opportunity cost of producing the first 6 TVs (the answer will be in number of cars)(only enter the number)? (The number in the table represent daily production in thousands of units) Cars; 0, 1, 2, 3, 4, 5 TVs: 20, 18, 15, 11, 6, 0
a. Calculate the opportunity cost based on the following information: Instructions: Enter your responses as a whole number. Possible Output Combinations Output per month A B D F Missiles 50 100 150 200 250 Houses 100 90 75 55 30 The opportunity cost of increasing missile production by 50 is: (such as 0 to 50, 50 to 100, 100 to 150, etc.) 2,500 houses b. Using the information presented in the table above, graph the production possibilitiles with missiles on the horizontal axis and houses on the vertical axis. Instructions: Use the tool provided 'PPC' to plot the production possibilities curve (plot 6 points total). Production Possibilities Curve PPC 120 110 - 100 - 80- 70- 00- 50 - 40- 30 - 20- 10 - 50 100 150 200 250 300 Missiles (per month) reset Houses (per month)
Consider the Production Possibilities Frontier (PPF) where tv s production is defined on x- axis and the production of sandals is defined on the y-axis. If the production plan is on the PPF (in other words is efficient) then the following equation is satisfied (tv s)2+ (sandals)2=25. What is the marginal opportunity cost, in terms of sandals, of producing the fifth (5th) TV?
This diagram represents the production possibility frontier of a Country. Point A has coordinates (0 S; 1.000 T) Point B has coordinates (2.000 S;OT) Point C has coordinates (1,200 5; 600 T) You are told that P(S)/P(T) is 0.5. What is the production point that is most likely to be chosen in equilibrium between A, B and C? GO 8 B S
Which is a good example of an opportunity cost? 1. “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. UPS was expensive at the moment for smaller or lightweight packages whereas USPS offered a cheap price for these types of packages. UPS ships more than 220 internationally while USPS ships to certain international destinations. I have chosen USPS over UPS, orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS shipping. “ 2. “To begin, I began selling prints of my pictures in 2019 throughout 2020. USPS and UPS were the options I had during this period to ship out orders. I chose to ship my orders via UPS rather than USPS since it had the choice to ship orders internationally. While USPS is cheap and has fast shipping. Shipping the orders with UPS did not ship orders out on time, orders were damaged, and…
25
Consider Figure 2-2 in Chapter 2. Assume the numbers on the y-axis 820 and 610 were changed to respectively 800 and 700. The opportunity cost of going from 240 to 480 units of food would now be _ and the law of increasing (opportunity) cost__ still hold. a) 100 // would b) 800 // would c) 700 // would not d) 100 // would not
01. What is the opportunity cost of Y for PPF 1? a) ½ of X b) 2 of X c) 1/3 of X d) 3 of X e) 4/5 of X
Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to the table below, the opportunity cost of 10 additional bushels of peanuts is Peanuts Corn (Bushels) (Bushels) 0 55 10 50 20 42 30 28 40 0 A. impossible to determine from the information given.B. 50 bushels of corn.C. 8 bushels of corn.D. 42 bushels of corn.
5