The shape of the production possibilities frontier below implies thatEBDBreada. some resources are better suited for producing bread than for producing wine.b. the financial cost of producing bread is higher than the financial cost of producing wine.c. the opportunity cost of producing more bread falls as bread production rises.O d. the producer's technology is not subject to the principle of increasing cost.QUESTION 5Opportunity cost can best be defined as thea. value of the best alternative foregone when the alternative at hand is chosen.b. cost of the resources used to produce a good or service.C. money cost of a good or service.o d. money cost plus interest on money borrowed to buy a good or service.QUESTION 6When a firm or economy is operating inefficiently. it is operatingO a. on its production possibilities frontier.b. outside it production possibilities frontier.C. at the intersection of the production possibilities frontier with the vertical axis.O d. inside its production possibilities frontier.e. at the intersection of the production possibilities frontier with the horizontal axis.Wine

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The shape of the production possibilities frontier below implies that E B Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. O . the opportunity cost of producing more bread falls as bread production rises. od. the producer's technology is not subject to the principle of increasing cost. Wine

The shape of the production possibilities frontier below implies that E B Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. O . the opportunity cost of producing more bread falls as bread production rises. od. the producer's technology is not subject to the principle of increasing cost. Wine

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. Ya'qub is going on vacation for 10 days. He is spending SR2000 on the plane ticket, SR500 for food accommodation. He gets paid by the hour and will lose SR3000 for not working and SR100 on hotel 10 days. a. What is his explicit cost? b. What is his implicit cost? c. What is his opportunity cost?
8. A small bakery makes baguettes and muffins. With the resources available (workers, flour, machines) this bakery can produce either 1500 baguettes or 2000 muffins per day. a. What is the opportunity cost of an extra muffin in terms of baguettes? b. Assume that production is currently 1200 muffins and 600 baguettes. If the bakery wanted to expand its muffin production to 1300 muffins per day, how many baguettes would be baked?
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A) Which of the diagrams above best explains improved technology in the production of cars? B) Which of the diagrams above best explains improved technology in the harvesting of grapes? C) Which of the diagrams above best explains overall improvements in productivity?
Please choose the correct answer?
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Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?
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