The table below shows various combinations of amounts of fish and corn that can be produced simultaneously in an economy, measured in millions of pounds. Corn Fish 143 128 12 107 30 71 45 28 54 60 What is the opportunity cost of an action that increases fish production from 30 to 45? Opportunity Cost= . Corn What is the opportunity cost of an action that increases corn production from 28 to 71? Opportunity Cost = Fish

Q: Bill and Melinda work for a firm that creates web pages and apps.  The number of web page designs…

A: According to the theory of comparative advantage, a nation specializes in the production of a good…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: The nation has a total of 12 units of labor. One unit of the gun is produced by 6 units of labor,…

Q: Suppose that the table shows combinations of bicycles and tents that the economy of Outdoorland can…

A: Opportunity cost is the cost that a producer gives up of a commodity in order to get one extra unit…

Q: Suppose that Spain and Switzerland both produce oil and shoes. Spain's opportunity cost of producing…

A: Since Spain has to sacrifice only 3 barrels of oil to produce a pair of shoes in comparison to 11…

Q: What is the production possibilities curve? Explain the concepts of efficiency and inefficiency in…

A: (Q) What is the production possibilities curve? Definition: Production Possibility Curve (PPF) The…

Q: Suppose that a nation currently is producing combination D in the table below and on the graph of…

A: Currently, the nation is producing at point D  At D, smartphones produced =40 million per year, and…

Q: In the graph above, the opportunity cost of moving from point A to B is A. 5,000 robots. B. 10,000…

A: Production possibility curve shows the combination of two goods that can be produced with the given…

Q: River can produce $60 worth of goods in market production, and $10 in home production. Lake can…

A: We know that, Oppertunity cost is nothing but the amount of one good that must be given up to…

Q: Suppose Argentina produces only cars and trucks. The resources that are used in the production of…

A: In Argentina, resources are not specified for producing a car and trucks it means there is an equal…

Q: The table below shows the production possibilities of Country X for two goods. Apples (tons) Wool…

A: The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…

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

A: In economics, the opportunity cost of a choice is the value of the best alternative forgone, in a…

Q: "The Opportunity Cost of a Mission to Mars. The United States has plans to spend billions of dollars…

A: The United States has plans to spend billions of dollars on a missions to Mars, which is expected to…

Q: some resources are more suitable for producing smart watches than trucks, whereas others are more…

A: Production possibility frontier depicts the combination of two goods that can be produced using the…

Q: Problem 1. Suppose the economy consists of three individuals, Brian, Dave, and Reynold who can only…

A: Opportunity cost is defined as the cost of next best alternative foregone .

Q: Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut…

A: Production possibilities frontier is derived from different combinations of two goods that can be…

Q: Riley and Chad run a water sports business in Noosa. They have to wash the surfboards/kayaks each…

A: Absolute advantage is the ability to produce a good or service using fewer resources (inputs) than…

Q: onsider an economy with two producers, Sidney and Connor. Each allocates 8 hours per day between the…

A: Given information: Total labor hours =8  In 8 hours, Sidney can produce 80 kg of chocolate or 16 kg…

Q: omework (Ch 02) 4. Shifts in production possibilities Suppose Ireland produces two types of goods:…

A: The production potential frontier is a graphic depiction of the ideal production balance between two…

Q: 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and…

A: A production possibilities frontier (PPF) is a curve that represents the combination of two goods…

Q: None

A: Step 1:Opportunity cost is the benefit we losses while accepting one offer during the decision…

Q: Table 14 Number of Opportunity Cost (Foregone Good 2) Opportunity Cost (Foregone Good 1) Combination…

A: Opportunity cost: It can be defined as the cost that needs to be sacrificed in order to get another…

Q: The following graph is the production possibilities curve of a nation. 10 9. 8 7 6. D 3 2 1 1 2 4…

A: Production possibility frontier (PPF) curve shows different possible combination of two goods that…

Q: Diego and Darnell are roommates. They spend most of their time studying (of course), but they leave…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

Q: A small bakery makes baguettes and muffins. With the resources available (workers, flour, machines)…

A: A small bakery makes baguettes and muffins. With the available given resources, this bakery can…

Q: You have 3 attempts remaining. The table below shows various combinations of amounts of fish and…

A: The opportunity cost is the second-best alternative which is foregone in order to select the best…

Q: The and table below shows the production possibilities for Canada and Japan. Suppose that, prior to…

A: Introduction Production possibility curve shows the maximum production possibility of any country…

Q: Suppose Canada produces two types of goods: agricultural and capital. The following diagram shows…

A: Here, given the production possibility curve has two types of goods such that Corn that is an…

Q: Euphoria Contente Rye (Millions of bushels) Jeans Rye (Millions of bushels) Jeans (Millions of…

A: Comparative advantage is when a country is able to produce a good at a lower opportunity cost.

Q: Diego and Kris are roommates. They spend most of their time studying, but they leave some time for…

A: Trade refers to the situation that includes the movement of goods and services. The trade aspects…

Q: The figure below depicts the production possibilities curve (PPC) of a country. It also depicts the…

A: A production possibility curve (PPC) shows the maximum possible output combinations of two goods or…

Q: Use the table to answer the question:   Corn (lb) Scarves (#) U.S. 20 10 Mexico 25 5 What is the…

A: Opportunity cost is here is the amount of the other good foregone for producing one unit of a good.…

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.