Time left 0:58:4- 2) John and Maria are both given free tickets to see a movie. Both decide to see the same movie. We know that: O a. both have an opportunity cost of seeing the movie because they could have done other things instead of seeing the movie. O b. both have the same opportunity cost of seeing the movie because they are doing the same thing. O c. it is not possible to calculate the opportunity cost of seeing the movie because the tickets were free. O d. it is possible to calculate the opportunity cost of seeing the movie and it is zero because the tickets were free.

Time left 0:58:4- 2) John and Maria are both given free tickets to see a movie. Both decide to see the same movie. We know that: O a. both have an opportunity cost of seeing the movie because they could have done other things instead of seeing the movie. O b. both have the same opportunity cost of seeing the movie because they are doing the same thing. O c. it is not possible to calculate the opportunity cost of seeing the movie because the tickets were free. O d. it is possible to calculate the opportunity cost of seeing the movie and it is zero because the tickets were free.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The production possibilities are listed below: Coconuts Pineapples 8. 2. 4 2 8. Which of the following best describes the PPF for the information above? Select one: O a. The opportunity cost of producing an additional pineapple decreases as the amount of coconuts produced decreases O b. The opportunity cost of producing an additional pineapple is the same at every point O c. The opportunity cost of producing an additional pineapple is zero at every point O d. The opportunity cost of producing an additional pineapple increases as the amount of coconuts produced increases 6. 4.
Suppose Clancy is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day is______ per day. Now, suppose Clancy is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per day is _______ per day. From the previous analysis, you can determine that as Clancy increases his production of boats, his opportunity cost of producing one more boat ___________ . Suppose Clancy buys a new tool that enables him to produce twice as many boats per hour as before, but it doesn't affect his ability to produce kites. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more boats per hour, Clancy's opportunity cost of producing kites is higher than or lower than it was previously.
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Suppose Musashi buys a new tool that enables him to produce twice as many tea towels per hour as before, but it doesn't affect his ability to produce cutting boards. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more tea towels per hour, Musashi's opportunity cost of producing cutting boards is _______ it was previously. higher than lower than the same as
In the production possibilities frontier depicted in the figure above, what is the opportunity cost of increasing the production of bananas from two million pounds to three million pounds? Use a production possibilities frontier to analyze opportunity costs and trade-offs. Hats (millions per year) 5 4 3 2 1 0 1 2 3 4 5 6 Bananas (millions of pounds per year) O 1/2 million hats 1 million hats O 2 million hats O 3 million hats
Suppose that United States is currently producing two goods: tanks and cars using its current resources. As the country is preparing for a war, it intends to produce more tanks and to do so, it starts coverting its car factories into tank factories. Which of the following is true? O The production possibilities curve will show the increasing opportunity costs as more tank is produced. The production possibilities curve for cars and tanks will shift outward. O The production possibilities curve will show decreased opprotunity costs as more tank is produced. O The production possibilities curve will shift inward.
Suppose Kevin is currently using combination D, producing one train per day. His opportunity cost of producing a second train per day is_____per day. Now, suppose Kevin is currently using combination C, producing two trains per day. His opportunity cost of producing a third train per day is_____per day. From the previous analysis, you can determine that as Kevin increases his production of trains, his opportunity cost of producing one more train_____. Suppose Kevin buys a new tool that enables him to produce twice as many trains per hour as before, but it doesn't affect his ability to produce kites. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more trains per hour, Kevin's opportunity cost of producing kites is_______it was previously.
Which of the following is correct about the production possibilities curve? An economy can produce only on the production possibilities frontier line given its current available resources and technology. O An economy can produce at any point inside or outside the production possibilities frontier given its current available resources and technology. O An economy can produce at any point inside the production possibilities frontier, but not on the frontier without discovery of new resources or technology or real economic growth. O An economy can produce at any point on or inside the production possibilities frontier, but not outside the frontier without discovery of new resources or technology or real economic growth. O An economy can produce at any point on or inside the production possibilities frontier, but government price controls are needed for economy to produce beyond the frontier line.
Opportunity cost can be measured as the: Select one: O a. Increase in the quantity produced of one good divided by the decrease in the quantity produced of another good as we move along the production possibilities frontier. b. Decrease in the quantity produced of one good divided by the increase in the quantity produced of another good as we move along the production possibilities frontier. c. Increase in the quantity produced of one good as we move along the production possibilities frontier. d. Decrease in the quantity produced of one good as we move along the production possibilities frontier.
• Use the data from the table below to construct correctly labeled side-by-side graphs showing the production possibilities curve for Theo and Marlee. Assume that both have constant opportunity costs: Theo Marlee Bananas 20 50 Rice (in lbs.) 30 50 • Suppose that Theo and Marlee each spent half of their day making each good; Theo makes 10 bananas and 15 pounds of rice and Marlee makes 25 bananas and 25 pounds of rice. Show this point on the production possibilities curve of each person, and label that point X on your graph above. What is the total production of each good? • Suppose that Theo and Marlee agree to exchange 4 bananas for 5 pounds of rice. Under this agreement, Theo sells 15 pounds of his 30 pounds of rice to Marlee, in exchange for 12 of her 50 bananas. Show the new consumption points on the graph above for each person, and label these new consumption points Z.