Tomatoes sìÒ Strawberries Strawberries Tomatoes (A) Graph A B) Graph B Refer to Figure 2-3. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation. Which of the graphs in Figure 2-3 represent his production possibilities frontier? C) Graph C Tomatoes D either Graph A or Graph B Strawberries

Tomatoes sìÒ Strawberries Strawberries Tomatoes (A) Graph A B) Graph B Refer to Figure 2-3. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation. Which of the graphs in Figure 2-3 represent his production possibilities frontier? C) Graph C Tomatoes D either Graph A or Graph B Strawberries

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. Opportunity cost and production possibilities Edison is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. ^ Hours Producing Produced Choice (Boats) (Puzzles) (Boats) (Puzzles) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Edison's initial production possibilities frontier (PPF). 9 &
Bob and Cho are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Bob 10 5 Cho 40 8 On the following graph, use the blue line (circle symbol) to plot Bob's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Cho's PPF. 200 Bob's PPF 180 160 F3 0+ F4 H r F5 M F7 1 F8 # F9 CI F10
FIGURE 2-10 Wheat (bushels) Apples (bushels) 0 Refer to Figure 2-10. What movement along the production possibilities curve best illustrates the notion "To get more apples, we have to give up wheat"? 4 a movement from Point A to Point E a movement from Point E to Point C a movement from Point A to Point D a movement from Point B to Point E
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5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Trucks) (Kites) (Trucks) (Kites) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…
Homework (Ch 02) Gilberto is a skilled toy maker who is able to produce both trains and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trains) (Drums) (Trains) (Drums) 13 D 15 E 16 On the following graph, use the blue points (circle symbol) to plot Gilberto's initial production possibilities frontier (PPF). 30 25 Initial PPF 20 New PPF 15 10 TRAINS Suppose Gilberto is currently using combination D, producing one train per day. His opportunity cost ofproducing a second train per day is SNRUG
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4. Shifts in production possibilities Suppose the United Kingdom produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that results in fewer workers entering the country. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. ? CARS (Thousands) 300 250 200 150 100 50 0 0 80 PPF 160 240 320 BARLEY (Millions of bushels) 400 480 6 PPF
Beth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour. She spends 6 hours per day studying. **Use the blue line (circle symbol) to draw Beth's production possibilities frontier (PPF) for reading astronomy and sociology. Diagram has Astronomy Pages on the left from 0-200 in increments of 20's On the bottom of the Diagram it lists Sociology Pages numbered the same fom 0-200 in increments of 20. Beth's opportunity cost of reading 60 pages of sociology is ___________ pages of astronomy.
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?
个 The table shows Frigidia's production possibilities. Fish (pounds per month) 300 200 100 0 Draw the four points defined in the table. Use the four-point line tool to draw the PPF. Label it. and and and and Skis (pairs per month) 0 50 100 150 If Frigidia produces 200 pounds of fish per month, how many pairs of skis must it produce to achieve production efficiency? Frigidia must produce pairs of skis to achieve production efficiency. What is Frigidia's opportunity cost of producing 1 pound of fish and 1 pair of skis? pairs of The opportunity cost of 1 pound of fish is skis 300- 250 200- Fish (pounds per month) 150- 100- 50- 25 50 75 100 125 Skis (pairs per month) 150 17!