Use the figure below to answer the following questions. Good Y 80 80 60 00 40- 20 20 A B C 02 4 6 8 10 Good X At point B, the opportunity cost of increasing production of Y to 70 units is units of X.
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- 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 SWhat is sweetens opportunity cost of manufacturing 1 million cars per year?Describe a constant production possibility frontier cost graph.
- Given the following diagram of a production possibilities frontier for a country. Assume that this country produces only two types of goods, capital goods (K) and consumer goods (C). (Graph is not drawn to scale.) CAPITAL GOODS(K) LACO,250) B(109 200) C C200, ISo) D(300, l00) E(GO0,0) CONSUMER 6000S (C) a. What is the opportunity cost of producing 25 more units of capital goods if this economy is currently producing at point B?Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier.Graphically show the production possibilities frontier for the nation of Stromboli, using the data given in the following table. Does the principle of increasing cost hold in Stromboli? Stromboli’s 2019 Production Possibilities Pizzas per Year Pizza Ovens per Year 75,000,000 0 60,000,000 6,000 45,000,000 11,000 30,000,000 15,000 15,000,000 18,000 0 20,000
- Given the following diagram of a production possibilities frontier for a country. Assume that this country produces only two types of goods, capital goods (K) and consumer goods (C). (Graph is not drawn to scale.) CAPITAL GOODS(K) LACO,250) B(109 200) C C200, ISo) D(300, l00) E(GO0,0) CONSUMER 6000S (C) d. What is the opportunity cost of producing 1 more unit of consumer goods if the economy is currently producing at point D?Given the following diagram of a production possibilities frontier for a country. Assume that this country produces only two types of goods, capital goods (K) and consumer goods (C). (Graph is not drawn to scale.) CAPITAL GOODS (K) LACO,250) B(409200) c C200, ISo) D (300, l00) E(GO0,0) CONSUMER 600as (C) e. Suppose that there is a technological improvement in producing consumer goods that results in twice as many units of consumer goods being produced from the available resources in this economy. Draw the new production possibility frontier for this economy given this change. Assume that there are no changes in technology with regard to capital good production.Green Gardens Berry Farms is facing some harvesting decisions in order to decide how many tons berries to harvest and supply to local markets. They face the following situation: Their FIXED COSTS in terms of existing harvesting tools, land rents, etc. is: $20 Their main variable cost is to hire farmworkers, whom they must pay as per the region's minimum living wage laws at $15 per worker hour. They are able to coordinate production given their existing infrastructure at the following cost structure. Berry harvests are measured in Metric Tons harvested per worker hour. Green Gardens Berry Farm Quantity of Farmworker (quantity in metric tons harvested)|hours needed for Harvest 13 2. 114 20
