Q: Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she…
A: Opportunity cost: It refers to the benefits that a person has to sacrifice in order to choose…
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A: Alice and Bob are two producers of good X and good Y. Alice produces one unit of each good per hour…
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A: Here, ghr given graph shows a production possibility curve with Point A and Point D
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A: Opportunity cost basically refers to the cost of best next foregone. In other word it is the cost of…
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A: Introduction: Probability is the state of being able to do something. It's a field of mathematics…
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A: *Answer: Complement Function Jane's utility function = min {20 Grapes, 10 Bananas} Betty's…
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A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the…
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A: We consider Pareto criterion of efficiency which implies that an allocation is said to be efficient…
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A: Production possibility frontier or PPF shows different combinations of two goods that can be…
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A: Opportunity cost is the cost of producing 1 good in terms of other. Opportunity cost shows the…
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Q: Scenario: Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor,…
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Q: Problem 1. Ted is an eight-year-old boy who loves Pokémon cards and Lego minifigures. His father…
A: Since you have posted multiple questions, we will provide the solution only to the first three…
Q: Which of the following choices correctly illustrates how changes in opportunity costs affect supply?…
A: At the marketplace, opportunity cost is the cost when an individual chooses an alternative with some…
Q: UA(XA. YA) = 4XA + 3YA UB (XB. Ya) 5(X)^ (Y₂)² Q1 a) Suppose that initially consumer A has 5 units…
A: A utility function is a representation to define individual preferences for goods or services beyond…
Q: Yakov and Ana are farmers. Each one owns a 20-acre plot of land. The following table shows the…
A: 20 acres of land is owned by both Yakov and Anna. Both produce rye and corn. The production table is…
Q: Suppose you and a friend are stranded on an island and must gather firewood and catch fish to…
A: An opportunity cost is a potential benefit that someone loses out on when selecting a particular…
Q: Owen and Simon both like playing with balls and cars. Suppose B represents the number of balls, and…
A: Utility:The utility is want satisfying power of a commodity. It can be expressed in cardinal and…
Q: Suppose we have 2 consumers: Peter and Jane trading two goods: rice and meat. Assume there is a…
A: The general equilibrium refers to the state where all the markets for different goods and services…
Q: Tim and Alyssa are farmers. Each one owns a 12-acre plot of land. The following table shows the…
A: Tim produces 18 Alfalfa and 6 Barley.Alyssa produces 28 Alfalfa and 7 Barley.
Q: 2. Who has the lowest opportunity cost? Latasha and Jake need to decide which one of them will take…
A: This will be solved through a formula given below:
Q: What is the opportunity cost of obtaining more of one good, as it relates to the production…
A: the production possibility curve tells about the maximum amount of outputs an economy could generate…
Q: Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their…
A: Opportunity cost is the value of next best alternative for the given level of resources.
Q: Coffee and Cheese Exchange in a POW Camp. Suppose that in the British compound of a prisoner of war…
A: The opportunity cost is the next best alternative cost that is forgone. It is the benefit earned by…
Q: QUESTION 8 If the ulitity function is: U=11x1 + 46x2 How many units of x2 is the consumer willing to…
A: The utility function is the degree or level of satisfaction that the consumer gets out of consuming…
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A: The objective of the question is to determine if Olivia and Helen can achieve any gains from…
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A: To examine the choices presented about Masha and Sasha's production capability and prospective trade…
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Q: Rafael's PPF Naomi's PPF 30 30 25 25 20 20 A 15 15 10 10 A 5 5 5 10 15 20 25 30 5 10 15 20 25 30…
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Q: Okay, so what is the opportunity cost of one cake if we move from combination A to combination B?…
A: The objective of the question is to calculate the opportunity cost of one cake when we move from…
Q: Suppose the utility possibility frontier for two individuals is given by U_a+2U_b=200 Please…
A: The utility function shows the total amount of satisfaction an individual is able to obtain from the…
Q: 1)What does the law of increasing opportunity cost? 2) Does the law of increasing opportunity cost…
A: Note : Since multiple questions are uploaded , we shall answer only the first question at a time .…
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- In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an eight-hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. At what price will trade happen?On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. Nick and Rosa are farmers. Each one owns a 12-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 Nick 12 3 Rosa 15 5 (ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye. Nick's opportunity cost of producing 1 bushel of rye is__________bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a comparative advantage in the…Suppose Liam's Automotive, a repair shop: offers two items: oil changes and tires. With all employees working diligently, the shop can produce these combinations each hour. Type of Product: Production Alternatives A B C D E Oil Changes 0 10 20 30 40 Tires. 80 60 40 35 0 Calculate the opportunity costs of moving from one point to each of the others (This is not a calculation provided in the text: What's the tradeoff?): Provide the answers after showing all work, and explain if theses costs are constant. What would it mean if the shop was actually doing 15 Oil Changes and 35 Tires? What would it mean if the shop was actually doing 35 Oil Changes and 35 tires?
- Suppose Mindy and Tulip are roommates. Mindy works part-time at Roberto's and can bring home four carne asada burritos for free every week. Tulip works part time at Tapioca Express and can bring home eight steamed pork buns for free every week. Use x to denote the number of burritos, and y to denote the number of pork buns.Amy and Bill are fixing up their house by painting walls and installing electrical outlets. In one hour, Amy can paint 8 walls, or install 6 outlets. In one hour, Bill can paint 5 walls, or install 5 outlets In order to maximize their work per hour, (Click to select) should just paint walls, and (Click to select) ♥ should just install outletsSuppose that Verania and Josimar are roommates that need to complete some household chores. Vacuuming and washing dishes need to be done. They know from the last time they did these chores that it takes Verania 2 hours to vacuum and 1 hour to wash dishes. It takes Josimar 3 hours to vacuum and 2 hours to wash dishes. Josimar says it does not matter which task each of them performs because Verania is faster at both tasks. Josimar’s reasoning a. is wrong. Because Verania has a comparative advantage in washing dishes, she should wash dishes, and Josimar should vacuum. b. is correct. Because Verania is faster at both tasks, there is no benefit in each volunteer specializing in one task or the other. c. is wrong. Because Verania has an absolute advantage in both tasks, she should perform both tasks herself. d. is wrong. Because Josimar has a comparative advantage in washing dishes, he should wash dishes, and Verania should vacuum.
- Consider the problem of an individual that has Y dollars to spend on consuming over two periods. Let c, denote the amount of consumption that the individual would like to purchase in period 1 and c2 denote the amount of consumption that the individual would like to consume in period 2. The individual begins period 1 with Y dollars and can purchase c1 units of the consumption good at a price P and can save any unspent wealth. Use sı to denote the amount of savings the individual chooses to hold at the end of period 1. Any wealth that is saved earns interest at rate r so that the amount of wealth the individual has at his/her disposal to purchase consumption goods in period 2 is (1+r)s1. This principal and interest on savings is used to finance period 2 consumption. Again, for simplicity, we can assume that it costs P2 dollars to buy a unit of the consumption good in period 2. 2 The individual's total happiness is measured by the sum of period utility across time, u(cı) + u(c2). Let u(c)…If a family spends its entire budget in a given time frame, the family can afford either 95 cans of vegetables or 40 frozen dinners. Assuming the family spends its entire budget on just these two goods, what is the opportunity cost of a can of vegetables in the time frame?In the Disney movie Frozen, the Kingdom of Arendelle changes overnight from a warm, flower filled place to being completely frozen (the story takes place in July). Just after this change in weather, there is a scene where two characters visit a trading post. At the trading post one character (Kristoff) is looking to buy winter transportation equipment and eventually sell some ice. The other character (Anna) is looking to buy some winter clothes. A link to the scene can be found in the module. For this assignment, please show how this change in weather would likely effect the markets for winter transportation equipment, winter clothes, and ice (assume the ice would be used by people who want to cool drinks). Specifically, draw a new supply or demand curve for the products and identify new equilibrium quantity or supply if you think the change in weather would have an impact on any of those measurements. In the clip Kristoff calls Oaken a crook for charging higher prices than he…
- Matt and Lin are two producers and consumers for lamps and beds. Each of them works 40 hours in a week. Hours required for Matt to produce one unit of lamps or beds are 1 hours or 10 hours, respectively. Hours required for Lin to produce one unit of lamps or beds are 2 hours or 8 hours, respectively. Assuming their PPFs are straight lines. Calculate the correct options that complete the following statements on Matt's PPF. A) If Matt produces only lamps, they can produce ? unit(s) of lamps. If Matt produces only beds, they can produce ? unit(s) of beds B) Calculate the correct options that complete the following statements on Lin's PPF. If Lin produces only lamps, they can produce unit(s) of lamps. If Lin produces only beds, they can produce unit(s) of beds. C) What is the marginal opportunity cost of producing an extra unit of lamps for Matt? An extra unit of lamps costs unit(s) of beds. D) What is the marginal opportunity cost of producing an extra unit of lamps for Lin?…So, let's look at the last combination. What is the opportunity cost of one cake if we move from combination D to combination E? (If needed, round to one decimal place.)Assume the market clearing price is $5.00 for deli sandwiches and the amount of exchange that would take place at that price is 200 deli sandwiches per day. You, however, don't have this information and have just opened your deli. You decide to price your sandwiches at $9.00 and are willing and able to sell 285 sandwiches per day at that price. When you do this, you notice you sell 100 sandwiches per day. Draw this situation on a graph and then explain what will happen in this market -- i. e., if there is a shortage or surplus, show this on the graph and then explain what the shortage or surplus will cause to happen in the market. Make sure you talk about inventories in your answer.
