Wine (thousands of bottles per year) The figure shows the production possibility frontier for a country. Suppose the country is producing at point E. What would be the opportunity cost to increase the production of wine to 9 thousand bottles? B 15 12 O A. 12 tons of rice B. 3 tons of rice 9 A O C. 15 thousand bottles of wine 6. O D. Nothing, it is a free lunch 3 O E. 9 thousand bottles of wine 3 12 15 Rice (tons per year)

Wine (thousands of bottles per year) The figure shows the production possibility frontier for a country. Suppose the country is producing at point E. What would be the opportunity cost to increase the production of wine to 9 thousand bottles? B 15 12 O A. 12 tons of rice B. 3 tons of rice 9 A O C. 15 thousand bottles of wine 6. O D. Nothing, it is a free lunch 3 O E. 9 thousand bottles of wine 3 12 15 Rice (tons per year)

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Description: Wine (thousands of bottles per year)The figure shows the production possibility frontier for a country. Suppose thecountry is producing at point E. What would be the opportunity cost to increasethe production of wine to 9 thousand bottles?B1512O A.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If Korea is currently producing at efficiency, and it proceeds to increase the production of missiles, then, as long as nothing else changes, its: O A. Production-possibilities curve will shift outward. O B. Production-possibilities curve will shift inward. O c. Production of non-military goods will increase. O D. Production of non-military goods (civilian goods) will decrease.
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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
Assume that Pablo and Micah can switch between producing baseballs and producing bats at a constant rate. Labor Hours Needed Quantity Produced in 36 Hours to Make 1 bat bat baseball 1 baseball 36 Pablo 3 12 Micah 2 36 18 Refer to Table 3-8. At which of the following prices would both Pablo and Micah gain from trade with each other? O a 15 baseballs for 10 bats Ob. 15 baseballs for 6 bats Oc 15 baseballs for 3 bats Od Pablo and Micah could not both gain from trade with each other at any price.
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?
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If your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $8,000 this semester, then your opportunity cost of attending college this semester is a. $28,750. O b. $22,000. O c. $22,150. O d. $36,750.