= X Lawns Mowed Gardens Cultivated Assignment George 10 5 Jack 6 4 Table 2-5 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens. Refer to Table 2-5. What is George's opportunity cost of mowing a lawn? (A) one-half of a garden cultivated (B) two lawns mowed C two-thirds of a garden cultivated. (D) one and a half lawns mowed Ⓒ

= X Lawns Mowed Gardens Cultivated Assignment George 10 5 Jack 6 4 Table 2-5 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens. Refer to Table 2-5. What is George's opportunity cost of mowing a lawn? (A) one-half of a garden cultivated (B) two lawns mowed C two-thirds of a garden cultivated. (D) one and a half lawns mowed Ⓒ

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.5P

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What does a production possibilities frontier illustrate?
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Brian and Crystal are farmers. Each one owns an 18-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) Brian 15 3 Crystal 20 10 On the following graph, use the blue line (circle symbol) to plot Brian's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Crystal's PPF. crystal/brian has an absolute advantage in the production of corn, and crystal/brian has an absolute advantage in the production of rye. Brian's opportunity cost of producing 1 bushel of rye is_____ bushels of corn, whereas Crystal's opportunity cost of producing 1 bushel of rye is_____ bushels of corn. Because brian has a higher/lower opportunity cost of producing rye than Crystal, crystal/brian has a…
Table 1 Possible Output Combinations Apples (thousands of kilos) Pears (thousands of kilos) A 70 0 B 60 20 C 50 36 D 40 48 E 30 56 F 20 60 G 10 63 H 0 65 1- Refer to Table 1-1. The Fruit Farm produces only apples and pears. The table above shows the maximum possible output combinations of the two fruits using all resources and currently available technology. Drew the graph of the Fruit Farm's production possibilities frontier. Put apples on the horizontal axis and pears on the vertical axis. Be sure to identify the output combination points on your diagram Suppose the Fruit Farm is plagued by a maggot infestation which destroys part of the apple trees but not pears. Show in a graph what happens to its PPF.
1. Debbie, a popular wedding photographer, is able to photograph a wedding every Saturday of the year. She charges couples $4,000 for a complete set of photographs that cost her $2,200 to print and develop. Suppose that on one Saturday Debbie photographs her niece's wedding without charge, but her niece insists on paying Debbie $2,200 to cover her printing and developing costs. What is Debbie's economic cost of photographing her niece's wedding? A $4,000 B $2,200 C $1,800 D $0 2. If AVC=Q²
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Shen and Valerie 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) Shen 20 5 Valerie 50 10 On the following graph, use the blue line (circle symbol) to plot Shen's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Valerie's PPF. 200 180 Shen's PPF 180 140 120 Valerie's PPF 100 80 60 40 20 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Shen's opportunity cost of producing 1 bushel of rye is | bushels of corn, whereas Valerie's opportunity cost of producing 1 bushel of rye is | bushels of corn. Because Shen has a opportunity cost of producing rye than…
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The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.
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