You have exams in economics and chemistry coming up and 5 hours available forstudying. The following table shows the trade-offs you face in allocating the timeyou will spend in studying each subject.99-97-Hours Spent StudyingChoice Economics Chemistry Economics ChemistryMidterm Score95-93987591-B4.1.9582392888987829294D87-E4F5759583-Use the multipoint curve drawing tool to plot a production possibilities frontiershowing the trade-off between your economics grade and chemistry grade. Plot allchoices A through F. Properly label this curve.Carefully follow the instructions above, and only draw the required objects.81-79-77-7575 77 79 81 83 85 87 80 01 93 05 97 99Score on chemistry examAfter plotting the final point of your multipoint curve, press the Esc key or use along press on the last point to end the line.Score on economics exam

Production Possibility Frontier (PPF) In the business examination, the creation plausibility…

Answered: You have exams in economics and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I am struggling with the graphs
Use the PPF to answer the following questions: D. Hard drives A 525 E. 450 400 350 300 250 200 150 100 50 5 10 15 20 25 30 35 40 45 50 Sweaters (thousands)
14 8 01:23:17 Use the figure below. s Days of skiing per semester N m W 0 Z Y Curve B Curve A Curve C 2 6 Days of horseback riding per semester If good skiing costs $100 per day and horseback riding costs $50 per day, if you have $250 to spend how many days of skiing could you do? 7
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Question 3 ( A B C D E Production Point Mountain Bikes a) straight-line; increase Ob) straight-line; decrease Oc) curved; decrease 0 30 50 60 65 d) curved; increase Beer 100 90 70 40 Refer to the table above. if you were to plot the points, then this would be a PPF, so when you try to produce 5 more mountain bikes from 60 to 65, the opportunity cost of beer will at a higher rate. 0
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 &
Krisha can pick 4 pounds of coffee beans in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee beans in an hour or gather 4 pounds of nuts. Each works 6 hours per day. Together, what is the maximum number of pounds of coffee beans the two can pick in a day? What is the maximum number of pounds of nuts the two can gather in a day? Maximum amount of coffee beans pounds per day Maximum amount of nuts pounds per day Now suppose Krisha and Tom were gathering the maximum number of pounds of nuts when they decided that they would like to begin picking 8 pounds of coffee beans per day. Who would pick the coffee beans? How many pounds of nuts would they still be able to gather? Would it be possible for Krisha and Tom in total to gather 26 pounds of nuts and pick 20 pounds of coffee beans each day? If so, how much of each good should each person pick? The combination of 30 pounds of coffee beans and 12 pounds of nuts per day is show Krisha and Tom's combined daily PPC.
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Question 2 (2mark)_ explains why a production possibilities curve is often represented as concave (bowed out) from the origin?
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Questions 8-9

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