Microeconomics
10th Edition
ISBN: 9781259655500
Author: David C Colander
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 3QE
To determine
The
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Budget lines and production possibility curves have a common
assumption of increasing opportunity costs.
True
False
Is this an example of opportunity cost?
“To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Because UPS was more expensive at the moment, I chose to mail my prints via USPS rather than UPS. My orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS.”
Discuss scale economies as they apply to trade.
Chapter 2 Solutions
Microeconomics
Ch. 2.1 - Prob. 1QCh. 2.1 - Prob. 2QCh. 2.1 - Prob. 3QCh. 2.1 - Prob. 4QCh. 2.1 - Prob. 5QCh. 2.1 - Prob. 6QCh. 2.1 - Prob. 7QCh. 2.1 - Prob. 8QCh. 2.1 - Prob. 9QCh. 2.1 - Prob. 10Q
Ch. 2.A - Prob. 1QECh. 2.A - Prob. 2QECh. 2.A - Prob. 3QECh. 2.A - Prob. 4QECh. 2.A - Prob. 5QECh. 2.A - Prob. 6QECh. 2.A - Prob. 7QECh. 2.A - Prob. 8QECh. 2 - Prob. 1QECh. 2 - Prob. 2QECh. 2 - Prob. 3QECh. 2 - Prob. 4QECh. 2 - Prob. 5QECh. 2 - Prob. 6QECh. 2 - Prob. 7QECh. 2 - Prob. 8QECh. 2 - Prob. 9QECh. 2 - Prob. 10QECh. 2 - Prob. 11QECh. 2 - Prob. 12QECh. 2 - Prob. 1QAPCh. 2 - Prob. 2QAPCh. 2 - Prob. 3QAPCh. 2 - Prob. 4QAPCh. 2 - Prob. 5QAPCh. 2 - Prob. 1IPCh. 2 - Prob. 2IPCh. 2 - Prob. 3IPCh. 2 - Prob. 4IPCh. 2 - Prob. 5IPCh. 2 - Prob. 6IP
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- Country X has received an injection of additional 50 million dollars to its budget to spend on the production cars and bicycles. Explain how these additional resources will affect the production possibility frontier (PPF) of this country.arrow_forwardAn economy's production possibilities frontier is fixed in the long run. True Falsearrow_forwardThe bowed out shape of the production possibilities frontier (PPF) illustrates the concept of Select all that apply: increasing marginal opportunity cost diminishing marginal opportunity costs increasing marginal returns diminishing marginal returnsarrow_forward
- A feasible production combination for a firm producing two outputs must be: (i) Outside the PPF (ii) Inside the PPF (iii) Either (i) or (ii) (iv) On the PPF at the point of tangency with iso-revenue line.arrow_forwardA production possibilities curve is bowed out, indicating increasing opportunity cost because ofarrow_forwardThe opportunity cost on a Production Possibilities Frontier in moving from one point to another can be calculated by taking the Sacrifice, and dividing it by the Gain. Select one: True Falsearrow_forward
- If a producer is producing at point z and wants to move to point X, then what is the trade-off?arrow_forwardQ2arrow_forwardWhich situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflictarrow_forward
- The term "opportunity cost" points out that *arrow_forwardIs this a good example of an opportunity cost? “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. At the moment I didn’t have enough knowledge about USPS, so I chose to ship my prints via UPS rather than USPS. My orders weren’t delivered on time and upon arrival, the prints were damaged, and I spent a large amount of money shipping these orders out. The opportunity cost is the cost of USPS shipping.”arrow_forwardIn a production of armored shots to Ukraine the production function looks as follows: Q = KaL b where b=0,5 and a+b=1 If we assume that the production is 40 armored shots and the price of capital(K) is PK=2 and the price of labour is PL=18 what is the optimal level of K and L producing 40 armored shots? Don’t forget to show all the steps in your calculations, motivating and finally don’t forget to answer the question itself!arrow_forward
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