EBK ESSENTIALS OF ECONOMICS
7th Edition
ISBN: 8220102452107
Author: Mankiw
Publisher: CENGAGE L
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Chapter 3, Problem 1PA
Subpart (a):
To determine
The
Subpart (b):
To determine
The
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Beth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour. She spends 6 hours per day studying.
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Chapter 3 Solutions
EBK ESSENTIALS OF ECONOMICS
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- Below is a production possibilities table for DVDS and computers: Production Alternatives Type of Production A в D E 60 Computers DVDS 20 40 80 80 70 55 35 Instructions: Enter your answers as a whole number. a. What is the opportunity cost of moving from point A to point B (20 additional computers)? DVDS b. What is the opportunity cost of moving from point B to point C (20 additional computers)? DVDS c. What is the opportunity cost of moving from point C to point D (20 additional computers)? DVDS d. What is the opportunity cost of moving from point D to point E (20 additional computers)? DVDS e. As we produce more computers, opportunity costs are v (Click to select) unchanged increasing decreasingarrow_forwardFor this production possibilities schedule, it is true that: Production Possibilities Schedule Combination School Buses Refrigerators A 0 20 B 1 18 C 2 14 D E 3 4 8 0 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a the opportunity cost of moving from combination B to combination C is 2 refrigerators, while the opportunity cost of moving from combination C to combination D is 14 refrigerators. b the opportunity cost of moving from combination B to combination C is 4 refrigerators, while the opportunity cost of moving from combination C to combination D is 6 refrigerators. с the opportunity cost of moving from combination B to combination C is 6 refrigerators, while the opportunity cost of moving from combination C to combination D is 8 refrigerators. d the opportunity cost of moving from combination B to combination C is 8 refrigerators, while the opportunity cost of moving from combination C to combination D is 0 refrigerators.arrow_forwardA production possibilities table for DVDS and computers is shown below. Production Alternatives Type of Production A в D E Computers 20 40 60 80 DVDS 80 70 55 35 Instructions: Enter your answers as a whole number. a. What is the opportunity cost of computers when moving from point A to point B? |DVDS b. What is the opportunity cost of computers when moving from point B to point C? |DVDS c. What is the opportunity cost of computers when moving from point C to point D? DVDS d. What is the opportunity cost of computers when moving from point D to point E? DVDS e. As we produce more computers, opportunity costs are |(Click to select) ♥arrow_forward
- Define Production Possibility Frontier. Draw a production possibilities frontier showing increasing opportunity cost for sausages and. kebabs a. On a graph, identify the area of feasible outcomes and the area of infeasible outcomes. b. On a graph, illustrate the effect of the discovery of an oven, a resource needed to make both sausages and kebabs, on this economy. c. On a second graph, illustrate the effect of a new computerized assembly line in the production of sausages on this economy.arrow_forwardRefer to Figure 3-8. If the production possibilities frontiers shown are each for one day of production, then which of the following combinations of coffee and soybeans could Chile and Colombia together make in a given day?arrow_forwardSuppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?arrow_forward
- Draw the production possibilities frontier on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis Annual Production of Y Annual Production of X 0 20 45 60 70 75 1300 1200 900 6:00 350 0 b. If the economy is producing 45 units of X and 900 units of Y, what is the opportunity cost of producing an extra 15 units of X. Show on graph. C. If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of X. Show on graph.arrow_forwardDraw and explain a productino possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows?arrow_forwardYou have exams in economics and chemistry coming up and five hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend in studying each subject. Hours Spent Studying Midterm Score Choice Economics Chemistry Economics Chemistry A 5 0 95 70 B 4 1 93 78 C 3 2 90 84 D 2 3 86 88 E 1 4 81 90 F 0 5 75 91 a. Use the data in the table to draw a production possibilities frontier graph. Label the vertical axis “Score on economics exam” and label the horizontal axis “Score on chemistry exam”. Make sure to label the values where your production possibilities frontier intersects the vertical and horizontal axes. b. Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score? c. Under what circumstances would A…arrow_forward
- Can someone show a graph for the 1 question and briefly explain what would happen to the production of Vulcan and tacos.arrow_forwardWhich one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus anotherarrow_forwardDraw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows?arrow_forward
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