Suppose Yvette is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Yvette is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Yvette increases her production of boats, her opportunity cost of producing one more boat Suppose Yvette buys a new tool that allows her to produce tvice as many boats per hour as before but doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPC on the previous graph. Because she can now make more boats per hour, Yvette's oPportunity cost of producing balls is it was previously.
Q: 9. In the preceding figure, which graph depicts expansion of resources that can be used in both "X"…
A: A production possibility frontier (PPF) a curve which shows various combinations of the amounts of…
Q: On the following graph, use the blue points (circle symbol) to plot Ana's initial production…
A: Introduction: The potential advantages that a person, investor, or organization foregoes by choosing…
Q: Suppose a production possibilities frontier includes the following combinations: Cars Washing…
A: The cost of producing an additional car is (1000 - 600)/(100 - 0) = 4 machines when 50 cars are…
Q: Suppose that there are three beachfront parcels of land available for sale in Huntington and six…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Suppose Jacques is currently using combination D, producing one car per day. His opportunity cost of…
A: Production possibility frontier (PPF) curve shows the different possible combination of two goods…
Q: Suppose Becky is currently using combination D, producing one car per day. Her opportunity cost of…
A: Given:- Two goods, Cars and Balls To determine:- Opportunity cost and its impact. Please find the…
Q: hen comparing point A, which lies within a utilities possibilities frontier, with point B, which…
A: The production possibility frontier refers to the curve that is used to discover the mix of products…
Q: Suppose Kenji is currently using combination D, producing one truck per day. His opportunity cost of…
A: Answer: Given, Initial combinations of two goods: Choice Hours producing trucks Hours producing…
Q: If the resources used to produce two goods are specialized, then the production possibilities…
A:
Q: Frances is a skilled toy maker who is able to produce both trucks and drums. She has 8 hours a day…
A: The initial production possibility curve can be drawn on the basis of values in produced column and…
Q: Suppose Hilary is currently using combination D, producing one car per day. Her opportunity cost of…
A: Here the concept which works is the opportunity cost, which states that to get more of a commodity,…
Q: Which of the following best describes what occurs along a bowed-out production possibilities curve?…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: part C and D needed only Consider the Production Possibility Frontiers of two countries,…
A: The act of purchasing, selling, or exchanging products or services between individuals, companies,…
Q: Assume Heisestan is currently producing at point C ( 7 housing and 20 food) on the PPF. What is the…
A: The production possibility frontier curve illustrates the variations in the amounts which could in…
Q: Suppose Raphael is currently using combination D, producing one car per day. His opportunity cost of…
A: Opportunity cost(OC) is the benefits that could be accrued from the next best alternative to the…
Q: Suppose Yakov is currently using combination D, producing one car per day. His opportunity cost of…
A: Effective decision-making is enabled by an awareness of the possibilities lost by choosing one…
Q: Larry and Megan run a catering business in which they have two major tasks: getting new clients and…
A: The international trade would involve various goods and services. The trade would exchange goods and…
Q: can you help by giving me an example to illustrate each of the following: (a) constant opportunity…
A: Opportunity cost is the foregone benefit that can be bought by choosing another alternative. In…
Q: Refer to the diagrams above. Suppose that before trading, Rafael and Naomi had been producing at…
A: Rafael opportunity cost of producing 1 racket = 10/20 = 1 / 2 or 0.5 balls forgone
Q: Paul's PPF Sue's PPF Cheese Cheese 100 80 40 32 36 60 Ham 18 30 Ham In the graph above, suppose Paul…
A: When a country has the ability to produce a commodity by incurring less opportunity cost than its…
Q: absolute advantage
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Suppose Jacques is currently using combination D, producing one boat per day. His opportunity cost…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their…
A: Opportunity cost is the value of next best alternative for the given level of resources.
Q: Assume that two individuals, Maya and Nate, have equal amounts of resources. Maya can produce 30…
A: As there are multiple parts to the question ,the first three would be solved. To get answers to the…
Q: Suppose that you have 10 acres of land that is being fully used to grow potatoes. All 10 acres are…
A: Answer: If all the 10 acres of land are equally productive in the production of potatoes and 1…
Q: AFTER THE CHART Suppose Frances is currently using combination D, producing one truck per day. Her…
A: A diagram is shown from the given information:
Q: • Use the data from the table below to construct correctly labeled side-by-side graphs showing the…
A: Microeconomics refers to the branch of mainstream economics that studies the behavior of individuals…
Q: Suppose Yakov is currently using combination D, producing one train per day. His opportunity cost of…
A: Considering about the opportunity costs, it is the sacrifice made to get an additional unit of a…
Q: The table below represents the combinations of beef and corn produced on a tract of land of a given…
A:
Q: Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrififice…
A: Production possibility curve is the curve which showing the possibility of a country to produce two…
Q: Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to…
A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…
Q: Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only…
A: When comparing the opportunity cost of both person, Casey have to give up 4.00 kg of rice for…
Q: Suppose the price of reusable straws is $25 and the price of Apple Air Pods is $100. What is the…
A: You will pay $100 for Apple air pod From 100 you can buy 100/25=4 reusable straws
Q: (d) Assume the two islands experience constant opportunity costs in the production of the two…
A: D. Production possibility frontier refers to the different possible combination of output that…
Q: 30 25 Initial PPF 20 New PPF 15 10 2 3 5 7 TRUCKS Suppose Carlos is currently using combination D,…
A: Production possibility frontier (PPF) is a curve measures the trade-off between producing one good…
Q: Suppose Clancy is currently using combination D, producing one boat per day. His opportunity cost of…
A: Here the concept which plays the role is the concept of opportunity cost which tells about the next…
Q: • Use the data from the table below to construct correctly labeled side-by-side graphs showing the…
A: Microeconomics refers to the branch of mainstream economics that studies the behavior of individuals…
Q: Suppose Lorenzo is currently using combination D, producing one train per day. His opportunity cost…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: Suppose Dmitri is currently using combination D, producing one car per day. His opportunity cost of…
A: There is a direct relation between the shape of the production possibility curve (PPC) and…
Q: The nation of Routarou is able to produce turnips and potatoes in combinations represented by the…
A: A Production Possibility curve is a graphical representation of the alternative combination of goods…
Q: Suppose Kevin is currently using combination D, producing one train per day. His opportunity cost of…
A: Production possibilities frontier is a curve that shows all the combination of goods that a country…
Q: Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost…
A: Hours Producing Produced Choice Trucks Puzzles Trucks Puzzles A 8 0 4 0 B 6 2 3 9 C 4 4 2…
Q: You will knit for 8 hours today. In any particular hour, you can knit 1 hats or 0.5 scarves. If you…
A: Opportunity Cost is the value of the next best available alternative that is given up.
Q: In the scenario depicted by the graph above, suppose the student decided to study one more hour to…
A: To get a B in the exam the student will have to study more for an hour in which he/she could have…
Q: per day. Now, suppose Becky is currentlý using combination C, producing two cars per day. Her…
A: Opportunity Cost: It is the potential benefit an individual, investor or a business misses out on…
Q: Suppose Edison is currently using combination D, producing one boat per day. His opportunity cost of…
A: Production possibility frontier depicts the combination of two goods that a nation or individual can…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- During the night, the electricity sector has a marginal cost of $1/MWh (megawatt-hour) forthe first 100 MWh produced (from wind turbines), and $20/MWh for each additional unit (from gasgenerators). During the day, they have a marginal cost of $1/MWh (megawatt-hour) for the first 50MWh produced (from solar panels), and $20/MWh for each additional unit (from gas generators).Nighttime and daytime demand are given by QnightD = 50 −P and QdayD = 200 −P , respectively.What are the market quantity and price during the day, and the market quantity and price at night?This is a model of the wholesale market for electricity, which you can think of as being competitive,but there is no resale between night and day.Need help with 4,5 & 6 4) Determine the cost of 1 gallon of gasoline. Calculate the labor cost equivalent of those 2 people to push a car 40 miles. (You have to make assumptions on how much you would have to pay someone per hour to push a car). How much cheaper is it to use a gallon of gasoline to move a car 40 miles down the road as opposed to paying 2 people to push the car 40 miles down the road. 5) How much energy (in Joules and in food calories) do you estimate it would take two people to push a car 40 miles down the road. (1 food calorie = 4,186 J) The basic metabolic rate for the human body is about 60 (food) calories per hour. A runner running 10 miles at 6 minutes per mile burns about 1000 food calories per hour. Estimate how many calories per hour a person pushing a car at walking speed would burn (remember there are 2 people pushing at the same time) 6) Assuming that the car was traveling at 45 miles per hour (a very efficient speed for a car). How long does it take…Later, the teaching assistant in Clancy’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 15 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading 3 hours working on problems, 1 hour reading 4 hours working on problems, 0 hours reading
- Assume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree. You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.Later, the teaching assistant in Clancy’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 15 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading?b.A clothing manufacturer makes trousers, skirts and blouses. Each trouser requires 20 minutes of cutting time, 60 minutes of sewing time and 5 minutes of packaging time. Each skirt requires 15 minutes of cutting time, 30 minutes of sewing time and 12 minutes of packaging time. Each blouse requires 10 minutes of cutting time, 24 minutes of sewing time and 6 minutes of packaging time. The amount of time available for cutting, sewing and packaging is 115 hours, 280 hours and 65 hours respectively. Using either the Inverse Method or the Cramer’s Rule, determine how many of each type of clothing should be made to use all available labor hours?
- The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?a.A clothing manufacturer makes trousers, skirts and blouses. Each trouser requires 20 minutes of cutting time, 60 minutes of sewing time and 5 minutes of packagingtime. Each skirt requires 15 minutes of cutting time, 30 minutes of sewing time and 12 minutes of packaging time. Each blouse requires 10 minutes of cutting time, 24 minutes of sewing time and 6 minutes of packaging time.The amount of time available for cutting, sewing and packaging is 115 hours, 280 hours and 65 hours respectively. Using either the ??????? ?????? ?? ?????????'? ????, determine how many of each type of clothing should be made to use all available labour hours?5. Opportunity cost and production possibilities Carlos is a skilled toy maker who is able to produce both trucks and drums. 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 (Trucks) (Drums) (Trucks) (Drums) A 8 4 B 2 10 4 4 2 15 D 6. 1 17 8 18 On the following graph, use the blue points (circle symbol) to plot Carlos's initial production possibilities frontier (PPF). (? 30 25 Initial PPF 20 New PPF 15 10 1 2 3 5 7 8 TRUCKS DRUMS 2.
- Brewed coffee is one of the most popular drinks in the world and a big market in Singapore. In recentyears Singaporean consumers have become concerned that coffee farmers often receive very lowprices by large coffee companies buying their beans and selling them in international markets. Forthis reason, fair trade coffee has reached supermarket shelves and coffee shops. Because producingfair trade coffee includes providing extra income for the farmers, this product is more costly to makethan other coffee types of comparable quality. Using the demand-supply model, analyse this changein consumer preferences. Examine the likely consequences in one or two markets of your choice. Limits 500 wordsECON 2100 OL HW14 Compatibility Mode v Home Insert Draw Design Layout References Mailings Review View Share O Comments Times New... 12 v A^ A° Аa v AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE AaBbCcDc AaBbCcDdEe AaBbCcDdEe > No Spacing Styles Pane Paste v ab x, x' A Title Subtitle Subtle Emph... Sensitivity В I U Normal Heading 1 Heading 2 * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates 2. The table shows levels of employment (Labor), the marginal product at each of those levels, and a monopoly's marginal revenue. Labor Marginal Product of Labor Price of the Product 1 10 $10 8 $7 3 7 $5 $4 3 $2 1 $1 a. What is the monopoly's marginal revenue product at each level of employment? b. If the monopoly operates in a perfectly competitive labor market where the going market wage is $20, what is the firm's profit maximizing level of employment? Page 1 of 2 653 words English (United States) Focus + 268% 4-Table 3-7Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Meat Potatoes Meat Potatoes Farmer 6 4 4 6 Rancher 3 8 8 3 Refer to Table 3-7. Assume that the farmer and the rancher each has 24 labor hours available. If each person divides his time equally between the production of meat and potatoes, then total production is Group of answer choices 6 pounds of meat and 4.5 pounds of potatoes. 5.5 pounds of meat and 8 pounds of potatoes. 12 pounds of meat and 9 pounds of potatoes. 5 pounds of meat and 5.5 pounds of potatoes.