Suppose that, if Australia specializes in producing shrimp it can make 10,000 pounds of shrimp in...
Suppose that, if Australia specializes in producing shrimp it can make 10,000 pounds of shrimp in a month. Alternatively, if Australia specializes in producing eucalyptus it can produce 20,000 pounds of eucalyptus in a month. Create a graph of the Production Possibilities Frontier for Australia. What is the opportunity cost of eucalyptus?
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Suppose that, if Australia specializes in producing shrimp it
can make 10,000 pounds of shrimp in...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker in a one-hour period can produce either 29.49 pounds of shrimp or 12.67 pounds of vegetables. In Solano each worker in a one-hour period can produce either 26.42 pounds of shrimp or 7.19 pounds of tomatoes. Suppose both countries have constant opportunity cost of production and decide to specialize and exchange. The country that specializes in tomatoes is willing to sell 100 pounds of...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker in a one-hour period can produce either 29.45 pounds of shrimp or 13.77 pounds of vegetables. In Solano each worker in a one-hour period can produce either 24.60 pounds of shrimp or 4.14 pounds of tomatoes. Suppose both countries have constant opportunity cost of production and decide to specialize and exchange. The country that specializes in tomatoes is willing to sell 100 pounds of...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker in a one-hour period can produce either 28.95 pounds of shrimp or 12.96 pounds of vegetables. In Solano each worker in a one-hour period can produce either 27.72 pounds of shrimp or 4.93 pounds of tomatoes. Suppose both countries have constant opportunity cost of production and decide to specialize and exchange. The country that specializes in tomatoes is willing to sell 100 pounds of...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
Question 17 1 pts On a production possibilities frontier, 500 pounds of apples and 1,200 pounds...
Question 17 1 pts On a production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas can be produced while at another point on the same frontier, 300 pounds of apples and 1,300 pounds of bananas can be produced. Between these points, what is the opportunity cost of producing a pound of bananas? 2 pounds of apples 2 pounds of bananas 200 pounds of apples 0.5 a pound of apples 1 pts Question 18
The following table is the production possibilities for a 1000 acre farm that can grow wheat...
The following table is the production possibilities for a 1000 acre farm that can grow wheat or cotton. Suppose the farmer is currently producing 740,000 pounds of cotton and 10,000 bushels of wheat. What is the opportunity cost of increasing cotton production 60,000 pounds. Wheat production (Bushels) | Cotton Production (pounds) 0 | 800,000 10,000 | 740,000 20,000 | 660,000 30,000 | 550,000 40,000 | 410,000 50,000 | 230,000 60,000 | 0 - 10,000 bushels of wheat - 20,000 bushels...
Please answer the following questions: Suppose that Leisureland produces only two goods-food and sunscreen. The table...
Please answer the following questions: Suppose that Leisureland produces only two goods-food and sunscreen. The table gives its production possibilities. Food (lbs/month) Sunscreen (lbs/month) 300 and 0 200 and 50 100 and 100 0 and 150 1)Draw a graph of Leisureland's production possibility frontier. 2)What are the opportunity costs of producing food and sunscreen in Leisureland? List them at each output given in the table. 3)Why are the opportunity costs the same at each output level? Busyland also produces only...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 5) Refer to Figure 2-1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 6) Refer to Figure 2-1. Point C is A) technically efficient. B) unattainable with current resources....
Question 9 If a country has a comparative advantage in producing fish, then they must also...
Question 9 If a country has a comparative advantage in producing fish, then they must also have an absolute advantage in producing fish. True or False Question 11 If John can produce a good in less time than Fred then he has an absolute advantage in producing that good. True or False Question 12 Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an hour. She spends 4 hours per...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker in a one-hour period can produce either 29.49 pounds of shrimp or 12.67 pounds of vegetables. In Solano each worker in a one-hour period can produce either 26.42 pounds of shrimp or 7.19 pounds of tomatoes. Suppose both countries have constant opportunity cost of production and decide to specialize and exchange. The country that specializes in tomatoes is willing to sell 100 pounds of...
Yolo and Solano are two countries that both produce shrimp and tomatoes. In Yolo each worker in a one-hour period can produce either 29.45 pounds of shrimp or 13.77 pounds of vegetables. In Solano each worker in a one-hour period can produce either 24.60 pounds of shrimp or 4.14 pounds of tomatoes. Suppose both countries have constant opportunity cost of production and decide to specialize and exchange. The country that specializes in tomatoes is willing to sell 100 pounds of...
Question 17 1 pts On a production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas can be produced while at another point on the same frontier, 300 pounds of apples and 1,300 pounds of bananas can be produced. Between these points, what is the opportunity cost of producing a pound of bananas? 2 pounds of apples 2 pounds of bananas 200 pounds of apples 0.5 a pound of apples 1 pts Question 18
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
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