Homework Answers
20.
Correct Answer:
B
Working note:
For Justin,
Opportunity cost of producing Fish = 4/2 = 2 coconuts
So, Justin has opportunity cost of producing fish that is equal to 2 units of coconuts.
Add Answer to:
Question 20 Use the table above to answer the following question. Justin's opportunity cost for the...
Opportunity Cost Calculation for Trades
1. Consider two individuals, Teresa and Justin, who produce vegetables. Each uses the same number of workers to produce tomatoes or peppers. Production per lot (in kilograms) is shown in the following table.Teresa JustinTomatoes10080Peppers130120 Who has a comparative advantage in producing peppers and tomatoes? ExplainMy Attempt: Teresa- Opportunity cost of Tomatoes = 130 / 100 = 1.3 Pepper- Opportunity cost of Pepper = 100 / 130 = 0.769 TomatoJustin- Opportunity cost of Tomatoes = 120/80 = 1.5 Pepper- Opportunity cost of Pepper...
please help ??? (2) Using the journal entries above, what is Justin's revenue for the month?...
please help ???
(2) Using the journal entries above, what is Justin's
revenue for the month?
(3) Using the journal entries above, what are Justin's expenses for
the month?
(4) Using the journal entries above, what is Justin's NET INCOME
for the month?
BU Use the following Chart of Accounts as a reference for Account Names. You must spell the Account Name exactly as it is in the CRST OF ACC Chart of Accounts Assets Stockholders' Equity Cash Contributed Capital...
Suppose that you are on a desert Island and possess exactly 20 coconuts. Your neighbor, Friday,...
Suppose that you are on a desert Island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, kwame, is also a fisherman, and he is willing to trade 3 fish for every 1 coconut a. On the diagram below, draw budget lines for trading with Friday and for trading with Kwame. Instructions: Use the tools provided "Fridayand...
An island castaway spends eight hours each day acquiring two items--coconuts and fish--based on the following...
An island castaway spends eight hours each day acquiring two items--coconuts and fish--based on the following production possibilities schedule. Coconuts Fish Production Scenario A B C D 24 20 12 0 O 1 2 3 Calculate the opportunity costs for the different production scenarios. Explain the shape of the PPF. What happens to the PPF if total time available increases to 12 hours?
14) Use the following table to answer the question below. Jane's Production Possibility Schedule Pounds of...
14) Use the following table to answer the question below. Jane's Production Possibility Schedule Pounds of Green Beans Pounds of Corn 0 80 20 60 4040 60 20 80 0 1 pound(s) of corn. Jane's opportunity cost of producing 1 pound of green beans is A)4 B) 2 C)1 D) 1/2
Use the following table to answer the question below. Dave's Production Possibilities Schedule Pounds of Green...
Use the following table to answer the question below. Dave's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 160 20 120 40 80 60 40 80 Simon's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 80 40 60 89 40 120 20 160 @ Dave's opportunity cost of producing 1 pound of corn is pound(s) of green beans. pound(s) of green beans. Simon's opportunity cost of producing 1 pound of com is Multiple Choice 1,2 2.12...
question 20 214 215 216 217 Use the following information to answer questions 20-23: Uzbekistan produces...
question 20
214 215 216 217 Use the following information to answer questions 20-23: Uzbekistan produces two goods, computers and aircrafts. In the following table different feasible production combinations are given for Uzbekistan 218 219 Maximum annual Quantity of output options computers 220 221 222 Quantity of aircrafts 1,000 800 600 8.000 12,000 15,000 17,000 18,000 400 224 200 225 226 228 231 232 234 235 36 38 24 Computer 44 20 If Uzbekistan is currently producing at option B,...
19. Refer to the information above to answer this question. Suppose that Lhanor is currently producing...
19. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the opportunity cost of 1 more Kaldor? A) Approximately 1 Boulding. B) D) 42 Bouldings. Approximately 3 Bouldings. C) E) 54 Bouldings. 4 Bouldings. 20. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the consequence of the production of Kaldors decreasing to 2? A) The output of Bouldings will...
Answer the following questions using the information given by the accompanying table: United States China Number...
Answer the following questions using the information given by the accompanying table: United States China Number of computers produced per hour 200 500 Number of TV screens produced per hour 450 700 a. [2 points] Which country has an absolute advantage in the production of computers? Which country has an absolute advantage in the production of TV screens? b. [2 points] What is the opportunity cost of computers in terms of TV screens in United States? What is the opportunity...
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...
please help ???
(2) Using the journal entries above, what is Justin's
revenue for the month?
(3) Using the journal entries above, what are Justin's expenses for
the month?
(4) Using the journal entries above, what is Justin's NET INCOME
for the month?
BU Use the following Chart of Accounts as a reference for Account Names. You must spell the Account Name exactly as it is in the CRST OF ACC Chart of Accounts Assets Stockholders' Equity Cash Contributed Capital...
Suppose that you are on a desert Island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, kwame, is also a fisherman, and he is willing to trade 3 fish for every 1 coconut a. On the diagram below, draw budget lines for trading with Friday and for trading with Kwame. Instructions: Use the tools provided "Fridayand...
An island castaway spends eight hours each day acquiring two items--coconuts and fish--based on the following production possibilities schedule. Coconuts Fish Production Scenario A B C D 24 20 12 0 O 1 2 3 Calculate the opportunity costs for the different production scenarios. Explain the shape of the PPF. What happens to the PPF if total time available increases to 12 hours?
14) Use the following table to answer the question below. Jane's Production Possibility Schedule Pounds of Green Beans Pounds of Corn 0 80 20 60 4040 60 20 80 0 1 pound(s) of corn. Jane's opportunity cost of producing 1 pound of green beans is A)4 B) 2 C)1 D) 1/2
Use the following table to answer the question below. Dave's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 160 20 120 40 80 60 40 80 Simon's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 80 40 60 89 40 120 20 160 @ Dave's opportunity cost of producing 1 pound of corn is pound(s) of green beans. pound(s) of green beans. Simon's opportunity cost of producing 1 pound of com is Multiple Choice 1,2 2.12...
question 20
214 215 216 217 Use the following information to answer questions 20-23: Uzbekistan produces two goods, computers and aircrafts. In the following table different feasible production combinations are given for Uzbekistan 218 219 Maximum annual Quantity of output options computers 220 221 222 Quantity of aircrafts 1,000 800 600 8.000 12,000 15,000 17,000 18,000 400 224 200 225 226 228 231 232 234 235 36 38 24 Computer 44 20 If Uzbekistan is currently producing at option B,...
19. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the opportunity cost of 1 more Kaldor? A) Approximately 1 Boulding. B) D) 42 Bouldings. Approximately 3 Bouldings. C) E) 54 Bouldings. 4 Bouldings. 20. Refer to the information above to answer this question. Suppose that Lhanor is currently producing combination B. What is the consequence of the production of Kaldors decreasing to 2? A) The output of Bouldings will...
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