Homework Answers
When one thousand more cowboy boots are produced shifting from Point A to B, pecans produced falls from 5,000 to 3,600. Therefore, the opportunity cost of producing one thousand more cowboy boots is 5000-3600= 1400 pecans.
When one thousand more cowboy boots are produced shifting from Point B to C, pecans produced falls from 3,600. Therefore, the opportunity cost of producing one thousand more cowboy boots is 3600-0= 3600 pecans.
Increasing cost. PPF is concave to the origin which means it exhibits increasing opportunity cost.
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Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans...
Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities...
Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities frontier (PPF) per year for El Paso is illustrated in the graph and is currently producing at the point labeled A. Move point B to show the economy efficiently producing one thousand more cowboy boots. Now, determine the opportunity cost of producing an additional 1000 cowboy boots (i.e., shifting from point A to point B). Enter your answer specified to one decimal place. 5,000...
< Question 12 of 24 > Attempt 3 - 5,000 Suppose that the economy of El...
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please answer all the questions Introduction to PPC Curves Worksheet package Question 1 (Application 12 Marks)...
please
answer all the questions
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Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities frontier (PPF) per year for El Paso is illustrated in the graph and is currently producing at the point labeled A. Move point B to show the economy efficiently producing one thousand more cowboy boots. Now, determine the opportunity cost of producing an additional 1000 cowboy boots (i.e., shifting from point A to point B). Enter your answer specified to one decimal place. 5,000...
< Question 12 of 24 > Attempt 3 - 5,000 Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities frontier (PPF) per year for El Paso is illustrated in the graph and is currently producing at the point labeled A. Move point B to show the economy efficiently producing one thousand more cowboy boots. 4,000 40 3.000 3000 Now, determine the opportunity cost of producing an additional 1,000 cowboy boots, i.e., shifting from...
Suppose a firm producing table lamps has the following costs: Quantity 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Average Total Cost $15.00 9.75 8.25 7.50 7.75 8.50 9.75 10.50 12.00 Ben and Jerry are managers at the company, and they have this discussion: Ben: We should produce 4,000 lamps per month because that will minimize our average costs. Jerry: But shouldn't we maximize profits rather than minimize costs? To maximize profits, don't we need to take demand into...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O A. when the government forces a movement from one point on the PPF to another point, no production is lost. B. the PPF will be a negatively sloped straight line. O C. to increase the production of one product requires larger and larger sacrifices of the other good. O D. to decrease the production of one product requires smaller and smaller sacrifices of the...
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please
answer all the questions
Introduction to PPC Curves Worksheet package Question 1 (Application 12 Marks) he following table outlines some combinations of com and beef that can be produced annually from a given parcel of farm land: Production possibility Corn (bushels) 16000 Beef(kg) 8000 900 6000 1200 4000 1400 2000 1450 1500 a) Draw a production possibilities curve for this agricultural enterprise (3 marks) b) Can this farm produce 6000 bushels of com and 1500 kg of beef during...
1525 11. Discuss the most significant factors that affect demand for goods and services. 12. What causes for a demand curve to shift to right or to left? When do we move from one point to another on a demand curve, what causes it? 13. Demonstrate graphically how a horizontal summation of individual demand curves provides a "market demand curve." 14. Discuss the most important factors/variables that affect supply of goods and services. 15. Explain the difference between moving on...
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