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.
Add Answer to:
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...
< 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...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
Suppose a firm producing table lamps has the following costs: Quantity 1,000 2,000 3,000 4,000 5,000...
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...
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...
9. Suppose that an economy is currently producing at a point inside its PPF. We know...
9. Suppose that an economy is currently producing at a point inside its PPF. We know that: a. The economy is producing beyond its capacity, so inflation will occur b. The economy is not using all of its available resources c. The economy is producing an efficient combination of goods d. There will be a large opportunity cost if the economy tries to increase production of any good _____ 10. Production possibility frontiers are usually shown as bowed outward. This...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1....
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
please answer all the questions Introduction to PPC Curves Worksheet package Question 1 (Application 12 Marks)...
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...
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...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
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...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
Most questions answered within 3 hours.
-
Briefly describe:
Investigating and assessing the impact of cost management
quality (CMQ) on the:
(a) effectiveness...
asked 1 hour ago -
Part A:
Use Henry's law to determine the molar solubility of helium at a
pressure of...
asked 2 hours ago -
Can you store the following chemicals in the same storage area:
yes, no and why
a....
asked 4 hours ago -
Hello class,
I found this article to be very interesting and relevant to the
concepts we...
asked 4 hours ago -
Consider the following relational database schema, which
describes the schedule of competition among National Football
(soccer)...
asked 5 hours ago -
Use the answer choices below for the next ____
questions
A) The Heart B) Veins C)...
asked 5 hours ago -
(Java) HELP!
Create a program that will ask the user to enter their first
name and...
asked 5 hours ago -
Suppose that the weight of an newborn fawn is Uniformly
distributed between 2.5 and 4 kg....
asked 6 hours ago -
Java Programming:
Make a Java program with two processes, a producer and a
consumer. If you...
asked 6 hours ago -
A pressure as low as 1 ✕ 10-8 torr can be achieved
using an oil diffusion...
asked 6 hours ago -
Identify the 6 major steps in an operational analysis
and briefly describe what each step is...
asked 6 hours ago -
The nucleus of the atom is composed of subatomic particles, one
of them being the proton...
asked 6 hours ago