Homework Answers
16).
A Production Possibility Frontier shows the different combination of “Fish” and “Potato” that Atlantis can produce given the available input and production technology. So, here given the PPF table for “500 pounds of fish” Atlantis can produce “600 pounds of potato” at point “C”. So, the correct answer is “B”.
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question 16
Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes...
WORK IT OUT Interactive step-by-step help with solving this problem can be found online. Draw a...
WORK IT OUT Interactive step-by-step help with solving this problem can be found online. Draw a production possibility frontier with pota- toes on the horizontal axis and fish on the verti- 16. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their...
Trade-Offs and Trade Work It Out: Question 3 of 4 Assume the economy of Atlantis only...
Trade-Offs and Trade Work It Out: Question 3 of 4 Assume the economy of Atlantis only produces fish (point F). Calculate the opportunity cost of producing potatoes in 200 pound increments. Quantity of potatoes (pounds) 1,000 800 600 400 Quantity of fish (pounds) Maximum annual output options 300 500 600 650 675 200 Opportunity cost of increasing production from 0 pounds to 200 pounds of potatoes: pounds of fish. Opportunity cost of increasing production from 200 pounds to 400 pounds...
LLLLLLLLL LLLLL LLLLLLLL profit of $10 per shot, money that can go to pay for cepts...
LLLLLLLLL LLLLL LLLLLLLL profit of $10 per shot, money that can go to pay for cepts of positive and normative economics. WORK IT OUT Interactive step-by-step help with solving this problem can be found online. 16. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they...
700 2 600 500 300 200 400 600 Tons of Agricultural products per year Figure 2.1...
700 2 600 500 300 200 400 600 Tons of Agricultural products per year Figure 2.1 9) Refer to Figure 2.1. If you choose to produce only agricultural products, what is the maximum quantity you can produce per year? A) 200 tons B) 400 tons C) 600 tons D)> 600 tons 10) Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year? A) 200 tons of agricultural...
L . Question 2 (15 marks) The student union of University X usually allows members to...
L . Question 2 (15 marks) The student union of University X usually allows members to purchase tickets for its annual con- cert, but it is considering non-members to purchase tickets this year. The demand and supply + schedules are as follows: Quantity Demanded by Quantity Demanded by Price Quantity Supplied Members Non-members $100 600 350 650 $150 500 300 650 400 250 650 $200 $250 $300 300 200 650 2002 150 650 . a. If both members and non-members...
4. The global cconomy has three cell phone users for every fixed line user. Two in...
4. The global cconomy has three cell phone users for every fixed line user. Two in e cell phone users lives in a developing nation and the growth rate is fastest in Africa In 2000, 1 African in 50 had a cell phone; in 2009, it was 14 in 50. Describe the changes in what, how, and for whom t n services the global economy produces. 5. Which of the entries in the list below are consumption goods and services...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and steel. The black points symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates Graph 1 32 28 24 PF 16 100 200 300 400 500 600 700 800 STEEL (Millions of tons) Suppose the economy initially produces 12,000 garments of clothing and 500 million tons of steel, which is represented by point...
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making....
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers' demand C) The resources we use to produce goods...
A country's consumption possibilities frontier can be outside its production possibilities frontier if a
1. A country's consumption possibilities frontier can be outside its production possibilities frontier if a. the country engages in trade. b. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries. c. the country’s technology is superior to the technologies of other countries.d. All of the above are correct. 2. A production possibilities frontier will be a straight line if a. increasing the production of one good by x...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
WORK IT OUT Interactive step-by-step help with solving this problem can be found online. Draw a production possibility frontier with pota- toes on the horizontal axis and fish on the verti- 16. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their...
Trade-Offs and Trade Work It Out: Question 3 of 4 Assume the economy of Atlantis only produces fish (point F). Calculate the opportunity cost of producing potatoes in 200 pound increments. Quantity of potatoes (pounds) 1,000 800 600 400 Quantity of fish (pounds) Maximum annual output options 300 500 600 650 675 200 Opportunity cost of increasing production from 0 pounds to 200 pounds of potatoes: pounds of fish. Opportunity cost of increasing production from 200 pounds to 400 pounds...
LLLLLLLLL LLLLL LLLLLLLL profit of $10 per shot, money that can go to pay for cepts of positive and normative economics. WORK IT OUT Interactive step-by-step help with solving this problem can be found online. 16. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they...
700 2 600 500 300 200 400 600 Tons of Agricultural products per year Figure 2.1 9) Refer to Figure 2.1. If you choose to produce only agricultural products, what is the maximum quantity you can produce per year? A) 200 tons B) 400 tons C) 600 tons D)> 600 tons 10) Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year? A) 200 tons of agricultural...
L . Question 2 (15 marks) The student union of University X usually allows members to purchase tickets for its annual con- cert, but it is considering non-members to purchase tickets this year. The demand and supply + schedules are as follows: Quantity Demanded by Quantity Demanded by Price Quantity Supplied Members Non-members $100 600 350 650 $150 500 300 650 400 250 650 $200 $250 $300 300 200 650 2002 150 650 . a. If both members and non-members...
4. The global cconomy has three cell phone users for every fixed line user. Two in e cell phone users lives in a developing nation and the growth rate is fastest in Africa In 2000, 1 African in 50 had a cell phone; in 2009, it was 14 in 50. Describe the changes in what, how, and for whom t n services the global economy produces. 5. Which of the entries in the list below are consumption goods and services...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and steel. The black points symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates Graph 1 32 28 24 PF 16 100 200 300 400 500 600 700 800 STEEL (Millions of tons) Suppose the economy initially produces 12,000 garments of clothing and 500 million tons of steel, which is represented by point...
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers' demand C) The resources we use to produce goods...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
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