Homework Answers
Answer :
Due to shifting from point A to point B the production level of pecans decreases by (5000 - 3600) = 1400. Therefore, here the opportunity cost is 1400 pecans.
Again, due to shifting from point B to point C the production level of pecans decreases by (3600 - 0) = 3600. Therefore, here the opportunity cost is 3600 pecans.
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< Question 12 of 24 > Attempt 3 - 5,000 Suppose that the economy of El...
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...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans produced 6,000 Shift point to indicate El Paso increasing production of cowboy boots from point B by another thousand. Determine the opportunity cost of shifting from point B to point C. Enter your answer specified to one decimal place. 7,000 opportunity cost: 6000 pecans This PPF exhibits what kind of opportunity costs? decreasing constant about us Careers priority t o use onctus 5.000 5000...
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...
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...
please help. show the exact points for the graph. 4. Problems and Applications Q4 An economy...
please help. show the exact points for the graph.
4. Problems and Applications Q4 An economy consists of three workers: Van, Carlos, and Felix. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Van can either mow 1 own or wash 1 car; Carlos can either mow 1 lawn or wash 2 cars, and Felix can either mow 2 lawns or wash 1 For each of the scenarios listed in...
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...
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Suppose there is a small agrarian economy that has four plots of land. Plot 1 is...
Suppose there is a small agrarian economy that has four plots of
land. Plot 1 is right next to the river, then plot 2, etc with plot
4 being far away from the river. Suppose the growth rate of corn
does not depend on moisture, so each plot of land can grow 100 tons
of corn. However avocados love wet soil, so plot 1 can grow the
most (400 avocados) and plot 4 can grow the least (100 avocados)
and...
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...
Attempts: Average:5 4. Problems and Applications Q4 An economy consists of three workers: Charles, Gilberto, and...
Attempts: Average:5 4. Problems and Applications Q4 An economy consists of three workers: Charles, Gilberto, and Lorenzo. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Charles can either mow 1 lawn or wash 1 car; Gilberto can either mow 1 lawn or wash 2 cars; and Lorenzo can either mow 2 lawns or wash 1 car, For each of the scenarios listed in the following table, determine how many...
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...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans produced 6,000 Shift point to indicate El Paso increasing production of cowboy boots from point B by another thousand. Determine the opportunity cost of shifting from point B to point C. Enter your answer specified to one decimal place. 7,000 opportunity cost: 6000 pecans This PPF exhibits what kind of opportunity costs? decreasing constant about us Careers priority t o use onctus 5.000 5000...
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...
please help. show the exact points for the graph.
4. Problems and Applications Q4 An economy consists of three workers: Van, Carlos, and Felix. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Van can either mow 1 own or wash 1 car; Carlos can either mow 1 lawn or wash 2 cars, and Felix can either mow 2 lawns or wash 1 For each of the scenarios listed in...
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...
4. Problems and Applications Q4 An economy consists of three workers: Carlos, Felix, and Larry. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Carlos can either mow 2 lawns or wash 1 car; Felix can either mow 1 lawn or wash 1 car; and Larry can either mow 1 lawn or wash2 cars. For each of the scenarios listed in the following table, determine how many lawns will be...
Suppose there is a small agrarian economy that has four plots of
land. Plot 1 is right next to the river, then plot 2, etc with plot
4 being far away from the river. Suppose the growth rate of corn
does not depend on moisture, so each plot of land can grow 100 tons
of corn. However avocados love wet soil, so plot 1 can grow the
most (400 avocados) and plot 4 can grow the least (100 avocados)
and...
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...
Attempts: Average:5 4. Problems and Applications Q4 An economy consists of three workers: Charles, Gilberto, and Lorenzo. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Charles can either mow 1 lawn or wash 1 car; Gilberto can either mow 1 lawn or wash 2 cars; and Lorenzo can either mow 2 lawns or wash 1 car, For each of the scenarios listed in the following table, determine how many...
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