Homework Answers
Answer
opportunity cost of a production change =change in the production
of other good
From point A to B, Corn production changes from 8 milion to 6
million and coffee changes from 1 million to 2 million
Opportunity cost of coffee between point A and B=(8-6)=2 million
bushels of corn
Option 1
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Exhibit 2-2 Production possibilities curve Com (millions of busheli) - --- 0 1 5 2 3...
Question 54 3.75 pts Exhibit 2-2 Production possibilities curve 10 A 8 Corn om (millions of...
Question 54 3.75 pts Exhibit 2-2 Production possibilities curve 10 A 8 Corn om (millions of bushels С 4 --- D 2 - 1 0 2 5 1 3 4 Coffee (millions of bushels) The production possibilities in Exhibit 2-2 indicates that the opportunity cost of cornis Indeterminate Zero decreasing Increasing constant
Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Refer to Figure 3-4. Perry and Jordan ach...
Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Refer to Figure 3-4. Perry and Jordan ach divides their time equally between writing novels and writing poems, then total production is a novels and 12 poems b. 3 novels and 12 poems c. 6 novels and 24 poems 2 novels and poems QUESTION 23 Suppose a gardener produces both green beans and com in her garden. If she must give up 14 bushels of com to get 5 bushels of green...
Exhibit 2-16 Production possibilities curve Consumption goods 0 1 1TVO 2 3 4 5 6 7...
Exhibit 2-16 Production possibilities curve Consumption goods 0 1 1TVO 2 3 4 5 6 7 Capital goods 1. In Exhibit 2-16, which of the following points on the production possibilities curve are unattainable with the resources and technology currently available? a. B, C, D, U b. A, B, C, D, U c. E and W d. A, B, C, U e. A, B, C, D In Exhibit 2-16, which of the following points on the production possibilities curve are...
Question 57 3.75 pts Exhibit 2-7 Production possibilities curve 400 A Cars 300 (millions per year)...
Question 57 3.75 pts Exhibit 2-7 Production possibilities curve 400 A Cars 300 (millions per year) 200 e 100 0 100 200 300 400 Grain (millions of tons per year) For the economy shown in Exhibit 2-7, which of the following is true when the economy Is at point A? Increased grain production would be impossible More cars are being produced than are needed. There must be resources that are not being used fully Some car production must be forgone...
Production Possibilities Curve 10 9 8 7 6 Investment Goods(units per time) 5 4 3 N...
Production Possibilities Curve 10 9 8 7 6 Investment Goods(units per time) 5 4 3 N 1 0 1 1 3 N 4 5 6 7 8 ON 10 Consumer Goods(units per time) Use the figure above to answer the following questions. a. What is the opportunity cost of increasing investment goods from 4 units to 8 units? b. What will happen to future production possibilities if investment decreases now? Production possibilities will c. What will happen to future production...
2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that...
2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that follow using the information in the tables. Although it is not necessary, you may find it beneficial to graph the tables in order to answer the questions. (26 points) New Zealand's Production Possibilities Table (Millions of Bushels) Product Production alternatives B 0 15 10 20 60 Apples Plums 5 Spain's Production Possibilities Table (Millions of Bushels) Product Production alternatives 20 Apples Plums 60 0...
Question 8 Exhibit 2-13 Production possibilities curve Consumption goods Capital goods In Exhibit 2-13, the combination...
Question 8 Exhibit 2-13 Production possibilities curve Consumption goods Capital goods In Exhibit 2-13, the combination of goods given by point H could: never be achieved by this economy be achieved today if the economy achieved full employment be achieved today if the economy achieved maximum efficiency. not be achieved today. be achieved today with the proper allocation of resources, A Moving to another question will save this response.
4. Utilize the following table to construct a Production Possibilities Curve and answer the following questions:...
4. Utilize the following table to construct a Production Possibilities Curve and answer the following questions: Assume you are a plastic goods manufacturer and specializing in making plastic canteens and frisbees, but cannot decide on what output to allocate your resources towards a. Construct a Production Possibilities Curve utilizing the table. (2 Points) b. What is the opportunity cost for the producer for moving from Point C on the graph to point D? (3 Points) c. Due to it being...
explain please 1/1 Figure 3-20 Canada's Production Possibilities Frontier Mexico's Production Possibilities Frontier 2 1 God...
explain please
1/1 Figure 3-20 Canada's Production Possibilities Frontier Mexico's Production Possibilities Frontier 2 1 God Good Y 4 6 + 8 + 10 + + + + + 12 14 16 18 20 + + GoodX 4 6 8 10 12 14 16 18 GevdX Refer to Figure 3-20. Canada would incur an opportunity cost of 6 units of Good X if it increased its production of Good Y by 3 units. 6 units 9 units. 12 units. Correct...
1) A production possibilities curve- seen here assumes which of these? Enlarge Image Production Possibilities Curve...
1) A production possibilities curve- seen here assumes which of these? Enlarge Image Production Possibilities Curve Output of A) Opportunity costs are constant B) Scarcity requires economic choices. The forces of supply are greater than the forces of C) demand. Consumer and military goods can both be made at D) maximum efficiency Out IN 2) The opportunity cost of a move from point A to point Bis A) the increased production of D. B) the increased production of C. the...
Question 54 3.75 pts Exhibit 2-2 Production possibilities curve 10 A 8 Corn om (millions of bushels С 4 --- D 2 - 1 0 2 5 1 3 4 Coffee (millions of bushels) The production possibilities in Exhibit 2-2 indicates that the opportunity cost of cornis Indeterminate Zero decreasing Increasing constant
Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Refer to Figure 3-4. Perry and Jordan ach divides their time equally between writing novels and writing poems, then total production is a novels and 12 poems b. 3 novels and 12 poems c. 6 novels and 24 poems 2 novels and poems QUESTION 23 Suppose a gardener produces both green beans and com in her garden. If she must give up 14 bushels of com to get 5 bushels of green...
Exhibit 2-16 Production possibilities curve Consumption goods 0 1 1TVO 2 3 4 5 6 7 Capital goods 1. In Exhibit 2-16, which of the following points on the production possibilities curve are unattainable with the resources and technology currently available? a. B, C, D, U b. A, B, C, D, U c. E and W d. A, B, C, U e. A, B, C, D In Exhibit 2-16, which of the following points on the production possibilities curve are...
Question 57 3.75 pts Exhibit 2-7 Production possibilities curve 400 A Cars 300 (millions per year) 200 e 100 0 100 200 300 400 Grain (millions of tons per year) For the economy shown in Exhibit 2-7, which of the following is true when the economy Is at point A? Increased grain production would be impossible More cars are being produced than are needed. There must be resources that are not being used fully Some car production must be forgone...
Production Possibilities Curve 10 9 8 7 6 Investment Goods(units per time) 5 4 3 N 1 0 1 1 3 N 4 5 6 7 8 ON 10 Consumer Goods(units per time) Use the figure above to answer the following questions. a. What is the opportunity cost of increasing investment goods from 4 units to 8 units? b. What will happen to future production possibilities if investment decreases now? Production possibilities will c. What will happen to future production...
2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that follow using the information in the tables. Although it is not necessary, you may find it beneficial to graph the tables in order to answer the questions. (26 points) New Zealand's Production Possibilities Table (Millions of Bushels) Product Production alternatives B 0 15 10 20 60 Apples Plums 5 Spain's Production Possibilities Table (Millions of Bushels) Product Production alternatives 20 Apples Plums 60 0...
Question 8 Exhibit 2-13 Production possibilities curve Consumption goods Capital goods In Exhibit 2-13, the combination of goods given by point H could: never be achieved by this economy be achieved today if the economy achieved full employment be achieved today if the economy achieved maximum efficiency. not be achieved today. be achieved today with the proper allocation of resources, A Moving to another question will save this response.
4. Utilize the following table to construct a Production Possibilities Curve and answer the following questions: Assume you are a plastic goods manufacturer and specializing in making plastic canteens and frisbees, but cannot decide on what output to allocate your resources towards a. Construct a Production Possibilities Curve utilizing the table. (2 Points) b. What is the opportunity cost for the producer for moving from Point C on the graph to point D? (3 Points) c. Due to it being...
explain please
1/1 Figure 3-20 Canada's Production Possibilities Frontier Mexico's Production Possibilities Frontier 2 1 God Good Y 4 6 + 8 + 10 + + + + + 12 14 16 18 20 + + GoodX 4 6 8 10 12 14 16 18 GevdX Refer to Figure 3-20. Canada would incur an opportunity cost of 6 units of Good X if it increased its production of Good Y by 3 units. 6 units 9 units. 12 units. Correct...
1) A production possibilities curve- seen here assumes which of these? Enlarge Image Production Possibilities Curve Output of A) Opportunity costs are constant B) Scarcity requires economic choices. The forces of supply are greater than the forces of C) demand. Consumer and military goods can both be made at D) maximum efficiency Out IN 2) The opportunity cost of a move from point A to point Bis A) the increased production of D. B) the increased production of C. the...
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