Homework Answers
b) it can be mentioned that if there is an improvement in technology of laptops but not mountain bikes then what happens is that at the same quantity of mountain bikes you can produce more laptops as a result of which there will be a movement along the laptops towards right it at the same quantity of mountain bikes as shown in the figure above
c) the improvement of technology of laptops now you have to produce one mountain bike means you have to give up more laptops as a result of which the opportunity cost of producing mountain bikes increases on the whole
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2. A small country produces only two goods, Laptops and Mountain Bikes. Given its limited resources,...
A small country produces only two goods, cars and computers. Given its limited resources, this country...
A small country produces only two goods, cars and computers. Given its limited resources, this country has the following production possibilities: Cars Computers 0 200 25 180 50 130 75 70 100 0 Draw the PPF. Suppose car production uses mainly machines (capital) and computer production uses mainly labor. Show what happens to the PPF when the amount of capital increases but labor remains unchanged.
Suppose that country A produces two goods under conditions of constant opportunity costs. Given its resources,...
Suppose that country A produces two goods under conditions of constant opportunity costs. Given its resources, the maximum S that it can make is 1000 units, and the opportunity cost of making T is 2 units of S. What is the maximum amount of T that it can produce? Draw a production possibility frontier (PPF) for country A.
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Average Total Cost (Dollars per bike) Q = 150 200 120 160 Number...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However,...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of factories Q = 50 180 270 360 Q = 100 100...
Please answer the following questions: Suppose that Leisureland produces only two goods-food and sunscreen. The table...
Please answer the following questions: Suppose that Leisureland produces only two goods-food and sunscreen. The table gives its production possibilities. Food (lbs/month) Sunscreen (lbs/month) 300 and 0 200 and 50 100 and 100 0 and 150 1)Draw a graph of Leisureland's production possibility frontier. 2)What are the opportunity costs of producing food and sunscreen in Leisureland? List them at each output given in the table. 3)Why are the opportunity costs the same at each output level? Busyland also produces only...
A small country produces only milk and hats and its production possibilities frontier is shown in...
A small country produces only milk and hats and its production
possibilities frontier is shown in the table above.
a. The nation is currently
producing at point B. What is the opportunity cost of
producing two additional gallons of milk? At point C? At
point D? What do your results show?
b. Suppose the nation is
initially producing 4 gallons of milk and 80 hats. What is the
opportunity cost of producing 2 additional gallons of milk? Explain
your answer....
Assume that your company produces two goods: laptops and tablets. Assume also that your company has limited resourc...
Assume that your company produces two goods: laptops and tablets. Assume also that your company has limited resources (including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tablet team holds to old methods. Given the change, you can Select one: a. only increase your production of laptops. b. only increase your production of tablets. c. increase your production of both items. d. not increase...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Average Total Cost (Dollars per bike) Number of Factories Q= 50 220 310...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of factories Q = 100 440 620 800 Q = 200 280...
Suppose that country A produces two goods under conditions of constant opportunity costs. Given its resources, the maximum S that it can make is 1000 units, and the opportunity cost of making T is 2 units of S. What is the maximum amount of T that it can produce? Draw a production possibility frontier (PPF) for country A.
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Average Total Cost (Dollars per bike) Q = 150 200 120 160 Number...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of factories Q = 50 180 270 360 Q = 100 100...
A small country produces only milk and hats and its production
possibilities frontier is shown in the table above.
a. The nation is currently
producing at point B. What is the opportunity cost of
producing two additional gallons of milk? At point C? At
point D? What do your results show?
b. Suppose the nation is
initially producing 4 gallons of milk and 80 hats. What is the
opportunity cost of producing 2 additional gallons of milk? Explain
your answer....
Assume that your company produces two goods: laptops and tablets. Assume also that your company has limited resources (including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tablet team holds to old methods. Given the change, you can Select one: a. only increase your production of laptops. b. only increase your production of tablets. c. increase your production of both items. d. not increase...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Average Total Cost (Dollars per bike) Number of Factories Q= 50 220 310...
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of factories Q = 100 440 620 800 Q = 200 280...
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