Homework Answers
As we move from production of 1 widget to the production of 2 widgets, the number of gizmos on the vertical axis will fall from around 8 to 7.75 units. Thus, the opportunity cost of the second widget is less than 0.5 gizmos.
Thus, Option B is correct.
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according to the graph of the production possibilities
frontier, what is the opportunity cost of the...
According to the graph of the production possibilities frontier, what is the opportunity cost of the...
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one unattainable point to an efficient point on the frontier. as we move from an inefficient point to the origin. as we move from one point on the frontier to another point on the frontier. at any one single point on the graph. as we move from the origin to any inefficient point.
Please answer both questions, with an explanation Suppose the given production possibilities frontier (PPF) graph shows...
Please answer both questions, with an explanation
Suppose the given production possibilities frontier (PPF) graph shows the fictitious country of Ruritania currently producing at the point labeled Start. If a decision is reached to provide more public goods, to which point will Ruritania move? O D O c O B Start С What is the opportunity cost of that decision? O There is no opportunity cost since the economy is still producing on the PPF. Public goods The private goods...
production possibilities frontier
Using the production possibilities frontier below, complete the following questions. (a) Calculate the opportunity cost of point A move to point B. (2 marks) (b) Calculate the opportunity cost of point C move to point D. (2 marks) (c) Illustrate and explain what would happen to the production possibilities frontier if there were a technological breakthrough in producing tubas. ...
The economy produces computers and shoes. The production possibilities frontier as the flowing shape: . Production...
The economy produces computers and shoes. The production possibilities frontier as the flowing shape: . Production Possibilities Frontier Producon FOSSIMO 07 As shoe production increases: The opportunity cost of computers in terms of shoes will increase. The opportunity cost of computers in terms of shoes will stay the same. The opportunity cost of shoes in terms of computers will stay the sam The opportunity cost of shoes in terms of computers will increase.
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
20 When a production possibilities frontier is bowed outward, the opportunity cost of the second good...
20 When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced. a. True b. False
QUESTION 10 A production possibilities frontier with increasing opportunity cost is considered and one with constant...
QUESTION 10 A production possibilities frontier with increasing opportunity cost is considered and one with constant opportunity cost is considered A concave, convex OB.convex, concave. C.concave, a straight line. Dvertical; horizontal QUESTION 11 The idea that all income ultimately goes to households, which then use it to buy goods and services from firms, is a central idea of the A production possibilities frontier B. supply and demand model C. circular flow diagram D.classical model
1. A production possibilities frontier will have a curved or “bowed out” shape if: opportunity costs...
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
Please answer both questions, with an explanation
Suppose the given production possibilities frontier (PPF) graph shows the fictitious country of Ruritania currently producing at the point labeled Start. If a decision is reached to provide more public goods, to which point will Ruritania move? O D O c O B Start С What is the opportunity cost of that decision? O There is no opportunity cost since the economy is still producing on the PPF. Public goods The private goods...
The economy produces computers and shoes. The production possibilities frontier as the flowing shape: . Production Possibilities Frontier Producon FOSSIMO 07 As shoe production increases: The opportunity cost of computers in terms of shoes will increase. The opportunity cost of computers in terms of shoes will stay the same. The opportunity cost of shoes in terms of computers will stay the sam The opportunity cost of shoes in terms of computers will increase.
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
QUESTION 10 A production possibilities frontier with increasing opportunity cost is considered and one with constant opportunity cost is considered A concave, convex OB.convex, concave. C.concave, a straight line. Dvertical; horizontal QUESTION 11 The idea that all income ultimately goes to households, which then use it to buy goods and services from firms, is a central idea of the A production possibilities frontier B. supply and demand model C. circular flow diagram D.classical model
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
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