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10) Pierre can produce either a combination of 20 bow ties and 30 neckties or a...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 5) Refer to Figure 2-1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 6) Refer to Figure 2-1. Point C is A) technically efficient. B) unattainable with current resources....
Suppose that Ned can produce either potato chips or computer chips. If he only produces potato...
Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. What is the opportunity cost of computer chip production in terms of potato chips/computer chip? 3/4 O 112 O 25 Question 6 of 24 > Potato Chips...
Lance can produce either 20 hats or 30 gloves per day. Amy can produce either 15...
Lance can produce either 20 hats or 30 gloves per day. Amy can produce either 15 hats or 5 gloves per day. Lance’s opportunity cost of producing 1 hat is [ Select ] ["20", "0.67", "30", "1.5"] gloves. [ Select ] ["Both of them", "Amy", "Lance", "None of...
Bill can produce either tables or chairs. Bill can work up to 10 hours a day....
Bill can produce either tables or
chairs. Bill can work up to 10 hours a day. His production
possibilities are given in the table below:
1. Construct the production possibilities frontier (PPF) for
Bill. Put tables on the Horizontal axis and chairs on the vertical
axis.
2. What is Bill’s opportunity cost of producing one additional
table?
3. What is Bill’s opportunity cost of producing one additional
chair?
4. Currently Bill is producing 20 tables and 40 chairs.
a. Is...
1. With given resources and technology, a country can produce either 100 million cars or 50...
1. With given resources and technology, a country can produce either 100 million cars or 50 million tons of paper. What is the opportunity cost of producing one ton of paper? a.) 500,000 cars b.) 100 million cars c.) 2 million cars d.) None 2. With its given resources and technology, an economy can produce either 100 units of good Y or 50 units of good X. For each of the following combinations of goods indicate whether the combination is...
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 unit...
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 units of X; if country A produces only good Y, it can produce 10 units of Y. If country B produces only good X, it can produce 40 units of X; if country B produces only good Y, it can produce 40 units of Y. Assume that both countries have homogenous resources so that the opportunity...
Lorenzo is a skilled toy maker who is able to produce both trucks and kites. He...
Lorenzo is a skilled toy maker who is able to produce both
trucks and kites. He has 8 hours a day to produce toys. The
following table shows the daily output resulting from various
possible combinations of his time.
Choice
Hours Producing
Produced
(Trucks)
(Kites)
(Trucks)
(Kites)
A
8
0
4
0
B
6
2
3
11
C
4
4
2
16
D
2
6
1
19
E
0
8
0
20
On the following graph, use the blue points...
Leisure Island has 50 hours of labor a day that it can use to produce entertainment...
Leisure Island has 50 hours of labor a day that it can use to produce entertainment and good food. The table shows the maximum quantity of each good that Leisure Island can produce with different quantities of labor 3. If Leisure Island produces 8 shows and 5 meals a week, do the people of Leisure Island face a tradeoff? o A. Yes, it faces a tradeoff. O B. No, it doesn't face a tradeoff 4. Suppose that Leisure Island produces...
Hubert is a skilled toy maker who is able to produce both trains and kites. He...
Hubert is a skilled toy maker who is able to produce both trains
and kites. He has 8 hours a day to produce toys. The following
table shows the daily output resulting from various possible
combinations of his time.
Suppose Hubert is currently using combination D, producing one
train per day. His opportunity cost of producing a second train per
day is _________ per day.
Now, suppose Hubert is currently using combination C, producing
two trains per day. His opportunity...
Bob is a skilled toy maker who is able to produce both cars and balls. He...
Bob is a skilled toy maker who is able to produce both cars and
balls. He has 8 hours a day to produce toys. The following table
shows the daily output resulting from various possible combinations
of his time.
Suppose Bob is currently using combination D, producing one car
per day. His opportunity cost of producing a second car per day is
_____ per day
A. C1 ball
B. 3 balls
C. 16 balls
D. 19 balls
Now, suppose Bob...
Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. What is the opportunity cost of computer chip production in terms of potato chips/computer chip? 3/4 O 112 O 25 Question 6 of 24 > Potato Chips...
Bill can produce either tables or
chairs. Bill can work up to 10 hours a day. His production
possibilities are given in the table below:
1. Construct the production possibilities frontier (PPF) for
Bill. Put tables on the Horizontal axis and chairs on the vertical
axis.
2. What is Bill’s opportunity cost of producing one additional
table?
3. What is Bill’s opportunity cost of producing one additional
chair?
4. Currently Bill is producing 20 tables and 40 chairs.
a. Is...
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 units of X; if country A produces only good Y, it can produce 10 units of Y. If country B produces only good X, it can produce 40 units of X; if country B produces only good Y, it can produce 40 units of Y. Assume that both countries have homogenous resources so that the opportunity...
Lorenzo is a skilled toy maker who is able to produce both
trucks and kites. He has 8 hours a day to produce toys. The
following table shows the daily output resulting from various
possible combinations of his time.
Choice
Hours Producing
Produced
(Trucks)
(Kites)
(Trucks)
(Kites)
A
8
0
4
0
B
6
2
3
11
C
4
4
2
16
D
2
6
1
19
E
0
8
0
20
On the following graph, use the blue points...
Leisure Island has 50 hours of labor a day that it can use to produce entertainment and good food. The table shows the maximum quantity of each good that Leisure Island can produce with different quantities of labor 3. If Leisure Island produces 8 shows and 5 meals a week, do the people of Leisure Island face a tradeoff? o A. Yes, it faces a tradeoff. O B. No, it doesn't face a tradeoff 4. Suppose that Leisure Island produces...
Hubert is a skilled toy maker who is able to produce both trains
and kites. He has 8 hours a day to produce toys. The following
table shows the daily output resulting from various possible
combinations of his time.
Suppose Hubert is currently using combination D, producing one
train per day. His opportunity cost of producing a second train per
day is _________ per day.
Now, suppose Hubert is currently using combination C, producing
two trains per day. His opportunity...
Bob is a skilled toy maker who is able to produce both cars and
balls. He has 8 hours a day to produce toys. The following table
shows the daily output resulting from various possible combinations
of his time.
Suppose Bob is currently using combination D, producing one car
per day. His opportunity cost of producing a second car per day is
_____ per day
A. C1 ball
B. 3 balls
C. 16 balls
D. 19 balls
Now, suppose Bob...
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