Homework Answers
In all the following graphs, PPF0 is the initial PPF, with cars being measured horizontally and grains in tons being measured vertically.
(v) Higher productivity of all workers will increase the output of both grains and cars, and PPF will shift outward in parallel direction, to PPF1 as shown below.
(vi) Higher price of steel, an input to cars, will decrease the production of car and PPF will shift inward only along horizontal axis to PPF1, as shown below.
(vii) Higher efficiency in car production will increase the production of car and PPF will shift outward only along horizontal axis to PPF1, as shown below.
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21) The table below lists six points on the production possibilities frontier for grain and cars...
- 50 days 45/9 Question 40 Below is the production possibilities frontier for Taiwan. It shows...
- 50 days 45/9 Question 40 Below is the production possibilities frontier for Taiwan. It shows that Taiwan is able to produce either 80 tons of caviar or 20 batches of potatoes using all of its available resources. Also suppose that Talwan decides to produce at point A: 40 tons of caviar and 10 batches of potatoes If Taiwan engages in international trade and trades 20 tons of caviar for 11 batches of potatoes with another country, it will be...
Below is a production possibilities table for cars an corn in a small town. Good produced...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
Consider two points on the production possibilities frontier point X, at which there are 100 cars...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton...
Figure 3-12 Argentina's Production Possibilities Frontier Peru's Production Possibilities Frontier 2 Tam (ix 3) + 2...
Figure 3-12 Argentina's Production Possibilities Frontier Peru's Production Possibilities Frontier 2 Tam (ix 3) + 2 + 4 + 6 + 8 + 10 12 14 16 18 20 st ) tam 6 8 10 12 14 16 18 20 a ) Refer to Figure 3-12. If Argentina and Peru each divides its time equally between producing com and fish, then total production is 13 tons of corn and 15 tons of fish. 13 tons of corn and 10 tons...
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...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car1 Ton of...
urgent please Production Possibilities Analysis The table below is a set of hypothetical production possibilities for...
urgent please
Production Possibilities Analysis The table below is a set of hypothetical production possibilities for a nation. . Automobiles Beef Combination (thousands) (thousands of tons) 10 4 0 9-4 10 a. Plot these production possibilities data. What is. the opportunity cost of the first 2,000 automobiles produced? Between which points is the oppor- tunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? b. Label a point P inside the...
1. Draw the Production Possibilities Frontier for the following table and label all points Person A...
1. Draw the Production Possibilities Frontier for the following table and label all points Person A Possibility Pizza Hamburgers 25 20 15 10 6 10 • What is the opportunity cost of 1 Pizza? What is the opportunity cost of 1 hamburger? Label three inefficient points and 3 unattainable points 2. Draw the Production Possibilities Frontier and label all points: Person B Possibility Hamburgers 10 8 B Piura 5 10 15 20 25 C D What is the opportunity cost...
#2 shirt? 2.) The following table shows several points on a small economy's production possibilities boundary...
#2
shirt? 2.) The following table shows several points on a small economy's production possibilities boundary Production of Coffee (in tons) Production of Cars (in thousands) 115 95 70 40 Point (a) [1 point] Starting from point B, what is the opportunity cost of producing 2,000 more cars? (b) [1 point] Starting from point D, what is the opportunity cost of producing 2,000 more cars?
- 50 days 45/9 Question 40 Below is the production possibilities frontier for Taiwan. It shows that Taiwan is able to produce either 80 tons of caviar or 20 batches of potatoes using all of its available resources. Also suppose that Talwan decides to produce at point A: 40 tons of caviar and 10 batches of potatoes If Taiwan engages in international trade and trades 20 tons of caviar for 11 batches of potatoes with another country, it will be...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton...
Figure 3-12 Argentina's Production Possibilities Frontier Peru's Production Possibilities Frontier 2 Tam (ix 3) + 2 + 4 + 6 + 8 + 10 12 14 16 18 20 st ) tam 6 8 10 12 14 16 18 20 a ) Refer to Figure 3-12. If Argentina and Peru each divides its time equally between producing com and fish, then total production is 13 tons of corn and 15 tons of fish. 13 tons of corn and 10 tons...
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...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car1 Ton of...
urgent please
Production Possibilities Analysis The table below is a set of hypothetical production possibilities for a nation. . Automobiles Beef Combination (thousands) (thousands of tons) 10 4 0 9-4 10 a. Plot these production possibilities data. What is. the opportunity cost of the first 2,000 automobiles produced? Between which points is the oppor- tunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? b. Label a point P inside the...
1. Draw the Production Possibilities Frontier for the following table and label all points Person A Possibility Pizza Hamburgers 25 20 15 10 6 10 • What is the opportunity cost of 1 Pizza? What is the opportunity cost of 1 hamburger? Label three inefficient points and 3 unattainable points 2. Draw the Production Possibilities Frontier and label all points: Person B Possibility Hamburgers 10 8 B Piura 5 10 15 20 25 C D What is the opportunity cost...
#2
shirt? 2.) The following table shows several points on a small economy's production possibilities boundary Production of Coffee (in tons) Production of Cars (in thousands) 115 95 70 40 Point (a) [1 point] Starting from point B, what is the opportunity cost of producing 2,000 more cars? (b) [1 point] Starting from point D, what is the opportunity cost of producing 2,000 more cars?
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