Homework Answers
Ans. Option e - Constant
Opportunity cost of corn is the consumption of Coffee forgone to increase consumption of corn by 1 unit.
As can be seen from the production possibility frontier, for each increase of 2 million bushels of corns consumption, consumption of coffee has to be decreased by 1 million bushels. So, opportunity cost of consumption of corn is constant and is 0.5 bushel of coffee.
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Question 54 3.75 pts Exhibit 2-2 Production possibilities curve 10 A 8 Corn om (millions of...
Exhibit 2-2 Production possibilities curve Com (millions of busheli) - --- 0 1 5 2 3...
Exhibit 2-2 Production possibilities curve Com (millions of busheli) - --- 0 1 5 2 3 4 Coffee (millions of bushes In Exhibit 2-2 the opportunity cost of coffee when moving from A to B is: 2 million bushels of com 6 million bushels of com 8 million bushels of com 14 million bushels of com it is not possible to determine
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...
In the accompanying graph construct a production possibilities curve for a nation with the following maximum...
In the accompanying graph construct a production possibilities curve for a nation with the following maximum output combinations. The Production Possibilities Curve Food ideo Games 0 10 10 16 19 1.) Using the point drawing tool, plot the four output combinations from the table above. Properly label each point. 2.) Using the 4-point curved Nne drewing tool, draw a curve connecting these points. Label this curve Carefuly towow the instructions above, and only draw the required abjects The shape of...
Name: ID: A Exhibit 2-10 Production possibilities curve data Capital goods Consumption goods 23 19 13...
Name: ID: A Exhibit 2-10 Production possibilities curve data Capital goods Consumption goods 23 19 13 1 11. Suppose an economy is faced with the production possibilities table shown in Exhibit 2-10. As additional units of capital goods are being produced, the number of consumption goods produced must because increase; the production possibility table shows only the maximum efficiency points increase; of the law of increasing costs decrease; of the law of increasing costs decrease; of the finite nature of...
just need to check 1 and 3 4: Production Possibilities Schedule Combination Cars Bicycles 220 200...
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
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.
Exhibit 2-1 Production possibilities curv e data Consumption Goods Capital Goods 10 4 4 In Exhibit...
Exhibit 2-1 Production possibilities curv e data Consumption Goods Capital Goods 10 4 4 In Exhibit 2-1, why is the opportunity cost of producing the fourth unit of capital 4 units of consumption goods but ty cost of producing 4 units of capital is 10 units of consumption goods? Because the opportunity cost of capital goods is constant while the opportunity cost of consumption goods is g as this economy moves from more consumption goods to more capital goods. Because...
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...
The following graph shows the production possibilities frontier for the imaginary country of Contente under conditions...
The following graph shows the production possibilities frontier for the imaginary country of Contente under conditions of increasing costs. In the absence of trade, the relative cost of corn in Contente in terms of phones (or the marginal rate of transformation (MRT) of corn into phones) is shown by the slope of line t1, tangent to the production possibilities frontier at point A. 300 270 Consumption After Trade 240 210 180 В с CORN (Bushels) 150 120 90 60 30...
A the production possibilities frontier (PPF) is bowed outward as a result of 1)constant opportunity costs....
A the production possibilities frontier (PPF) is bowed outward as a result of 1)constant opportunity costs. 2)increasing opportunity costs. 3)decreasing opportunity costs. 4)scarcity. 5)choice.
Exhibit 2-2 Production possibilities curve Com (millions of busheli) - --- 0 1 5 2 3 4 Coffee (millions of bushes In Exhibit 2-2 the opportunity cost of coffee when moving from A to B is: 2 million bushels of com 6 million bushels of com 8 million bushels of com 14 million bushels of com it is not possible to determine
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...
In the accompanying graph construct a production possibilities curve for a nation with the following maximum output combinations. The Production Possibilities Curve Food ideo Games 0 10 10 16 19 1.) Using the point drawing tool, plot the four output combinations from the table above. Properly label each point. 2.) Using the 4-point curved Nne drewing tool, draw a curve connecting these points. Label this curve Carefuly towow the instructions above, and only draw the required abjects The shape of...
Name: ID: A Exhibit 2-10 Production possibilities curve data Capital goods Consumption goods 23 19 13 1 11. Suppose an economy is faced with the production possibilities table shown in Exhibit 2-10. As additional units of capital goods are being produced, the number of consumption goods produced must because increase; the production possibility table shows only the maximum efficiency points increase; of the law of increasing costs decrease; of the law of increasing costs decrease; of the finite nature of...
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
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.
Exhibit 2-1 Production possibilities curv e data Consumption Goods Capital Goods 10 4 4 In Exhibit 2-1, why is the opportunity cost of producing the fourth unit of capital 4 units of consumption goods but ty cost of producing 4 units of capital is 10 units of consumption goods? Because the opportunity cost of capital goods is constant while the opportunity cost of consumption goods is g as this economy moves from more consumption goods to more capital goods. Because...
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...
The following graph shows the production possibilities frontier for the imaginary country of Contente under conditions of increasing costs. In the absence of trade, the relative cost of corn in Contente in terms of phones (or the marginal rate of transformation (MRT) of corn into phones) is shown by the slope of line t1, tangent to the production possibilities frontier at point A. 300 270 Consumption After Trade 240 210 180 В с CORN (Bushels) 150 120 90 60 30...
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