Homework Answers
Answer : Option a) 2 Accordians
Opportunity cost is the cost of the best alternative that you give up in order to get something. Here producing Bag Pipes means giving up on the production of Accordians.
Poland can either produce 75 Bag Pipes or 150 Accordians.
Therefore the opportunity cost of producing Bag Pipes is = (150 / 75) Accordians = 2 Accordians
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According to Table 18.1 below, Poland's opportunity cost of producing Bag pipes is Daily Output of...
answer these 4. will rate after The consumption possibilities curve shows the combinations of goods that...
answer these 4. will rate after
The consumption possibilities curve shows the combinations of goods that can be O consumed by a nation after trading begins. O consumed by a nation before trade begins. O produced by a nation before trading begins. O produced by a nation after trade begins. According to the Table 18.1 below, the possible terms of trade between Scotland and Poland are: Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 O 1...
answer these 4. will rate after According to Table 18.1 below. The opportunity cost of a...
answer these 4. will rate after
According to Table 18.1 below. The opportunity cost of a bagpipe in Scotland is Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 1/2 accordian O 2 accordians. 6 accordions O 1/3 accordion Which of the following organizations has over 152 member nations and oversees the General Agreement on Trade and Tariffs? O World Trade Organization O North American Free Trade Agreement The General Agreement on Tariffs and Trade the European...
You are given the following information on a firm's output and cost. Answer the questions below...
You are given the following information on a firm's output and cost. Answer the questions below based on the table. Total Product Fixed Cost Variable Costs Total Costs 0 $1,000 $0 $ 1 $1,000 $25 $ 2 $1,000 $75 $ 3 $1,000 $150 $ 4 $1,000 $275 $ 5 $1,000 $475 $ 6 $1,000 $775 $ 7 $1,000 $1,225 $ 8 $1,000 $1,925 $ 9 $1,000 $2,925 $ 10 $1,000 $4,375 $ Part A: Complete the Total Cost Column in...
For the firm described in the table below, what is the marginal cost of producing the...
For the firm described in the table below, what is the marginal cost of producing the 4th flashlight? Variable Cost ($) Quantity of Fixed Cost Flashlights ($) 0 20 20 2 20 - 15 2. 25 3 20 37 4 20 52 $12 $20 $15 ☺ ☺ ☺ $37 $52 If the firm described in the table below produces 3 flashlights, what is the average cost per unit, in dollars? Variable Cost ($) Quantity of Fixed Cost Flashlights 0 20...
2 3 and 4 b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production f...
2 3 and 4
b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $25 per unit. Complete the following table, and answer the questions below; 2. 1 5 10 5 30 3 5 60...
This table shows the total costs for various levels of output for a firm operating in...
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market Price Quantity TC $500 $10.00 $50 1 $20.00 $27.50 $50 3 $77.50 $50 4 $147.50 $50 5 $250.00 $50 2 According to the table shown, what is the firm's marginal cost from producing the 2nd unit? $27.50 $7.50 $20.00 $10.00 This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market....
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170...
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170 $50 230 $50 240 $50 Variable Cost $0 $20 $40 $60 $80 Total Cost $50 $70 $90 $110 $130 Refer to Table B. At which number of workers does diminishing marginal product begin? 1 O2 03 04
5. Opportunity cost and production possibiliies Edison is a skilled toy maker who is able to...
5. Opportunity cost and production possibiliies Edison is a skilled toy maker who is able to produce both trucks 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. Hours Producing Produced Choice (Trucks) (Balls) Trucks) (Balls) 8 0 4 03 6 2 16 19 20 6 8 (0 On the following graph, use the blue points (circle symbol) to plot Edison's initial production...
Question 5: (5 points) Using the PPC table below, calculate the opportunity cost of producing one...
Question 5: (5 points) Using the PPC table below, calculate the opportunity cost of producing one more of one good in terms of the other (as asked below), between each point (between A & B; B & C; etc.). Don't Include the negative sign or the words 'Capital' or 'Consumer' Combination Consumer Capital A 0 653 B 160 640 C 320 599 D 480 523 E 640 392 F 800 0 1. What is the opportunity cost of one consumer...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
answer these 4. will rate after
The consumption possibilities curve shows the combinations of goods that can be O consumed by a nation after trading begins. O consumed by a nation before trade begins. O produced by a nation before trading begins. O produced by a nation after trade begins. According to the Table 18.1 below, the possible terms of trade between Scotland and Poland are: Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 O 1...
answer these 4. will rate after
According to Table 18.1 below. The opportunity cost of a bagpipe in Scotland is Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 1/2 accordian O 2 accordians. 6 accordions O 1/3 accordion Which of the following organizations has over 152 member nations and oversees the General Agreement on Trade and Tariffs? O World Trade Organization O North American Free Trade Agreement The General Agreement on Tariffs and Trade the European...
For the firm described in the table below, what is the marginal cost of producing the 4th flashlight? Variable Cost ($) Quantity of Fixed Cost Flashlights ($) 0 20 20 2 20 - 15 2. 25 3 20 37 4 20 52 $12 $20 $15 ☺ ☺ ☺ $37 $52 If the firm described in the table below produces 3 flashlights, what is the average cost per unit, in dollars? Variable Cost ($) Quantity of Fixed Cost Flashlights 0 20...
2 3 and 4
b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $25 per unit. Complete the following table, and answer the questions below; 2. 1 5 10 5 30 3 5 60...
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market Price Quantity TC $500 $10.00 $50 1 $20.00 $27.50 $50 3 $77.50 $50 4 $147.50 $50 5 $250.00 $50 2 According to the table shown, what is the firm's marginal cost from producing the 2nd unit? $27.50 $7.50 $20.00 $10.00 This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market....
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170 $50 230 $50 240 $50 Variable Cost $0 $20 $40 $60 $80 Total Cost $50 $70 $90 $110 $130 Refer to Table B. At which number of workers does diminishing marginal product begin? 1 O2 03 04
5. Opportunity cost and production possibiliies Edison is a skilled toy maker who is able to produce both trucks 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. Hours Producing Produced Choice (Trucks) (Balls) Trucks) (Balls) 8 0 4 03 6 2 16 19 20 6 8 (0 On the following graph, use the blue points (circle symbol) to plot Edison's initial production...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
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