Homework Answers
Production at point A: 3 units of Good X and 70 units of Good Y
Production at point B: 6 units of Good X and 50 units of Good Y
If the given economy/firm produces 3 additional units of Good X at point A, then the production point moves to point B.
At point B, only 50 units of Good Y can be produced using the remaining resources after producing 6 units of Good X.
Hence, in order to increase the production of Good X by 3 units, (70-50=) 20 units of Good Y must be foregone.
Therefore, the opportunity cost of producing 3 more units of Good X at point A is 20 units of Good Y
Ans: D) is 20 units of Good Y
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....
explain please 1/1 Figure 3-20 Canada's Production Possibilities Frontier Mexico's Production Possibilities Frontier 2 1 God...
explain please
1/1 Figure 3-20 Canada's Production Possibilities Frontier Mexico's Production Possibilities Frontier 2 1 God Good Y 4 6 + 8 + 10 + + + + + 12 14 16 18 20 + + GoodX 4 6 8 10 12 14 16 18 GevdX Refer to Figure 3-20. Canada would incur an opportunity cost of 6 units of Good X if it increased its production of Good Y by 3 units. 6 units 9 units. 12 units. Correct...
Question 4 Figure 2-16 120 110+ A 100 C 90 D 80 70 60 50 40...
Question 4 Figure 2-16 120 110+ A 100 C 90 D 80 70 60 50 40 30 20 10 10 20 30 40 60 60 70 80 90 100 Widgets Refer to Figure 2-16. The opportunity cost of obtaining approximately 20 additional gadgets by moving from point B to point C is O 0 widgets. 10 widgets. 20 widgets none of the above; the economy cannot move from pointB to point C.
Figure 2-3 100 90 С 80 70 А DRYERS 60 50 D B 40 30 20...
Figure 2-3 100 90 С 80 70 А DRYERS 60 50 D B 40 30 20 10 10 20 30 40 50 60 70 80 90 100 WASHERS Refer to Figure 2-3. This economy cannot currently produce 70 washers and 70 dryers because ООО a. consumers don't want that many washers and dryers. b. it is not using all of its resources c. it is not using the most efficient production process. d. it does not have the resources and...
$20 ATC 15 10 5 0 10 20 30 40 50 Quantity 60 70 80 Refer...
$20 ATC 15 10 5 0 10 20 30 40 50 Quantity 60 70 80 Refer to the diagram showing the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, this firm's economic profit: is zero is $400 O is $200 cannot be determined from the information provided.
QUESTION 15 Figure 6-6 Tarice 10 20 30 40 50 60 70 80 quantity Refer to...
QUESTION 15 Figure 6-6 Tarice 10 20 30 40 50 60 70 80 quantity Refer to Figure 6-6. If the government imposes a price ceiling of $8 on this market, then there will be O a. a shortage of 10 units. O b. a shortage of 20 units. O c. no shortage. O d. a shortage of 40 units.
QUESTION 1 Figure 2-5 100 90 80 70 60 50 40 30 20 10 10 20...
QUESTION 1 Figure 2-5 100 90 80 70 60 50 40 30 20 10 10 20 30 40 50 60 70 80 washe Refer to Figure 2-5. It is possible for this economy to produce O a. 60 dryers and 50 washers. b. 60 dryers and 60 washers. c. 80 dryers and 50 washers. O d. All of the above.
Question 6 (2 points) United States France Cologne Perfume Perfume 120 80 40 0 0 10...
Question 6 (2 points) United States France Cologne Perfume Perfume 120 80 40 0 0 10 20 30 Cologne 60 40 20 0 0 20 40 60 12 points 6. What is the opportunity cost of Cologne in U.S.? in France 1 perfume : 4 perfumes 4 perfumes : 1 perfume 1 perfume : 1/4 perfume 1/4 perfume : 1 perfume 25 Question 7 (2 points) United States France Cologne Perfume 120 80 40 0 0 10 20 30 Cologne...
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100...
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100 Quantity Refer to Figure 6-32. Which of following statements is true based upon the conditions in the market? a shortage will develop when a price ceiling is imposed at a price of S10. a surplus will develop when a price floor is imposed at a price of $8. a surplus will develop when a price floor is imposed at a price of $12. a...
Butter Guns 100 90 50 Given the table above and assume that guns are represented on...
Butter Guns 100 90 50 Given the table above and assume that guns are represented on the Y axis and butter on the X axis. Which of the following question is true. This PPF is a straight line constant cost model. O The opportunity cost of increasing butter from 4 units to 5 units is 5 units of guns. O The opportunity cost of moving from 2 butter to 3 butter is 15 units of guns. We were unable to...
explain please
1/1 Figure 3-20 Canada's Production Possibilities Frontier Mexico's Production Possibilities Frontier 2 1 God Good Y 4 6 + 8 + 10 + + + + + 12 14 16 18 20 + + GoodX 4 6 8 10 12 14 16 18 GevdX Refer to Figure 3-20. Canada would incur an opportunity cost of 6 units of Good X if it increased its production of Good Y by 3 units. 6 units 9 units. 12 units. Correct...
Question 4 Figure 2-16 120 110+ A 100 C 90 D 80 70 60 50 40 30 20 10 10 20 30 40 60 60 70 80 90 100 Widgets Refer to Figure 2-16. The opportunity cost of obtaining approximately 20 additional gadgets by moving from point B to point C is O 0 widgets. 10 widgets. 20 widgets none of the above; the economy cannot move from pointB to point C.
Figure 2-3 100 90 С 80 70 А DRYERS 60 50 D B 40 30 20 10 10 20 30 40 50 60 70 80 90 100 WASHERS Refer to Figure 2-3. This economy cannot currently produce 70 washers and 70 dryers because ООО a. consumers don't want that many washers and dryers. b. it is not using all of its resources c. it is not using the most efficient production process. d. it does not have the resources and...
$20 ATC 15 10 5 0 10 20 30 40 50 Quantity 60 70 80 Refer to the diagram showing the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, this firm's economic profit: is zero is $400 O is $200 cannot be determined from the information provided.
QUESTION 15 Figure 6-6 Tarice 10 20 30 40 50 60 70 80 quantity Refer to Figure 6-6. If the government imposes a price ceiling of $8 on this market, then there will be O a. a shortage of 10 units. O b. a shortage of 20 units. O c. no shortage. O d. a shortage of 40 units.
QUESTION 1 Figure 2-5 100 90 80 70 60 50 40 30 20 10 10 20 30 40 50 60 70 80 washe Refer to Figure 2-5. It is possible for this economy to produce O a. 60 dryers and 50 washers. b. 60 dryers and 60 washers. c. 80 dryers and 50 washers. O d. All of the above.
Question 6 (2 points) United States France Cologne Perfume Perfume 120 80 40 0 0 10 20 30 Cologne 60 40 20 0 0 20 40 60 12 points 6. What is the opportunity cost of Cologne in U.S.? in France 1 perfume : 4 perfumes 4 perfumes : 1 perfume 1 perfume : 1/4 perfume 1/4 perfume : 1 perfume 25 Question 7 (2 points) United States France Cologne Perfume 120 80 40 0 0 10 20 30 Cologne...
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100 Quantity Refer to Figure 6-32. Which of following statements is true based upon the conditions in the market? a shortage will develop when a price ceiling is imposed at a price of S10. a surplus will develop when a price floor is imposed at a price of $8. a surplus will develop when a price floor is imposed at a price of $12. a...
Butter Guns 100 90 50 Given the table above and assume that guns are represented on the Y axis and butter on the X axis. Which of the following question is true. This PPF is a straight line constant cost model. O The opportunity cost of increasing butter from 4 units to 5 units is 5 units of guns. O The opportunity cost of moving from 2 butter to 3 butter is 15 units of guns. We were unable to...
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