Homework Answers
Julia can earn $50 per hour doing some other work while she gets paid $45 per hour if she fixes a meal. Hence, she would not accept to fix the meal
Jacque can earn $40 for 2 hours doing some other work while she can earn $45 in 2 hours for fixing one meal. Hence, she would choose to fix he meal as her opportunity cost is lower.
Hence, only Jacque will be better off.
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3. Julia can fix a meal in 1 hour, and her opportunity cost of one hour...
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the...
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is$20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals? Explain.
Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour,...
Suppose Martha and Julia both work at a bakery making
bread and muffins. In an hour, Martha can either make 10 loaves of
bread or 40 muffins, while Julia can either make 12 loaves of bread
or 60 muffins. Both Martha and Julia work 8 hours a
day.
C. What is the opportunity cost to each of making one loaf of bread? Martha's opportunity cost of making a loaf of bread muffin:s Julia's opportunity cost of making a loaf of...
Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour,...
Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. a. Draw Martha's daily PPC. Instructions: Use the tool provided to draw Martha's PPC curve. Plot only the endpoints and locate these endpoints on the axes of the diagram. b. Draw Julia's...
3. Opportunity cost and production possibilities Becky is a skilled toy maker who is able to...
3. Opportunity cost and production possibilities Becky is a skilled toy maker who is able to produce both cars and balls. She has 8 hours a day to produce toys. The following table shows the output resulting from various possible combinations of her time Hours ProducingProduced Choice (Cars) (Balls) (Cars) (Balls) 2 10 16 18 19 On the following graph, use the blue points (circle symbol) to plot Becky's initial production possibilities frontier (PPF). 30 T 25 Initial PPF 20...
Suppose Janet is currently using combination D, producing one boat per day. Her opportunity cost of...
Suppose Janet is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is 3 balls per day Now, suppose Janet is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is 6 balls per day. From the previous analysis, you can determine that as Janet increases her production of boats, her opportunity cost of producing one more boat Suppose Janet...
5. Opportunity cost and production possibilities Sam is a skilled toy maker who is able to...
5. Opportunity cost and production possibilities Sam is a skilled toy maker who is able to produce both boats and drums. 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 (Boats) (Drums) (Boats) (Drums) 4 12 17 19 20 4 4 6 ES 20 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who is able to produce both boats and drums. 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 (Boats) (Drums) (Boats) (Drums) 4 10 4 4 16 18 19 On the following graph, use the blue points (circle symbol) to plot Eric's initial...
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...
5. Opportunity cost and production possibilities Shen is a skilled toy maker who is able to...
5. Opportunity cost and production possibilities Shen is a skilled toy maker who is able to produce both boats and puzzles. 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 (Boats) (Puzzles) Produced (Boats) (Puzzles) On the following graph, use the blue points (circle symbol) to plot Shen's initial production possibilities frontier (PPF). Suppose Shen is currently using combination D, producing one...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. urs Pr oducin Produced 6 4 4 6 8 10 16 19 20 0 0 On the following graph, use the blue points (circle symbol) to plot Ana's initial production possibilities frontier (PPF) Inital PP...
Suppose Martha and Julia both work at a bakery making
bread and muffins. In an hour, Martha can either make 10 loaves of
bread or 40 muffins, while Julia can either make 12 loaves of bread
or 60 muffins. Both Martha and Julia work 8 hours a
day.
C. What is the opportunity cost to each of making one loaf of bread? Martha's opportunity cost of making a loaf of bread muffin:s Julia's opportunity cost of making a loaf of...
3. Opportunity cost and production possibilities Becky is a skilled toy maker who is able to produce both cars and balls. She has 8 hours a day to produce toys. The following table shows the output resulting from various possible combinations of her time Hours ProducingProduced Choice (Cars) (Balls) (Cars) (Balls) 2 10 16 18 19 On the following graph, use the blue points (circle symbol) to plot Becky's initial production possibilities frontier (PPF). 30 T 25 Initial PPF 20...
Suppose Janet is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is 3 balls per day Now, suppose Janet is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is 6 balls per day. From the previous analysis, you can determine that as Janet increases her production of boats, her opportunity cost of producing one more boat Suppose Janet...
5. Opportunity cost and production possibilities Sam is a skilled toy maker who is able to produce both boats and drums. 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 (Boats) (Drums) (Boats) (Drums) 4 12 17 19 20 4 4 6 ES 20 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who is able to produce both boats and drums. 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 (Boats) (Drums) (Boats) (Drums) 4 10 4 4 16 18 19 On the following graph, use the blue points (circle symbol) to plot Eric's initial...
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...
5. Opportunity cost and production possibilities Shen is a skilled toy maker who is able to produce both boats and puzzles. 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 (Boats) (Puzzles) Produced (Boats) (Puzzles) On the following graph, use the blue points (circle symbol) to plot Shen's initial production possibilities frontier (PPF). Suppose Shen is currently using combination D, producing one...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. urs Pr oducin Produced 6 4 4 6 8 10 16 19 20 0 0 On the following graph, use the blue points (circle symbol) to plot Ana's initial production possibilities frontier (PPF) Inital PP...
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