Homework Answers
The opportunity cost of producing one more quart of olive oil in Greece = 3/6 = 0.5 pounds of pasta
The opportunity cost of producing one more quart of olive oil in Italy = 12/6 = 2 pounds of pasta
The opportunity cost of producing one more pound of pasta in Greece is = 6/3 = 2 quarts of olive oil
The opportunity cost of producing one more pound of pasta in Italy is = 6/12 = 0.5 quarts of olive oil
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2. The following table shows the hourly output per worker measured as quarts of olive oil...
Output per Hour of Work Olive Oil Pasta Greece 2 1 Italy 3 6 The opportunity...
Output per Hour of Work Olive Oil Pasta Greece 2 1 Italy 3 6 The opportunity cost of producing one more quart of olive oil in Greece is _ pounds of pasta. ?(Enter your response rounded to two decimal? places.) The opportunity cost of producing one more quart of olive oil in Italy is _ pounds of pasta. ?(Enter your response rounded to two decimal? places.) The opportunity cost of producing one more pound of pasta in Greece is _...
hello, I need help with this question please thank you The following table shows the hurly...
hello,
I need help with this question please
thank you
The following table shows the hurly output per worker for Greece and Italy measured as quarts of olive oil and pound of pasta.. Calculate the opportunity cost of producing olive oil and pasta in both Greece and Italy. (In textbook it is Problem 2.7 page 244 in 7th ed: Problem 2.6 in 6th ed) Output per Hour of Work January 3-11 Olive Oil Pasta Greece o.5 pasta 2 olive oil...
Question Help Suppose Italy and Spain produce only cloth and wine. Assume that each country uses only labor to prod...
Question Help Suppose Italy and Spain produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in Italy and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor. Output per Hour of Labor Cloth Wine Italy Spain According to the table, the opportunity cost to Italy of producing one more unit of cloth is...
Use the following table to find the steady-state values of the capital-labor ratio and output if the per-worker product...
Use the following table to find the steady-state values of the capital-labor ratio and output if the per-worker production function is yų = 2593. 0.22 0.07 s 8 n A Saving rate Depreciation rate Population growth rate Technology 0.05 k* = Steady-state capital-labor ratio = (Round your response to two decimal places.) y* = Steady-state output = . (Round your response to two decimal places.)
The following table shows the demand curve facing a monopolist who produces at a constant marginal...
The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $6.00 Price Quantity 0 18 16 2 14 12 6 10 8 10 12 8 6 4 14 2 16 0 18 Calculate the firm's marginal revenue curve. The firm's marginal revenue (MR) curve is A. MR 18-1.00Q B. MR 10 1.00Q C. MR 10-0.50Q O D. MR 18-0.25Q O E. MR 18-2.000 What are the firm's profit-maximizing output and price? The...
The following table shows the demand curve facing a monopolist who produces at a constant marginal...
The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $8.00: Price Quantity 18 16 8 14 16 12 24 10 32 8 40 48 4 56 2 64 0 72 Calculate the firm's marginal revenue curve The firm's marginal revenue (MR) curve is OA. MR 18- 0.500. O B. MR 18-0.250. O C. MR 18-0.08Q. O D. MR 10-0.130. O E. MR 10-0.25Q What are the firm's profit-maximizing output and price?...
The following table shows the demand curve facing a monopolist who produces at a constant marginal...
The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $8.00: Price 18 16 14 12 10 8 6 4 2 0 Quantity 0 4 8 12 16 20 24 28 32 36 Calculate the firm's marginal revenue curve. The firm's marginal revenue (MR) curve is A. MR = 18 - 1.000. B. MR = 10-0.50Q. C. MR = 18 -0.13Q. D. MR = 18 -0.50Q. The firm's profit-maximizing output is 24...
In Exercise 4 in Chapter 2, we examined a vegetable fiber traded in a competitive world...
In Exercise 4 in Chapter 2, we examined a vegetable fiber traded in a competitive world market and imported into the United States at a world price of $4.00 per pound. U.S. domestic supply and demand for various price levels are shown in the following table. U.S. Supply U.S. Demand Price (million pounds) (million pounds) 2.00 4.00 8.00 22 8.00 10.00 10 1 0 12.00 12 4 18 The demand curve is given by 04. Qp = 40.00 -3.00P. OB....
Refer to the table and figure below: Production Possibilities Schedule Α Ι Output of Output of...
Refer to the table and figure below: Production Possibilities Schedule Α Ι Output of Output of Trucks per Day Tanks per Day 5 4. 2.0 3 3.0 3.8 4.5 5.0 2 1 Production Possibilities Curve 5. A Output of Trucks(per day) 1 2 3 4 5 6 Output of Tanks(per day) What is the opportunity cost of the fourth truck produced? Instructions: Enter your response rounded to one decimal place. O tank(s)
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plotof land. The...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
hello,
I need help with this question please
thank you
The following table shows the hurly output per worker for Greece and Italy measured as quarts of olive oil and pound of pasta.. Calculate the opportunity cost of producing olive oil and pasta in both Greece and Italy. (In textbook it is Problem 2.7 page 244 in 7th ed: Problem 2.6 in 6th ed) Output per Hour of Work January 3-11 Olive Oil Pasta Greece o.5 pasta 2 olive oil...
Question Help Suppose Italy and Spain produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in Italy and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor. Output per Hour of Labor Cloth Wine Italy Spain According to the table, the opportunity cost to Italy of producing one more unit of cloth is...
Use the following table to find the steady-state values of the capital-labor ratio and output if the per-worker production function is yų = 2593. 0.22 0.07 s 8 n A Saving rate Depreciation rate Population growth rate Technology 0.05 k* = Steady-state capital-labor ratio = (Round your response to two decimal places.) y* = Steady-state output = . (Round your response to two decimal places.)
The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $6.00 Price Quantity 0 18 16 2 14 12 6 10 8 10 12 8 6 4 14 2 16 0 18 Calculate the firm's marginal revenue curve. The firm's marginal revenue (MR) curve is A. MR 18-1.00Q B. MR 10 1.00Q C. MR 10-0.50Q O D. MR 18-0.25Q O E. MR 18-2.000 What are the firm's profit-maximizing output and price? The...
The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $8.00: Price Quantity 18 16 8 14 16 12 24 10 32 8 40 48 4 56 2 64 0 72 Calculate the firm's marginal revenue curve The firm's marginal revenue (MR) curve is OA. MR 18- 0.500. O B. MR 18-0.250. O C. MR 18-0.08Q. O D. MR 10-0.130. O E. MR 10-0.25Q What are the firm's profit-maximizing output and price?...
The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $8.00: Price 18 16 14 12 10 8 6 4 2 0 Quantity 0 4 8 12 16 20 24 28 32 36 Calculate the firm's marginal revenue curve. The firm's marginal revenue (MR) curve is A. MR = 18 - 1.000. B. MR = 10-0.50Q. C. MR = 18 -0.13Q. D. MR = 18 -0.50Q. The firm's profit-maximizing output is 24...
In Exercise 4 in Chapter 2, we examined a vegetable fiber traded in a competitive world market and imported into the United States at a world price of $4.00 per pound. U.S. domestic supply and demand for various price levels are shown in the following table. U.S. Supply U.S. Demand Price (million pounds) (million pounds) 2.00 4.00 8.00 22 8.00 10.00 10 1 0 12.00 12 4 18 The demand curve is given by 04. Qp = 40.00 -3.00P. OB....
Refer to the table and figure below: Production Possibilities Schedule Α Ι Output of Output of Trucks per Day Tanks per Day 5 4. 2.0 3 3.0 3.8 4.5 5.0 2 1 Production Possibilities Curve 5. A Output of Trucks(per day) 1 2 3 4 5 6 Output of Tanks(per day) What is the opportunity cost of the fourth truck produced? Instructions: Enter your response rounded to one decimal place. O tank(s)
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot
of land. The following table shows the amount of corn and rye each
farmer can produce per year on a given acre. Each farmer chooses
whether to devote all acres to producing corn or rye or to produce
corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to
plot Clancy's production possibilities...
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