Homework Answers
Graph
1) at D, opportunity cost
of additional train = 3 drums
2) at C, opportunity cost = 6 drums
3) opportunity cost of producing trains rises/ Increase
Graph, PPF rotates outwards
4) opportunity cost of producing drums is higher than it was earlier
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Amy is a skilled toy maker who is able to produce both trains and drums. She...
Amy is a skilled toy maker who is able to produce both trains and puzzles. She has 8 hours a day to produce toys.
4. Opportunity cost and production possibilities Amy is a skilled toy maker who is able to produce both trains and puzzles. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time.On the following graph, use the blue points (circle symbol) to plot Amy's initial production possibilities frontier (PPF). Suppose Amy is currently using combination D, producing one train per day. Her opportunity cost of producing a second train...
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4. Opportunity cost and production possibilities Latasha is a skilled toy maker who is able to produce both trains 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.On the following graph, use the blue points (circle symbol to plot Latasha's initial production possibilities frontier (PPF) Suppose Latasha is currently using combination D, producing one train per day. Her opportunity cost of producing a second train...
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Hubert is a skilled toy maker who is able to produce both trains and kites. He...
Hubert is a skilled toy maker who is able to produce both trains
and kites. He has 8 hours a day to produce toys. The following
table shows the daily output resulting from various possible
combinations of his time.
Suppose Hubert is currently using combination D, producing one
train per day. His opportunity cost of producing a second train per
day is _________ per day.
Now, suppose Hubert is currently using combination C, producing
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Gilberto is a skilled toy maker who is able to produce both trains and kites. He has 8 hours a day to produce toys.
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Hubert is a skilled toy maker who is able to produce both trains
and kites. He has 8 hours a day to produce toys. The following
table shows the daily output resulting from various possible
combinations of his time.
Suppose Hubert is currently using combination D, producing one
train per day. His opportunity cost of producing a second train per
day is _________ per day.
Now, suppose Hubert is currently using combination C, producing
two trains per day. His opportunity...
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