Homework Answers
C is correct
Opportunity cost is the loss of other alternative when the resources are used for one good.
Here to produce 5 cakes, 10 pies are foregone.
So opportunity cost is 10 pies.
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In
this problem, what is the opportunity cost of producing five cakes?
A)zero cakes
B)zero pies...
Bake Sale On a normal day, David can make 12 cakes or 6 pies. Loren can...
Bake Sale On a normal day, David can make 12 cakes or 6 pies. Loren can make 8 cakes or 6 pies. Question 1: David’s opportunity cost of producing 1 cake is ___ pies. Answer: give up / gain = Question 2: David’s opportunity cost of producing 1 pie is ____ cakes. Answer: Give up / gain = Question 3: Loren’s opportunity cost of producing 1 cake is ___ pies. Answer: give up / gain = Question 4: Loren’s opportunity...
Why is the answer C) for both instead of A) if opportunity cost is what you...
Why is the answer C) for both
instead of A) if opportunity cost is what you give up over what you
make? For question 1 Martha is giving up time making cake to make 1
pie so why would it not be 80/60=4/3 not 3/4? Please explain, thank
you in advance.
12) Refer to the table below. Martha's opportunity cost of making of a pie is: Time to Time to Make a Pie Make a Cake 60 minutes 80 minutes...
1. What is India's opportunity cost of producing one cell phone? 2. What is the USA’s opportunity...
1. What is India's opportunity cost of producing one cell phone? 2. What is the USA’s opportunity cost of producing one cell phone? 3. Which country has a "Comparative Advantage" at producing cell phones? 4. & 5. What will be the Maximum & Minimum ‘Price’ for a cell phone (in terms of tee shirts traded)? Minimum Price: ____ Maximum Price: ____ 6. List one possible “Price” for cell phone, in terms of tee shirts traded, that would make BOTH India &...
9) Opportunity cost is A) the additional cost of buying an additional unit of a product ) the additional cost of pro...
9) Opportunity cost is A) the additional cost of buying an additional unit of a product ) the additional cost of producing an additional unit of output C) a cost that cannot be avoided, regardless of what is done in the future. D) that which we forgo, or give up, when we make a choice or a 10) 10) Consider the following economic agents: a· the government b consumers c producers Who, in a centrally planned economy, decides what goods...
Question 9 If a country has a comparative advantage in producing fish, then they must also...
Question 9 If a country has a comparative advantage in producing fish, then they must also have an absolute advantage in producing fish. True or False Question 11 If John can produce a good in less time than Fred then he has an absolute advantage in producing that good. True or False Question 12 Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an hour. She spends 4 hours per...
What is the average variable cost (AVC) of producing 4 cakes? 1) $80 2) $50 3)...
What is the average variable cost (AVC) of producing 4
cakes?
1) $80
2) $50
3) $40
3) $20
This table describes the cost structure for a firm producing cakes. Fixed Costs, FC Total Costs, TC Average Variable Costs, AVC Average Total Costs, ATC Q (number of cakes produced) 0 1 2 3 Variable Costs, VC 0 40 70 70 40 4 270 5 330
Table 13-12 Betty’s Bakery Quantity of cakes Fixed Cost Variable Cost Total Cost...
Table 13-12 Betty’s Bakery Quantity of cakes Fixed Cost Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $13 $38 2 $28 3 $70 4 $64 5 $110 6 $108 7 $133 8 $185 Refer to Table 13-12. What is the average fixed cost of producing 3 cakes at Betty’s Bakery? a. $5.33 b. $8.33 c. $2.67 d. $1.67
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...
Reference: Ref 11-25 Table: Costs of Birthday Cakes Table: Costs of Birthday Cakes Quantity of cakes...
Reference: Ref 11-25 Table: Costs of Birthday Cakes Table: Costs of Birthday Cakes Quantity of cakes Variable cost, VC 14) (Table: Costs of Birthday Cakes) Use Table: Costs of Birthday Cakes. Assume that fixed costs are $10. (16 points) a) Add a column to the table for Fixed cost, FC, filling out the values for quantity of cakes from 0 through 6. (2 points) b) Create a column for Average Variable Cost, AVC, filling out the values for quantity of...
1. Armand has a weekly budget of $40 which he can spend on magazines and pies....
1. Armand has a weekly budget of $40 which he can spend on magazines and pies. Magazines cost $10 each and a pie is $5. Indicate the opportunity set on (a) Draw Armand's budget constraint on the graph provided. the graph. Magazines Pies (6) Determine if each of the following combinations are in Armand's opportunity set or not. i. Two magazines and four pies ii. One magazines and five pies iii. Three magazines and three ples (c) What is the...
Why is the answer C) for both
instead of A) if opportunity cost is what you give up over what you
make? For question 1 Martha is giving up time making cake to make 1
pie so why would it not be 80/60=4/3 not 3/4? Please explain, thank
you in advance.
12) Refer to the table below. Martha's opportunity cost of making of a pie is: Time to Time to Make a Pie Make a Cake 60 minutes 80 minutes...
9) Opportunity cost is A) the additional cost of buying an additional unit of a product ) the additional cost of producing an additional unit of output C) a cost that cannot be avoided, regardless of what is done in the future. D) that which we forgo, or give up, when we make a choice or a 10) 10) Consider the following economic agents: a· the government b consumers c producers Who, in a centrally planned economy, decides what goods...
What is the average variable cost (AVC) of producing 4
cakes?
1) $80
2) $50
3) $40
3) $20
This table describes the cost structure for a firm producing cakes. Fixed Costs, FC Total Costs, TC Average Variable Costs, AVC Average Total Costs, ATC Q (number of cakes produced) 0 1 2 3 Variable Costs, VC 0 40 70 70 40 4 270 5 330
Reference: Ref 11-25 Table: Costs of Birthday Cakes Table: Costs of Birthday Cakes Quantity of cakes Variable cost, VC 14) (Table: Costs of Birthday Cakes) Use Table: Costs of Birthday Cakes. Assume that fixed costs are $10. (16 points) a) Add a column to the table for Fixed cost, FC, filling out the values for quantity of cakes from 0 through 6. (2 points) b) Create a column for Average Variable Cost, AVC, filling out the values for quantity of...
1. Armand has a weekly budget of $40 which he can spend on magazines and pies. Magazines cost $10 each and a pie is $5. Indicate the opportunity set on (a) Draw Armand's budget constraint on the graph provided. the graph. Magazines Pies (6) Determine if each of the following combinations are in Armand's opportunity set or not. i. Two magazines and four pies ii. One magazines and five pies iii. Three magazines and three ples (c) What is the...
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