Steve can produce $60 worth of goods in market production, and $10 in home production. Bob...
Steve can produce $60 worth of goods in market production, and $10 in home production. Bob can produce $35 worth of goods in market production and $10 in home production. What is Steve's opportunity cost of market production? (Round your answer to two decimals.)
Homework Answers
Ans) Opportunity cost is the cost of something that must be given up to get something else.
Opportunity cost = sacrife ÷ gain
| Steve | Bob | |
| Market | 60 | 35 |
| Home | 10 | 10 |
Steve's opportunity cost of market production = home production sacrificed ÷ market production gained =10÷60 = 0.17
Add Answer to:
Steve can produce $60 worth of goods in market production, and
$10 in home production. Bob...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are outlined below: In one hour of time Bill can make: 7 Cars -or- 35 Computers. In one hour of time Steve can make: 4 Cars -or- 12 Computers. 1. What is Bill's opportunity cost of making one (1) Car? What is Steve's opportunity cost of making one (1) Car? 2. What is Bill's opportunity cost of making one (1) Computer? What is Steve's opportunity...
Home has 1200 units of labor available. It can produce two goods, apples and bananas. The...
Home has 1200 units of labor available. It can produce two goods, apples and bananas. The labor productivity in apple production is 1/3 apples per unit of labor, while in banana production it is 1/2 bananas per unit of labor. Graph Home’s production possibility frontier with apples on the horizontal axis and bananas on the vertical axis. What is the opportunity cost of apples in terms of bananas in Home? In the absence of trade, what would the price of...
In 10 hours, the U.S. can produce 35 bushels of corn. In 7 hours, the U.S....
In 10 hours, the U.S. can produce 35 bushels of corn. In 7 hours, the U.S. can produce 30 bushels of wheat. What is the opportunity cost of producing 1 bushel of corn (in terms of bushels of wheat)? Enter your answer as a fraction OR a number with two decimals. Hint: Calculate how much of each good can be produced in 1 hour, then solve for the amount of foregone wheat when choosing to produce a bushel of corn.
Carrots (pounds) Tomatoes (pounds) 4 or 6 Huey Steve 9 or 1 Huey and Steve can...
Carrots (pounds) Tomatoes (pounds) 4 or 6 Huey Steve 9 or 1 Huey and Steve can grow carrots or tomatoes. The table above shows the pounds of carrots and tomatoes Huey and Steve can grow in a week. For example, if Huey only grows carrots in a week, the maximum he could produce is 4. If Huey only grows tomatoes in a particular week, the maximum he could produce is 6. Based on the table, Huey's opportunity cost of producing...
The "Home" country has 1200 units of labor at its disposal. It can produce two goods:...
The "Home" country has 1200 units of labor at its disposal. It can produce two goods: apples and bananas. To produce 1 kg of apples, 3 units of labor are required, for 1 kg of bananas, 2 units of labor are required. a) Graphically represent the production options curve of Home. b) What is the opportunity cost for the Home of apples in terms of bananas? c) In the absence of trade, what will be the price of apples in...
1. Specialization and Trade Alberto, Bob, and Sichao each produce xylophones and yarn. The daily production...
1. Specialization and Trade Alberto, Bob, and Sichao each produce xylophones and yarn. The daily production possibilities frontiers for each of them are given in the following graphs Alberto's daily PPF Bob's daily PPF Sichao's daily PPF 4 4 4 0 1 2 3 4 5 0 1 2 3 4 5 0 1 2 3 4 5 xylophones ylophones xylophone Circle one.) a. Who has the absolute advantage in the production of xylophones? Alberto Bob Sichao b. Who has...
Suppose Home has 300 units of labor. It can produce two goods, apples and bananas. In...
Suppose Home has 300 units of labor. It can produce two goods,
apples and bananas. In Home a worker can produce 3 apples or 5
bananas.
a. Graph Home's PPF, with apples in the horizontal axis
. b. What is the opportunity cost of apples?
c. In the absence of trade – when Home is isolated ‐ what would
the relative price be?
d. Now suppose there is another country, Foreign, with a labor
force of 200. In Foreign a...
Suppose Home has 300 units of labor. It can produce two goods, apples and bananas. In...
Suppose Home has 300 units of labor. It can produce two goods, apples and bananas. In Home a worker can produce 3 apples or 5 bananas. a. Graph Home's PPF, with apples in the horizontal axis. b. What is the opportunity cost of apples? c. In the absence of trade – when Home is isolated ‐ what would the relative price be? d. Now suppose there is another country, Foreign, with a labor force of 200. In Foreign a worker...
Consider two countries Home and Foreign that can produce two goods, apples and bananas, using labour...
Consider two countries Home and Foreign that can produce two goods, apples and bananas, using labour as the sole production factor. Home and Foreign have, respectively, 2400 and 1600 units of labour available and the unit labour requirements in the production of both goods are as shown in the following table: Home Foreign Apple 6 hours 10 hours Bananas 4 hours 2 hours 1. Construct the world relative supply curve and graph the relative demand curve along with the relative...
Bob is a skilled toy maker who is able to produce both cars and balls. He...
Bob is a skilled toy maker who is able to produce both cars 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.
Suppose Bob is currently using combination D, producing one car
per day. His opportunity cost of producing a second car per day is
_____ per day
A. C1 ball
B. 3 balls
C. 16 balls
D. 19 balls
Now, suppose Bob...
In 10 hours, the U.S. can produce 35 bushels of corn. In 7 hours, the U.S. can produce 30 bushels of wheat. What is the opportunity cost of producing 1 bushel of corn (in terms of bushels of wheat)? Enter your answer as a fraction OR a number with two decimals. Hint: Calculate how much of each good can be produced in 1 hour, then solve for the amount of foregone wheat when choosing to produce a bushel of corn.
Carrots (pounds) Tomatoes (pounds) 4 or 6 Huey Steve 9 or 1 Huey and Steve can grow carrots or tomatoes. The table above shows the pounds of carrots and tomatoes Huey and Steve can grow in a week. For example, if Huey only grows carrots in a week, the maximum he could produce is 4. If Huey only grows tomatoes in a particular week, the maximum he could produce is 6. Based on the table, Huey's opportunity cost of producing...
1. Specialization and Trade Alberto, Bob, and Sichao each produce xylophones and yarn. The daily production possibilities frontiers for each of them are given in the following graphs Alberto's daily PPF Bob's daily PPF Sichao's daily PPF 4 4 4 0 1 2 3 4 5 0 1 2 3 4 5 0 1 2 3 4 5 xylophones ylophones xylophone Circle one.) a. Who has the absolute advantage in the production of xylophones? Alberto Bob Sichao b. Who has...
Suppose Home has 300 units of labor. It can produce two goods,
apples and bananas. In Home a worker can produce 3 apples or 5
bananas.
a. Graph Home's PPF, with apples in the horizontal axis
. b. What is the opportunity cost of apples?
c. In the absence of trade – when Home is isolated ‐ what would
the relative price be?
d. Now suppose there is another country, Foreign, with a labor
force of 200. In Foreign a...
Consider two countries Home and Foreign that can produce two goods, apples and bananas, using labour as the sole production factor. Home and Foreign have, respectively, 2400 and 1600 units of labour available and the unit labour requirements in the production of both goods are as shown in the following table: Home Foreign Apple 6 hours 10 hours Bananas 4 hours 2 hours 1. Construct the world relative supply curve and graph the relative demand curve along with the relative...
Bob is a skilled toy maker who is able to produce both cars 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.
Suppose Bob is currently using combination D, producing one car
per day. His opportunity cost of producing a second car per day is
_____ per day
A. C1 ball
B. 3 balls
C. 16 balls
D. 19 balls
Now, suppose Bob...
Most questions answered within 3 hours.
-
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 15 minutes ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 33 minutes ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 37 minutes ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 1 hour ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 1 hour ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 4 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 5 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 5 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 5 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 5 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 5 hours ago -
A manufacturer of banana chips would like to know whether its
bag filling machine works correctly...
asked 5 hours ago