Use the data that is posted below to answer the following questions. If your answer has...
Use the data that is posted below to answer the following questions. If your answer has units to it, then please state those units.
|
Production Options |
Sugar beets (tons) |
Wheat (tons) |
|
A |
200 |
0 |
|
B |
180 |
20 |
|
C |
140 |
40 |
|
D |
80 |
60 |
|
E |
0 |
80 |
- a) Graph Production Possibilities Frontier (Curve) for Sugar Beets and Wheat. Put sugar beets on the vertical axis and label that axis Sugar Beets and put wheat on the horizontal axis and label that axis Wheat.
- b) If we are producing 140 tons of beets and 20 tons of wheat, what is the cost of producing 40 more tons of beets?
- c) If we are producing 140 tons of beets and 40 tons of wheat, what is the cost of producing 40 more tons of beets?
- d) Explain why your answers for (b) and (c) above are different. After all in both questions we increased the production of beets by the same 40 tons.
- e) What can we say about the economy currently producing 140 tons of sugar beets and 60 tons of wheat given no change in resources and technology?
- f) Which production option above (A, B, C, D or E) is the best point for this economy to be at? Explain your answer.
Homework Answers
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Use the data that is posted below to answer the following
questions. If your answer has...
Use the data that is posted below to answer the following questions. If your answer has units to ...
Use the data that is posted below to answer the following questions. If your answer has units to it, then please state those units. Production Options Sugar beets (tons) Wheat (tons) A 200 0 B 180 20 C 140 40 D 80 60 E 0 80 a) Graph Production Possibilities Frontier (Curve) for Sugar Beets and Wheat. Put sugar beets on the vertical axis and label that axis Sugar Beets and put wheat on the horizontal axis and label that...
Please use the chart below to answer all questions 2 through 4 on this problem set....
Please use the chart below to answer all questions 2 through 4 on this problem set. Amber's totalAmber's total Meredith's total Meredith s total production of wheat production of corn production of production of wheat corn Devote all time 20 lbs of wheat 0 lbs of corn to producing wheat 10 lbs of wheat 0 lbs of corn Devote all time 0 lbs of wheat 50 lbs of corn 0 lbs of wheat 25 lbs of corn to producing corn...
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Use the following table to answer the question below. Dave's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 160 20 120 40 80 60 40 80 Simon's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 80 40 60 89 40 120 20 160 @ Dave's opportunity cost of producing 1 pound of corn is pound(s) of green beans. pound(s) of green beans. Simon's opportunity cost of producing 1 pound of com is Multiple Choice 1,2 2.12...
Please use the chart below to answer all questions 2 through 4 on this problem set. Amber's totalAmber's total Meredith's total Meredith s total production of wheat production of corn production of production of wheat corn Devote all time 20 lbs of wheat 0 lbs of corn to producing wheat 10 lbs of wheat 0 lbs of corn Devote all time 0 lbs of wheat 50 lbs of corn 0 lbs of wheat 25 lbs of corn to producing corn...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a graph. Military 110 5 10s o 95 15 80 Consumer 0 60 40 35 50 10 20 60 Suppose the Economy is operating at point B. What is the opportunity cost of 10 additional units of consumer goods? Between which points is the opportunity cost of b producing consumer goods at maximum? A combination of 70 units of military goods and 45 units of...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
Use the following to answer questions 40-42: Table: The Production Possibilities for Tractors and Crude Oil Crude oil Country Tractors (thousands of barrels) United States 80 40 Mexico 60 180 40. Look at the table The Production Possibilities for Tractors and Crude Oil. In Mexico the opportunity cost of producing one tractor is thousand barrels of crude oil. A) 3 B) 1/2 C) 2 D) 3/4 E) 1/3 41. Look at the table The Production Possibilities for Tractors and Crude...
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Refer to the information provided in Figure 20.2 below to answer the questions that follow. England The U.S. 80 60 Cars Cars 40 Trucks 20 Trucks Figure 20.2 Refer to Figure 20.2. the theory of comparative advantage suggests that the United States should export both trucks and cars. the United States should import cars and export trucks. England should export both trucks and cars. England should export trucks and import cars. For inferior goods, demand will fall when price decreases...
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