If Mark spends a day, he can produce 1 pound of tea or 1 tray of...
Homework Answers
opportunity cost is the amount forgone to produce one unit of good
Opportunity cost for Mark for 1 tray of biscuits = 1 pound of tea
Opportunity cost for Zach for 1 tray of biscuits = 3/2 = 1.5 pound of tea
Opportunity cost for Broden for 1 tray of biscuit = 1/3= 0.33 pounds of tea.
Opportunity cost for Mary for 1 tray of biscuits = 1 pound of tea Opportunity cost...
Opportunity cost for Mary for 1 tray of biscuits = 1 pound of tea Opportunity cost for Zoe for 1 tray of biscuits = 3/2=1.5 pounds of tea Opportunity cost for Bill for 1 tray of biscuits = 1/3 = 0.33 pounds of tea If someone wanted to trade with them at the rate of 2 trays of biscuits for 1 pound of tea and is happy to buy or sell each of the goods, should Mary, Zoe or Bill...
In any given month, Mark can produce 58 baseballs and Katie can produce 25 baseballs. Alternatively,...
In any given month, Mark can produce 58 baseballs and Katie can produce 25 baseballs. Alternatively, Mark can produce 94 bats and Katie can produce 15 bats. What is Mark’s opportunity cost of producing 30 bats? Round your answer to two (2) decimal places
Gilberto is a skilled toy maker who is able to produce both trains and kites. He has 8 hours a day to produce toys.
Opportunity cost and production possibilities Gilberto 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. Hours ProducingProducedChoice(Trains)(Kites)(Trains)(Kites)A8040B62310C44216D26119E08020On the following graph, use the blue points (circle symbol) to plot Gilberto's initial production possibilities frontier (PPF). Suppose Gilberto is currently using combination D, producing one train per day. His opportunity cost of producing a second train...
Suppose that Greece and Austria both produce fish and cheese. Greece's opportunity cost of producing a pound of cheese is 4 pounds of fish while
3. Terms of trade Suppose that Greece and Austria both produce fish and cheese. Greece's opportunity cost of producing a pound of cheese is 4 pounds of fish while Austria's opportunity cost of producing a pound of cheese is 10 pounds of fish. By comparing the opportunity cost of producing cheese in the two countries, you can tell that _______ has a comparative advantage in the production of cheese and _______ has a comparative advantage in the production of fish. Suppose that Greece and Austria...
Tom and Mark are stranded on an island. If Tom rounds up horses all day, he...
Tom and Mark are stranded on an island. If Tom rounds up horses all day, he can lasso 12 horses. If Tom catches pigs all day, the maximum he can catch is 24. He can also produce any linear combination of the animals above. Mark can round up 36 if he rounds up horses all day. Mark can catch 18 pigs if he catches pigs all day. Mark, like Tom, can produce any linear combination of horses and pigs. 1....
Bill can produce either tables or chairs. Bill can work up to 10 hours a day....
Bill can produce either tables or
chairs. Bill can work up to 10 hours a day. His production
possibilities are given in the table below:
1. Construct the production possibilities frontier (PPF) for
Bill. Put tables on the Horizontal axis and chairs on the vertical
axis.
2. What is Bill’s opportunity cost of producing one additional
table?
3. What is Bill’s opportunity cost of producing one additional
chair?
4. Currently Bill is producing 20 tables and 40 chairs.
a. Is...
Justin's farm can produce 5 pounds of apples or 21 pounds of pears in one hour....
Justin's farm can produce 5 pounds of apples or 21 pounds of pears in one hour. Samantha's farm can produce 7 pounds of apples or 34 pounds of pears in one hour. What is Samantha's opportunity cost of producing 1 pound of pears? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up. Your Answer: Answer units
Sophia spends all her money on gummy worms and apps for her smartphone. A pound of...
Sophia spends all her money on gummy worms and apps for her smartphone. A pound of gummy worms and a smartphone app each cost $2 Sophia's parents giver an allowance of $80 and 2 pounds of gummy worms each month. Draw her opportunity set, assuming that she cannot sell the gummy worms to her friends. How does her opportunity set change if she can sell the gummy worms at the market price of $2?
Jane and Brad both produce nuts and coffee. They each prefer toconsume a diet that...
Jane and Brad both produce nuts and coffee. They each prefer to consume a diet that is half nuts and half coffee. Both have access to the same resources. If Jane focuses on producing only coffee, she can produce 20 pounds of coffee in a week. If she only produces nuts, she can produce 40 pounds of nuts in a week. Brad can produce a maximum of 15 pounds of coffee in a week. He could also choose to produce...
Lorenzo is a skilled toy maker who is able to produce both trucks and kites. He...
Lorenzo is a skilled toy maker who is able to produce both
trucks 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.
Choice
Hours Producing
Produced
(Trucks)
(Kites)
(Trucks)
(Kites)
A
8
0
4
0
B
6
2
3
11
C
4
4
2
16
D
2
6
1
19
E
0
8
0
20
On the following graph, use the blue points...
Bill can produce either tables or
chairs. Bill can work up to 10 hours a day. His production
possibilities are given in the table below:
1. Construct the production possibilities frontier (PPF) for
Bill. Put tables on the Horizontal axis and chairs on the vertical
axis.
2. What is Bill’s opportunity cost of producing one additional
table?
3. What is Bill’s opportunity cost of producing one additional
chair?
4. Currently Bill is producing 20 tables and 40 chairs.
a. Is...
Justin's farm can produce 5 pounds of apples or 21 pounds of pears in one hour. Samantha's farm can produce 7 pounds of apples or 34 pounds of pears in one hour. What is Samantha's opportunity cost of producing 1 pound of pears? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up. Your Answer: Answer units
Lorenzo is a skilled toy maker who is able to produce both
trucks 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.
Choice
Hours Producing
Produced
(Trucks)
(Kites)
(Trucks)
(Kites)
A
8
0
4
0
B
6
2
3
11
C
4
4
2
16
D
2
6
1
19
E
0
8
0
20
On the following graph, use the blue points...
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