Homework Answers
| Milk | Oats | |
| UK | 10 | 4 |
| France | 8 | 6 |
Opportunity cost
| Milk | Oats | |
| UK | 4/10 = 0.4 oats | 10/4 = 2.5 miilk |
| France | 6/8 = 0.75 oats | 8/6 = 1.33 milk |
As the opportunity cost of milk is less for UK, So UK will produce milk
As the opportunity cost of oats is less for France, So France will produce oats
Production without specialization
| Milk | Oats | |
| UK | 5 | 2 |
| France | 4 | 3 |
| Total | 9 | 5 |
Production with specialization
| Milk | Oats | |
| UK | 10 | 0 |
| France | 0 | 6 |
| Total | 10 | 6 |
Add Answer to:
Production Possibilities Milk Oats 10 UK France 6 V Opportunity Cost Milk Oats U.K. France * 4 = Production without...
Hosne's Production Possibilities Frontier Merve's Production Possibilities wallets vallets 10 10 1 23 4 5 6...
Hosne's Production Possibilities Frontier Merve's Production Possibilities wallets vallets 10 10 1 23 4 5 6 789 10es 12 35 678 910 Fares Refer to Figure 3-16. Hosne's opportunity cost of one purse is 0 a. 4 5 wallet and Merve's opportunity, cost ofone purse is 3.2 wallets. O b.45 wallet and Merve's opportunity cost of one purse is 2/3 wallet O c. 5/4 wallets and Merve's opportunity cost of one purse is 3/2 wallets O d. 5/4 wallets and...
A small country produces only milk and hats and its production possibilities frontier is shown in...
A small country produces only milk and hats and its production
possibilities frontier is shown in the table above.
a. The nation is currently
producing at point B. What is the opportunity cost of
producing two additional gallons of milk? At point C? At
point D? What do your results show?
b. Suppose the nation is
initially producing 4 gallons of milk and 80 hats. What is the
opportunity cost of producing 2 additional gallons of milk? Explain
your answer....
QUESTION 10 A production possibilities frontier with increasing opportunity cost is considered and one with constant...
QUESTION 10 A production possibilities frontier with increasing opportunity cost is considered and one with constant opportunity cost is considered A concave, convex OB.convex, concave. C.concave, a straight line. Dvertical; horizontal QUESTION 11 The idea that all income ultimately goes to households, which then use it to buy goods and services from firms, is a central idea of the A production possibilities frontier B. supply and demand model C. circular flow diagram D.classical model
according to the graph of the production possibilities frontier, what is the opportunity cost of the...
according to the graph of the production possibilities
frontier, what is the opportunity cost of the second widget?
ResourcesHint Check Answer K Question 5 of 26 Consider the graph. According to the graph of the production possibilities frontier, what is the opportunity cost of the second widget? 10 O about 3 gizmos O less than 0.5 gizmos O about 2 widgets O about 7 widgets 0123 45 6789 10 What best explains the shape of the production possibility frontier in...
According to the graph of the production possibilities frontier, what is the opportunity cost of the...
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
Suppose that France and Austria both produce fish and olives. France's opportunity cost of producing a crate of olives is 4 pounds of fish
17. Terms of trade Suppose that France and Austria both produce fish and olives. France's opportunity cost of producing a crate of olives is 4 pounds of fish while Austria's opportunity cost of producing a crate of olives is 11 pounds of fish. By comparing the opportunity cost of producing olives in the two countries, you can tell that _______ has a comparative advantage in the production of olives and _______ has a comparative advantage in the production of fish. Suppose that France and Austria...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who is able to produce both boats and drums. 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 Producing Produced Choice (Boats) (Drums) (Boats) (Drums) 4 10 4 4 16 18 19 On the following graph, use the blue points (circle symbol) to plot Eric's initial...
Suppose that France and Austria both produce rye and stained glass. France's opportunity cost of producing...
Suppose that France and Austria both produce rye and stained glass. France's opportunity cost of producing a pane of stained glass is 5 bushels of rye while Austria's opportunity cost of producing a pane of stained glass is 10 bushels of rye. By comparing the opportunity cost of producing stained glass in the two countries, you can tell that has a comparative advantage in the production of stained glass and has a comparative advantage in the production of rye. Suppose...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to produce both boats 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. urs Pr oducin Produced 6 4 4 6 8 10 16 19 20 0 0 On the following graph, use the blue points (circle symbol) to plot Ana's initial production possibilities frontier (PPF) Inital PP...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to produce both boats 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. urs Pr oducin Produced 6 4 4 6 8 10 16 19 20 0 0 On the following graph, use the blue points (circle symbol) to plot Ana's initial production possibilities frontier (PPF) Inital PP...
Hosne's Production Possibilities Frontier Merve's Production Possibilities wallets vallets 10 10 1 23 4 5 6 789 10es 12 35 678 910 Fares Refer to Figure 3-16. Hosne's opportunity cost of one purse is 0 a. 4 5 wallet and Merve's opportunity, cost ofone purse is 3.2 wallets. O b.45 wallet and Merve's opportunity cost of one purse is 2/3 wallet O c. 5/4 wallets and Merve's opportunity cost of one purse is 3/2 wallets O d. 5/4 wallets and...
A small country produces only milk and hats and its production
possibilities frontier is shown in the table above.
a. The nation is currently
producing at point B. What is the opportunity cost of
producing two additional gallons of milk? At point C? At
point D? What do your results show?
b. Suppose the nation is
initially producing 4 gallons of milk and 80 hats. What is the
opportunity cost of producing 2 additional gallons of milk? Explain
your answer....
QUESTION 10 A production possibilities frontier with increasing opportunity cost is considered and one with constant opportunity cost is considered A concave, convex OB.convex, concave. C.concave, a straight line. Dvertical; horizontal QUESTION 11 The idea that all income ultimately goes to households, which then use it to buy goods and services from firms, is a central idea of the A production possibilities frontier B. supply and demand model C. circular flow diagram D.classical model
according to the graph of the production possibilities
frontier, what is the opportunity cost of the second widget?
ResourcesHint Check Answer K Question 5 of 26 Consider the graph. According to the graph of the production possibilities frontier, what is the opportunity cost of the second widget? 10 O about 3 gizmos O less than 0.5 gizmos O about 2 widgets O about 7 widgets 0123 45 6789 10 What best explains the shape of the production possibility frontier in...
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who is able to produce both boats and drums. 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 Producing Produced Choice (Boats) (Drums) (Boats) (Drums) 4 10 4 4 16 18 19 On the following graph, use the blue points (circle symbol) to plot Eric's initial...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to produce both boats 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. urs Pr oducin Produced 6 4 4 6 8 10 16 19 20 0 0 On the following graph, use the blue points (circle symbol) to plot Ana's initial production possibilities frontier (PPF) Inital PP...
. Opportunity cost and production possibilities Ana is a skilled toy maker who is able to produce both boats 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. urs Pr oducin Produced 6 4 4 6 8 10 16 19 20 0 0 On the following graph, use the blue points (circle symbol) to plot Ana's initial production possibilities frontier (PPF) Inital PP...
Most questions answered within 3 hours.
-
Tucson Machinery, Inc., manufactures numerically controlled
machines, which sell for an average price of $0.5 million...
asked 1 minute ago -
Review the referenced paper by Melse (2008). Describe the
research question being addressed. Discuss the methods...
asked 6 minutes ago -
Please do all parts. I don't want to hear your as per guidelines
stuff. Do if...
asked 15 minutes ago -
1. Why is Hardy-Weinberg Theorum important? How can we
test whether a population is in H-W...
asked 15 minutes ago -
A sample of 3 is selected from 9 cards. How many permutation is
possible? Show Work.
asked 29 minutes ago -
Identify a commercial data mining software product (e.g., SAS)
and an open-source data mining product (e.g.,...
asked 32 minutes ago -
Following are the capital account balances for the William,
Jennings, and Bryan partnership:
William (40% of...
asked 23 minutes ago -
An investment project provides cash inflows of $770 per year for
11 years.
a. What is...
asked 32 minutes ago -
About the lecture of human resource management, give me the
process and schedule of how the...
asked 30 minutes ago -
A fair D10 die is rolled 100 times. What is the probability of
rolling five 1s,...
asked 43 minutes ago -
Other than hydrogen bonding, what is the major interaction that
causes proteins to fold into compact,...
asked 43 minutes ago -
In an RC circuit, the total resistance is 1 k ohm and the
battery voltage is...
asked 49 minutes ago