1. With given resources and technology, a country can produce either 100 million cars or 50...
1. With given resources and technology, a country can produce either 100 million cars or 50 million tons of paper. What is the opportunity cost of producing one ton of paper?
a.) 500,000 cars
b.) 100 million cars
c.) 2 million cars
d.) None
2. With its given resources and technology, an economy can produce either 100 units of good Y or 50 units of good X. For each of the following combinations of goods indicate whether the combination is NF (not feasible), FE (feasible and efficient), or FI (feasible but inefficient)
50 units of good Y and 30 units of good X _____
80 units of good Y and 10 units good X ______
15 units of good Y and 40 units of good X _____
3. John's total cost of producing 12 units is $120 and his total cost of producing 13 units is $150. What is the marginal cost of producing the last unit, in other words the marginal cost of producing unit 13?
Homework Answers
1) As the country can produce either 100 million cars or 50 million tons of paper.
For producing 1 ton of paper , the country will have to give the production of 2 million cars.
So the opportunity cost of producing one ton of paper is 2 million cars.
So option C is the correct answer.
2) From the information given , good X requires twice the resources for a unit of production than the resources required for the production of good Y.
For 50 units of Y and 30 units of X, half of the resources are used in production of Y and with the remaining half it is not possible to make 30 units of X. So this combination is not feasible.
For 80 units of Y and 10 units of X, the resources required will be equal to the resources required for 100 units of Y, as we know X requires twice the amount of resources than Y. The economy has the exact resources to produce 100 units of Y, so this combination is feasible and efficient.
For 15 units of Y and 40 units of X, we require resources equal to the resources required for 95 units of Y. The economy has resources to produce 95 units of Y and can produce even more than that. So the combination is feasible but is inefficient as all the resources are not being used.
3)Marginal cost is the cost incurred to produce one extra unit of the good.
Cost of making 12 units = $120
Cost of making 13 units = $150
Here the cost of making the 13th unit is 150-120 = $30
So the marginal cost of producing unit 13 is $30.
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