10. The opportunity cost of making cupcakes is lowest at which point? a A 6. 8 d. A and C 11. The opportunity cost of making cupcakes is highest at which point? a A b. 8 d. A and C 12. What kind of production process does the above PPF represent? a Muffins and cupcakes are perfect substitutes b. Muffins and cupcakes are perfect complements C As more muffins are made, the opportunity cost of making another muffin rises d. As more muffins are made, the producer becomes more skilled at making them

10. The opportunity cost of making cupcakes is lowest at which point? a A 6. 8 d. A and C 11. The opportunity cost of making cupcakes is highest at which point? a A b. 8 d. A and C 12. What kind of production process does the above PPF represent? a Muffins and cupcakes are perfect substitutes b. Muffins and cupcakes are perfect complements C As more muffins are made, the opportunity cost of making another muffin rises d. As more muffins are made, the producer becomes more skilled at making them

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 6P

See similar textbooks

Similar questions

Assume a country produces haircuts and shirts with inputs of labour. The country has 100 hours of labour available. A haircut requires 30 minutes of labour, while a shirt requires 2 hours of labour. Solvve sub-parts as well. a. Construct country’s production- possibility frontier. b. Suppose there is an increase in the labour hours from 1,000 to 1,500 labour hours. Indicate on the PPF how it will impact the production, if at all and brief explain why?
ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…
Pls Don't Copy , I want Unique Solution What does a production possibilities frontier represent? Explain how you would use it to make decisions. What other information would you need to incorporate and what decision rule would you use?
MC Qu. 24 Consider the production possibiliti... Cigars 400A 300 200 100 D 20 30 40 Consider the production possibilities frontier in the figure shown. As more and more cigars are produced: 0 0 0 0 C 10 the opportunity cost of cars stays the same. the opportunity cost of cars decreases. Cars the opportunity costs of cars decreases then increases. the opportunity cost of cars increases.
Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus another
The nation of Rougarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. Turnips Potatoes OD. Only Unattainable OE. Only Efficient OF. Only Attainable OG. Attainable and Efficient OH. Only Inefficient A 100 0 B 90 10 C 70 20 D 40 30 E 0 40 A production point that contained 70,000 bushels of Turnips and 30,000 bushels of Potatoes would be classified as: OA. Unattainable and Efficient OB. Attainable and Inefficient OC. Unattainable and Inefficient
stion 15 Based on the graph, what is the opportunity cost of moving from point B to point D? yet vered Baseballs zed out of A 200 ag question 150 100 50 100 200 000 400 Bananas Select one: Da. 100 bananas and 50 baseballs O.b. 100 bananas and 100 baseballs Cc50 baseballs C-d.100 bananas e. none of the answers are correct 8.
The shape of the production possibilities frontier below implies that E B D Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. c. the opportunity cost of producing more bread falls as bread production rises. O d. the producer's technology is not subject to the principle of increasing cost. QUESTION 5 Opportunity cost can best be defined as the a. value of the best alternative foregone when the alternative at hand is chosen. b. cost of the resources used to produce a good or service. C. money cost of a good or service. o d. money cost plus interest on money borrowed to buy a good or service. QUESTION 6 When a firm or economy is operating inefficiently. it is operating O a. on its production possibilities frontier. b. outside it production possibilities frontier. C. at the intersection of the production possibilities frontier with the vertical axis. O d.…
The nation of Rougarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. B E 90 0 10 B. Attainable and Efficient OC. Unattainable and Inefficient OD. Only Efficient OE Unattainable and Efficient A Turnips 100 Potatoes 0 OF. Attainable and Inefficient OG. Only Unattainable OH. Only Inefficient C 70 20 A production point that contained 70,000 bushels of Turnips and 30,000 bushels of Potatoes would be classified as: OA. Only Attainable D 40 30 40
1. A Cars(thousands) 0 Beef(Thousands of tons) 10 B 100 2 9 - 4 7 C D 6 4 E 8 0 a)Plot the production possibilities data. What is the opportunity cost of producing the first 2000 automobiles? b) Label a point F inside the curve, why is it inefficient? it unattainable? a point H outside the curve, why is
Based on the production possibility curve represented below, calculate the opportunity cost of moving from combination A to B. 700 Production Possibility Frontier A 6000 500 Health Care 400 300 200 100 OD E B C 050 100 150 200 250 300 Travel O A. 200 healthcare services OB 175 traveling services OC. 200 traveling services OD 75 healthcare services
Define Production Possibility Frontier. Draw a production possibilities frontier showing increasing opportunity cost for sausages and. kebabs a. On a graph, identify the area of feasible outcomes and the area of infeasible outcomes. b. On a graph, illustrate the effect of the discovery of an oven, a resource needed to make both sausages and kebabs, on this economy. c. On a second graph, illustrate the effect of a new computerized assembly line in the production of sausages on this economy.