23. Using the production possibilities table below, pleaseanswer the following question:Type of ProductionSchoolsMissilesType of ProductionSchoolsMissilesA016A016Production AlternativesIf the economy were at point D, what would be theopportunity cost of building 4 more schools?24. Using the production possibilities table below, pleaseanswer the following question:B415B415Production AlternativesC812с812D127E160D127If the economy were at point D, what would be theopportunity cost of building one more missile? Please showyour calculation for full points.E160 25. Write out the midpoint formula for the Elasticity ofSupply. Please spell out variables but mathematical symbolsare OK to use:26. Using the data on supply below, plug the correct numbersinto your midpoint formula for elasticity of supply that yougave in question 25. Note: do not solve for elasticity of supplyhere.Number of Close Substitutes24Price$ 3.50$ 4.50Quantity4555Number of Buyers12001500

Answered: 23. Using the production possibilities…

23. Using the production possibilities table below, please answer the following question: Type of Production Schools Missiles A 0 16 Production Alternatives B 4 15 C 8 12 D 12 7 E 16 0

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

Section: Chapter Questions

Problem 10SCQ: Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table 12.8 shows the...

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Question

25. Write out the midpoint formula for the Elasticity of
Supply. Please spell out variables but mathematical symbols
are OK to use:
26. Using the data on supply below, plug the correct numbers
into your midpoint formula for elasticity of supply that you
gave in question 25. Note: do not solve for elasticity of supply
here.
Number of Close Substitutes
2
4
Price
$ 3.50
$ 4.50
Quantity
45
55
Number of Buyers
1200
1500

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Opportunity cost:

The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is known as the opportunity cost of that commodity in terms of the foregone alternatives.

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FACEMOCK/B MURCT ECONOMICS LATY. JAN-FED 3% HOU EDUCATION RESOURCE CENTRE EDUCATION RECRETARIAT TENERAL CAPITAL TERRITORYOFCTABUZA DO NOT pon by an Vide waiting read the following instructions candy PAPER I OBIECTIVE INSTRUCTIONS Anwer all die questions from this section A production is inadequate Turces have alternative use kan man sedan se limited Amar with NIO needs a dress, a pair of shoes, a handbag and jewelry costing N20, N10, NT and NJ respectively. The opportunity con of buying the pair of shoes is the H. dress and jewelry D. bandbag and jewelry Cjewelry 3. The poufit of a producer is the difference between A. total cost and marginal cost B. total revenue and total cost Caverage cost and total cost D. price and total coat 4. Economic development may be hindered if there is A. high pool of skilled labour B. a high rate of economic growth C. political stability D. rapid population growth 5. Provision of short term loans to solve balance of payments problem is done by the A.…