Answered: A. What is the opportunity cost to… | bartleby

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.5P

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Question

A. What is the opportunity cost to produce the first 10 Saturn Rings?
B. What is the opportunity cost to produce the last 10 Saturn Rings?
C. Given your answer, is there increasing or constant opportunity costs
in the production of Saturn Rings?
D. When this production possibilities frontier is graphed, will it be a
straight line or a curved one?
Saturn Rings Machines
30
20
10
10
O5

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What does a production possibilities frontier illustrate?
A. What is the opportunity cost to produce the first 10 Saturn Rings? B. What is the opportunity cost to produce the last 10 Saturn Rings? C. Given your answer, is there increasing or constant opportunity costs in the production of Saturn Rings? D. When this production possibilities frontier is graphed, will it be a straight line or a curved one?
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.
Consider the production possibilities frontier in the figure shown. The opportunity cost of cars when moving from point B to point C: Cigars 4004 300 200 100 O a Ob OC Od 10 B C 20 30 D 40 Cars is greater than the opportunity cost of cars when moving from point A to point B. None of these statements are true. is less than the opportunity cost of cars when moving from point A to point. 8. is greater than the opportunity cost of cars when moving between any other two points.
A production possibilities table for DVDS and computers is shown below. Production Alternatives Type of Production A в D E Computers 20 40 60 80 DVDS 80 70 55 35 Instructions: Enter your answers as a whole number. a. What is the opportunity cost of computers when moving from point A to point B? |DVDS b. What is the opportunity cost of computers when moving from point B to point C? |DVDS c. What is the opportunity cost of computers when moving from point C to point D? DVDS d. What is the opportunity cost of computers when moving from point D to point E? DVDS e. As we produce more computers, opportunity costs are |(Click to select) ♥
Below is a production possibilities table for DVDS and computers: Production Alternatives Type of Production A в D E 60 Computers DVDS 20 40 80 80 70 55 35 Instructions: Enter your answers as a whole number. a. What is the opportunity cost of moving from point A to point B (20 additional computers)? DVDS b. What is the opportunity cost of moving from point B to point C (20 additional computers)? DVDS c. What is the opportunity cost of moving from point C to point D (20 additional computers)? DVDS d. What is the opportunity cost of moving from point D to point E (20 additional computers)? DVDS e. As we produce more computers, opportunity costs are v (Click to select) unchanged increasing decreasing
Suppose a society called Atlantis faces the production possibilities curve (PPC) as given below. a) what is the opportunity cost'Sf increasing fish production from 300 pounds to 500 pounds? b) Will Atlantis choose to produce at point G? Please briefly explain. Quantity of fish (pounds) F 675 650 600 E 500 300 Atlantis PPF
Suppose a production possibilities frontier includes the following combinations: Cars Washing Machines 0 1,000 100 600 200 0 What is the cost of producing an additional car when 50 cars are being produced? What is the cost of producing an additional car when 150 cars are being produced?
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.
Suppose a production possibilities frontier includes the following combinations: Cars Washing Machines 0 1,000 100 600 200 0 What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced? What do your answers tell you about opportunity costs?
Consider the production possibilities fronter in the figure shown. The opportunity cost of cars when moving from point B to point C: Cigars 400 JA 300 200 100 B C D 10 20 30 40 Cars is less than the opportunity cost of cars when moving from point A to point B. None of these statements are true. is greater than the opportunity cost of cars when moving between any other two points. is greater than the opportunity cost of cars when moving from point A to point B.
The following is a set of hypothetical production possibilities for a nation. Combination Automobiles (thousands) Beef (thousands of tons) A 0 10 B 2 9 C 4 7 D 6 4 E 8 0 Plot these production possibilities data. What is the opportunity cost of the first 2,000 automobiles produced? Between which points is the opportunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? Label a point F inside the curve. Why is this an inefficient point? Label a point G outside the curve. Why is this point unattainable? Why are points A through E all efficient points? Does this production possibilities curve reflect the law of increasing opportunity costs? Explain. What assumptions could be changed to shift the production possibilities curve?

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