Farm-A and Farm-B grow the following amounts of potatoes and cabbage in their famrs: Farm-A takes one week to produce 101 units of potatoes and 207 units of cabbages Farm-B takes one week to produce 127 units of potatoes and 169 units of cabbages a) What is the opportunity cost of Farm-A to produce 20 units if cabbages Give your answer in 2 decimal places b) What is the opportunity cost of Farm-B to produce 12 units of potatoes

Farm-A and Farm-B grow the following amounts of potatoes and cabbage in their famrs: Farm-A takes one week to produce 101 units of potatoes and 207 units of cabbages Farm-B takes one week to produce 127 units of potatoes and 169 units of cabbages a) What is the opportunity cost of Farm-A to produce 20 units if cabbages Give your answer in 2 decimal places b) What is the opportunity cost of Farm-B to produce 12 units of potatoes

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

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Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Puzzles AND108 80 60 40 28 0 Puppets 6 4 Lewis: 8 12 Geppetto: 16 20 Puzzles 50 48 30 20 18 B Lewis Puppets Instructions: Enter your answers as a whole number a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) puzzles and Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? puzzles and ⒸADRUNVATA 5 ROMAN 10 15 20 25 puppets puppets
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…
I My courses / PRINCIPLES OF MICROECONOMICS-Lecture-1202- ECON131 - 5/ Chapter 1: Limits, Alternatives, and Choices / QU Time left 0:24:31 he production possibilities curve below shows the hypothetical relationship between the production of wheat and steel in an economy. Турe of Production Alternatives production BCDEF A Steel 20 75 80 90 100 Wheat 100 90 75 45 25 If the economy is producing at point E, what is the opportunity cost of producing additional 20 ton of wheat? O A. 2 tons of steel O B. 0.5 tons of steel O C. 10 tons of steel O D. 20 tons of steel Next page تسجيل المحاضرة الرابعة- 4 ciure Jump to... )ملخص الفصل الثاني( 2 Chapter
Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets 90 E 0 Puzzles 20 Puppets 75 TH 10 16 8 60 15 12 16 45 20 8 24 30 EHT 25 30 32 40 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and [ puppets Geppetto: puzzles and puppets
Why is it inefficient for an economy to be inside the production possibilities frontier?
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
The graph below is Mendork's production possibility curve for the only two goods that it produces: quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. If Mendork's current production is at point A, what is the (approximate) cost of producing one more quirk? a) 50 quarks B b) 100 quarks c) 200 quarks d) One more quark e) 25 quarks
What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?
Could a person or country ever produce a combination of goodsthat lies outside the production possibilities frontier? Why or why not?
Use the following table to answer the question below. Jake's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 160 120 80 40 0 0 10 20 30 40 Multiple Choice O One pound of green beans costs Jake pound(s) of corn. One pound of green beans costs Jane 1,4 1/4, 1 4,1 Jane's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 80 60 40 20 0 1, 1/4 0 20 40 60 80 pound(s) of corn.
The table shows the marginal benefit of pizza and the marginal cost of pizza in terms of soda forgone. How many pizzas are produced when the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza? ... If pizzas are produced, the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza. OA. 100 OB. less than 100 OC. more than 100 OD. any quantity other than 100 Quantity (pizzas per day) 50 100 150 200 250 Marginal benefit Marginal cost (cans of soda per pizza) 32 7 3 2 1 67249 32 44 52
Construct a Production Possibilities Curve in Excel based on the following Production possibilities Schedule: Missiles Milk (millions of gallons) 0 4010 34 20 2730 1940 1050 0 What is the "shape" or the "slope" of the frontier or curve? Calculate the opportunity cost of producing the "first" batch of 10 missiles. Calculate the opportunity cost of producing the "last" batch of 10 missiles. What would it mean if the economy was operating at the frontier? What would happen to the frontier if the production technology improves?