Q: table below presents some combinations of math homework questions and exam questions that Professor…
A: The production possibility table shows the combination of two goods that can be produced with the…
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Q: Susan is a skilled toy maker who is able to produce both trains and drums. She has 8 hours a day to…
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Productivity Table | ||
Soup per unit of labor | Swords per unit of labor | |
Wesley | 30 | 25 |
Fezzik | 10 | 30 |
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- The figure shows the production possibilities frontier for Mario's, a pizza and pasta producer. Draw a point at which the firm achieves production efficiency. Label it Efficient. Draw a point that is attainable but inefficient. Label it Inefficient. ... What does it mean to say that production is inefficient? When production is inefficient, OA. all resources are assigned to tasks for which theyare the best match OB. there is a tradeoff betweenpizza and pasta OC. the firm can produce more pastaonly by producing lesspizza D. the firm can produce more pastawithout producinglesspizza 100- 90- 80- 70- 60- 50- 40- 30- Pasta dishes (per hour) 20- 10- 0- 2 0 PPF 10 12 5 4 6 8 Pizzas (per hour) >>> Draw only the objects specified in the question.Define the four ecconomic resources (the factor of production).How are they Relevant to the production possibilities curve?What is Maries opportunity cost of purchasing a pie?
- What is the difference between the Budget Constraint and Production Possibilities Frontier? How do you calculate the Opportunity Cost under each one?Explain why societies cannot make a choice above their production possibilities frontier with own resources and should not make a choice below it.Explain what is meant by opportunity cost of choice
- What are diminishing marginal returns?Could a person or country ever produce a combination of goodsthat lies outside the production possibilities frontier? Why or why not?Elijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Elijah Aneesha SQUASH (Pounds) 140 On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. 126 112 98 84 70 42 28 14 0 Maize (Pounds per acre) 10 18 0 Squash (Pounds per acre) 6 70 140 210 280 350 420 490 560 630 MAIZE (Pounds) 700 Elijah's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Elijah has a comparative advantage in the production of squash, and Elijah's PPF Aneesha's PPF (?) Aneesha has an absolute advantage in the production of maize, and Aneesha has an absolute advantage in the production of squash. 2…
- . Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?Use the information in the table to answer the below question. Production Possibilities Frontier Number of hours worked Total benefit Total cost 0 0 0 10 300 100 20 550 210 30 750 340 40 900 500 50 1,000 700 Christian delivers pizza using his own car and is paid according to numbers of boxes that he delivers. Use marginal analysis to determine the optimal number of hours that he should work.Becky is a skilled toy maker who is able to produce both trucks and puzzles. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice PUZZLES A B с D E 30 25 20 15 10 10 5 0 Hours Producing (Trucks) (Puzzles) 8 0 2 4 6 8 On the following graph, use the blue points (circle symbol) to plot Becky's initial production possibilities frontier (PPF). 0 16.0 1 4 2 0 + 2 + 3 4 TRUCKS (Trucks) 4 3 2 1 Produced 0 5 6 CO (Puzzles) 0 10 16 의 7 19 20 8 Initial PPF New PPF ?