The opportunity cost of oranges in terms of apples indicates how many oranges must be given up to have another apple apples must be given up to have another orange
Q: When moving along the production possibilities frontier, opportunity cost is measured as the Select…
A: When moving along the production possibility curve,decrease in quantity of one good is divided by…
Q: Suppose there are a million workers in France. Each worker can product 2 cars or 40 bushels of…
A: Opportunity cost refers to the loss incurred by giving up the next best alternative while making a…
Q: Justin's farm can produce 5 pounds of apples or 17 pounds of pears in one hour. Samantha's farm can…
A: Opportunity costs basically refers to the the potential advantages that a person, investment, or…
Q: true or false Economic models must mirror reality or they are of no value.
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: True or False Opportunity costs are roughly the same for everyone who attends college.
A: To define opportunity cost, it means the value of the next best alternative good of that resource.…
Q: Economics is the study of the allocation of the abundant resources in a country. True False
A: Economics is the study of the allocation of scarce resources in the economy. Households have…
Q: You leave work two hours early from $10 an hour job, stopping to buy a $15 take-out dinner as you…
A: Opportunity cost is the sacrifice of the benefit of a particular task for doing another task. The…
Q: Just-in-time was inspired by observing: A Farm working harvesting crops B Sewers making garments An…
A:
Q: Label each of the following statements as positive or normative: v The power of population is so…
A: Positive statements are based on facts, actual data, and these statements can be checked whether it…
Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…
A: Production possibility frontier is the curve that shows different possibility of combination of two…
Q: Question 14 Refer to Table 1-1 in Question 11. The opportunity cost of 1 unit of bread for Whetonia…
A: 14) The table above shows the labor hours required to produce one unit of bread and cheese and the…
Q: Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an…
A: Opportunity cost is the cost of next best alternative that is available. Given- Latasha can read 30…
Q: Good X B A IC2 Good Y At B, the MRS is greater than the opportunity cost of Y At B, the MRS is…
A:
Q: Suppose there are only two people in the world. Each person’s production possibilities frontier also…
A: Suppose there are only 2 people in the world.Each person's production possibilities frontier also…
Q: Which of the following is illustrated by a production possibilities curve that is "bowed out" or…
A: The production possibility curve can be understood as a model that shows the trade-off in which we…
Q: Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrifice…
A: Comparative advantage refers to a situation wherein the country (say X) specializes in the…
Q: Tom's opportunity cost of mowing lawns in terms of trimming bushes is trimmed bushes per mowed lawn.…
A: Tom's PPF is a straight line. PPF is a straight line because the opportunity cost is constant. If…
Q: Paul's PPF Sue's PPF Cheese Cheese 100 60 40 32 36 60 Ham 42 90 Ham According to the graph above,…
A: Opportunity cost is the benefit that might have been gained if a different available alternative had…
Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…
A: vacuuming a room Washing a load of dishes Mike 1 2 Debbie 2 1
Q: Using the production possibilities frontier model with two goods X and Y, the opportunity cost of…
A: Opportunity cost can be defined as the lose of one alternative when another alternative is chosen.
Q: An economy can either produce 300 airplanes and 25000 cars OR 200 airplanes and 40000 cars. What is…
A: The opportunity cost represents the next best alternative use of the resource or the potential…
Q: A production possibilities frontier is shown below (Z, "Home Goods," on the vertical axis: H.…
A: Productive Efficiency : Given the available inputs and technologies, productive efficiency means…
Q: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week.…
A: China:
Q: Based on the graph below , the opportunity cost of producing at point C instead of A is…
A: Production possibilities curve shows different combinations of two goods that can be produced with…
Q: Sam can brew 5 gallons of root beer in an hour or he can make 4 pizzas in an hour. Ben can brew 7…
A: The opportunity cost is the revenue of the next best alternative that is foregone while making the…
Q: Discuss three examples of important trade-offs that you face in your life. Discuss the items you…
A: Three examples of trade-offs facing in life are as follows: A trade-off between starting a job or…
Q: LaTonya can make 4 cakes or 10 pies in one day working at the bakery. Tom can make, 8 cakes or 33…
A: Opportunity cost refers to the economic measure that is used to determine or compute the trade-off…
Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…
A: Given Total labor = 12 units Labor required to produce 1 gun = 6 units Labor required to produce 1…
Q: efer to Exhibit 2-5. The opportunity cost of moving from point A to point B is approximately a.…
A: The opportunity cost refers to the cost of next best alternate or in other words, it is opportunity…
Q: Why is the production possibility curve also called as the opportunity cost curve
A: Initially we can say that the production possibility curve is known as a curve or line which depicts…
Q: The opportunity cost of moving from point E to point B in the picture is what ?
A: The principle of comparative advantage is developed by David Ricardo and according to this concept,…
Q: You have 3 attempts remaining. The table below shows various combinations of amounts of fish and…
A: The opportunity cost is the second-best alternative which is foregone in order to select the best…
Q: At one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point along the…
A: Given that at one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point…
Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…
A: The production possibilities curve is the locus of all maximum combinations of two goods an economy…
Q: The table below shows various combinations of amounts of fish and corn that can be produced…
A: An opportunity cost can be understood as the loss of the second-best alternative in order to select…
Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…
A: vacuuming a room Washing a load of dishes Mike 1 2 Debbie 2 1
Q: If the production of computers increases from point P to point S, what is the opportunity cost in…
A: Opportunity cost is the loss of potential increase from different options when one option is picked.
Q: For both parties to gain from trade, the price at which they trade must lie between the two…
A: Opportunity cost (OC) of 2 lawn mowing is 4 car wash for Louie. Therefore, Opportunity cost of 1…
Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…
A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…
Q: Marlene and Mya both work as artists. Marlene can produce 3 small sculptures each day or 30…
A: The opportunity cost is the benefit that would have been obtained if a different option had been…
Q: Based on PPF , if producer moves from B to C if producer have the following choices of production…
A: Here we calculate the opportunity cost of the PPC when it shift B to C and choose the correct…
Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…
A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…
Opportunity cost refers to value of next best alternative. It is the decrease in quantity of one good needed to have more of another good.
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- Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people what is the maximum amount of ham the resident can consume in a month?Q/ Country X and Country Y are neighbours. Both Country X and Country Y can produce two goods: food and clothing. In one week, Country X can produce 4,400 clothing units or 2,200 food units, or a mix of the two. In one week, Country Y can produce 5,000 clothing units or 2,000 food units, or a mix of the two.For both Country X and Country Y, their individual trade-offs between clothing units and food units are constant, regardless of how they allocate their time. Currently, Country X produces 2,400 clothing units and 1,000 food units per week while Country Y produces 2,500 clothing units and 1,000 food units per week. c. Which country has a comparative advantage in food production? Which country has acomparative advantage in clothing production? Illustrate your answer using the PPC and showall the calculations. d. Should Country X and Country Y specialize and trade with one another? Why?What is the name for something that changes the trade-offs that people facewhen making a decision?
- Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount of ham the residents can consume in a month?Sarita can bake either a combination of 25 cakes and 15 pies or a combination of 10 cakes and 20 pies. If she now bakes 10 cakes and 20 pies, what is the opportunity cost of baking an additional 15 cakes?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
- What does a production possibilities graph show in economics? how many items can be produced in a specific amount of time possible production costs one's final choice one's top two choices when making a decisionHacmillan Leaming Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPF's for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h. Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway? Christine will write music for Paul will write music for Christine will write lyrics for Paul will write lyrics for h songs. songs. songs. songs. Music written (in # of songs) 1 0 Paul's PPF 1 Christine's PPF 2 Lyrics written (in # of songs))QUESTION 7 Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise output. Olivia Susan Chopped Food (kg/hr) 15 20 Cooked Food (kg/hr) 20 30 Which of the following statements are true: For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood. For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food. Susan should specialise in chopping. Olivia has an absolute advantage in chopping.
- Movies Onuber per yearn Moving to another question will save this response. Question 10 Refer to the accompanying figure. At point D, the opportunity cost of making milk is: Milk igallons per yeari O high because productive resources that are better-suited to making movies are not being used to make milk. high because productive resources that are better-suited to making movies are being used to make milk. low because the economy is specializing in making milk. high because the economy is not operating efficiently. Moving to another question will save this response.Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good BPpring2. When moving along the production possibilities frontier, opportunity cost is measured as the Select one: a. increase in the quantity produced of one good divided by the decrease in the quantity produced of another good. b. decrease in the quantity produced of one good divided by the increase in the quantity produced of another good. C. quantity produced of one good divided by the quantity produced of another good. d. quantity próduced of one good multiplied by the quantity produced of another good. NEXT PAGE ENG