The table shows Fashionland's production possibilities. >>> Round your answers at the 2nd decimal place. Fill in the opportunity costs in the table. Opportunity Cost of Dresses: A to B B to C C to D D to E www Numeric Units Value As the production of dresses increases, what happens to the opportunity cost of dresses? OC of dresses Possibility A ABCDE с Dresses 0 30 52 66 72 Hats 72 66 52 30 0

The table shows Fashionland's production possibilities. >>> Round your answers at the 2nd decimal place. Fill in the opportunity costs in the table. Opportunity Cost of Dresses: A to B B to C C to D D to E www Numeric Units Value As the production of dresses increases, what happens to the opportunity cost of dresses? OC of dresses Possibility A ABCDE с Dresses 0 30 52 66 72 Hats 72 66 52 30 0

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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Suppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?
2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)
When new and better ways of producing all goods and services are discovered or when the quantity of capital increases, O A. the opportunity cost of all goods decreases O B. our economy grows, but we still face scarcity and opportunity cost O C. the economy moves along its production possibilities frontier O D. the production possibilities frontier shifts inward e Text Pages Grapher Get More Help -
QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normative
Draw the production possibilities frontier on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis Annual Production of Y Annual Production of X 0 20 45 60 70 75 1300 1200 900 6:00 350 0 b. If the economy is producing 45 units of X and 900 units of Y, what is the opportunity cost of producing an extra 15 units of X. Show on graph. C. If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of X. Show on graph.
The money price of a pack of granola bars is $1.40, and the relative price of a pack of granola bars in terms of burritos is 4.00 packs of frozen burritos per pack of grariola ba What is the money price of a pack of frozen burritos? The money price of a pack of frozen burritos is OA. $1.40 OB. the opportunity cost of a pack of frozen burritos OC. the opportunity cost of a pack of granola bars OD. $0.35
What item u figure out of opportunity cost of vacation to Disney world?
Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus another
Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
e table below presents some combinations of math homework questions and exam questions that Professor Sanchez and her teaching assistant, Maria Gonzalez can write in a week, Professor Sanchez Teaching Assistant Homework Homework Exam questions Exam questions questions questions 20 40 10 15 10 30 20 10 20 20 30 30 10 40 40 Given the production possibilities of Professor Sanchez, what is the opportunity cost of writing an additional exam guestiont Select one A.3 homework questions 6.2 homework questions C4 homework questions d 1 homework question to search
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 does eveything we do have it's opportunity cost.