Microeconomics
2nd Edition
ISBN: 9781259813337
Author: KARLAN, Dean S., Morduch, Jonathan
Publisher: Mcgraw-hill Education,
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Question
Chapter 2, Problem 4PA
To determine
(a)
To find: the slope of
To determine
(b)
To find: the
To determine
(c)
To find the opportunity cost of writing one paper.
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Explain with the help of graph Opportunity Costs and the Terms?
Crystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels and baskets. She spends 8
hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good.
BASKETS
Choice (Tea towels)
A
B
C
D
E
30
25
20
15
10
5
Hours Crafting
0
0
8
6
4
2
0
On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF).
2
(Baskets) (Tea towels)
0
2
4
6
8
3
4
TEA TOWELS
5
4
3
6
2
1
0
Produced
7
(Baskets)
0
10
16
19
8
20
Initial PPF
New PPF
could someone draw a graph on paper please?
a. Using one of the graphing tools described in the directions, plot the Production Possibilities Curve for Teavana.
b. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 47 Jade Citrus Mint Tea and 35 Spiced Apple Cider. Label this point F. What term best describes this point?
c. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 16 Jade Citrus Mint Tea and 20 Spiced Apple Cider. Label this point G. What term best describes this point?
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- 10 3 4. 5 CARS Suppose Becky is currently using combination D, producing one car per day. Her opportunity cost of producing a second car per day is per day.. Now, suppose Becky is currently using combination C, producing two cars per day. Her opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Becky increases her production of cars, her opportunity cost of producing one more car Suppose Becky buys a new tool that enables her to produce twice as many cars per hour as before, but it doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more cars per hour, Becky's opportunity cost of producing balls is it was previously. BALarrow_forward5. Opportunity cost and production possibilities Dmitri is a skilled toy maker who is able to produce both cars and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Cars) (Puzzles) (Cars) (Puzzles) 0 4 0 10 14 17 18 PUZZLES A B C D E 8 R On the following graph, use the blue points (circle symbol) to plot Dmitri's initial production possibilities frontier (PPF). 88 8642O B 8266 CARS 4 3210 Inital PPF New PPF ?arrow_forward. Opportunity cost and production possibilities Musashi is a skilled toy maker who is able to produce both boats and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Boats) (Drums) (Boats) (Drums) A 8 0 4 0 B 6 2 3 11 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Musashi's initial production possibilities frontier (PPF). 1Suppose Musashi is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day is per day. A. 1 DRUM B.3 DRUM C.16 DRUM D.19 DRUM 2Now, suppose Musashi is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per day is per day. A.1 DRUM B.5 DRUM C.11 DRUM D.16 DRUM 3. From the previous analysis, you can determine that as Musashi increases his…arrow_forward
- 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 ?arrow_forwardUse the following table to answer the question below. Jake's Production Possibilities Schedule Jane's Production Possibilities Schedule Pounds of Green Pounds of Corn Pounds of Green Pounds of Corn Beans Beans 160 80 10 120 20 60 40 20 80 40 30 40 60 20 40 80 Jake should specialize in the production of which good? neither both corn O green beansarrow_forwardUse the graph to answer the following question. Computes Textbooks What is the opportunity cost of moving from point A to point B on the Production Possibilities Graph? A. 26 textbooks O B. 4 computers C. 7 computers O D. 39 textbooks & 7. 4 marrow_forward
- 25 Initial PPC 20 New PPC 15 10 2 3 4 5 BOATS PER DAY Suppose Yvette is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Yvette is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Yvette increases her production of boats, her opportunity cost of producing one more boat Suppose Yvette buys a new tool that allows her to produce tvice as many boats per hour as before but doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPC on the previous graph. Because she can now make more boats per hour, Yvette's opportunity cost of producing balls is it was previously. BALLS PER DAYarrow_forwardA ng.cengage.com + 5 Welcome to Johnston Community College * Mind Tap - Cengage Learning b Answered: 4. Shifts in production possibilities.. | bartle. G shifts in production possibilities - Google Search Nevaeh v CENGAGE MINDTAP Q Search this course Homework (Ch 02) Edison is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. A-Z Hours Producing Produced Choice (Boats) (Puzzles) (Вoats) (Puzzles) A 8 4 B 2. 10 4 4 16 2 6 1. 19 8 20 On the following graph, use the blue points (circle symbol) to plot Edison's initial production possibilities frontier (PPF). (? 30 At 25 Initial PPF 20 O New PPF 15 10 PUZZLESarrow_forwardJake is a talented artist who sells hand-crafted goods on his website. Jake currently crafts and sells both tea towels and embroidered sweaters. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. Choice A B с D E MBROIDERED SWEATERS 25 10 0 1 (Tea towels) 8 6 4 2 2 0 Hours Crafting 3 On the following graph, use the blue points (circle symbol) to plot Jake's initial production possibilities frontier (PPF). 4 TEA TOWELS 5 (Embroidered sweaters) 0 2 4 6 6 8 7 8 O Initial PPF A (Tea towels) 4 New PPF 3 2 1 0 (?) Produced (Embroidered sweaters) 0 12 17 19 20 Suppose Jake is currently using combination D, producing one tea towel per day. His opportunity cost of producing a second tea towel per day is per day. Now, suppose Jake is currently using combination C, producing two tea towels per day. His opportunity cost of producing a third tea towel per day is per day. ▼ From the previous…arrow_forward
- 5. Draw a Production Possibilities Graph for Toyota using the following information: A В C D E F G Trucks 20 28 35 40 43 45 Cars 54 52 49 43 35 25 Plot the combination with 30 cars and 40 trucks and label it “Y." Plot the combination with 40 cars and 50 trucks and label it "X." Explain what is happening at these points.arrow_forwardHomework (Ch 02) Gilberto is a skilled toy maker who is able to produce both trains and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trains) (Drums) (Trains) (Drums) 13 D 15 E 16 On the following graph, use the blue points (circle symbol) to plot Gilberto's initial production possibilities frontier (PPF). 30 25 Initial PPF 20 New PPF 15 10 TRAINS Suppose Gilberto is currently using combination D, producing one train per day. His opportunity cost ofproducing a second train per day is SNRUGarrow_forwardWhat 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?arrow_forward
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