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- 30 Rafael's PPF Naomi's PPF 30 30 25 25 E of 20 20 A 15 15 10 10 A 5 5 10 15 20 25 30 0 5 10 15 20 25 30 Rackets Rackets Refer to the diagrams above. Suppose that before trading, Rafael and Naomi had been producing at point A on their respective PPF. What is Naomi's opportunity cost of producing 1 Racket? Select one: a. - 3 Balls b. - 1 Ball С. - 1/3 Вal d. - 15 Balls Balls BallsSteel (millions of tons) 8 30 20- 10 0 Country A Production possibilition curve 10 20 30 40 Chemicals (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 8 20 10 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. O country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. O country A has a comparative advantage in both commodities. 50Both 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 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e 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 30 45 60 75 90 puppets
- Consider the production possibilities frontier in the figure shown. The opportunity cost of cars when moving from point B to point C: Cigars 4004 300 200 100 O a Ob OC Od 10 B C 20 30 D 40 Cars is greater than the opportunity cost of cars when moving from point A to point B. None of these statements are true. is less than the opportunity cost of cars when moving from point A to point. 8. is greater than the opportunity cost of cars when moving between any other two points.Suppose Amber and Jade can spend their days making croissants or writing poems. Their output per hour at each activity is the following: Amber Jade Croissants 40 30 In this situation, can mutually beneficial trade occur? Select one: OA. Yes, if Amber specializes in writing poems and trades them to Jade for her croissants. OB. No, because Amber more productive than Jade at both activities. OC. Yes, if Amber specializes in making croissants and trades them to Jade for her poems. OD. No, because Jade is more productive than Amber at both activities. Poems 5 3When a country has a comparative advantage in the production of a god, t means that it can produce this good at a lomer opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Desania. Both countries produce lemons and tea, each intialy (i.e, befare spedialization and trade) producing 24 million pounds of lemons and 12 milion pounds of tea, as indicated by the grey stars marked with the letter A. Maldonia Desonia 40 24 PPF 2 41 s LEMONS (Miliona of pounda) 16 34 2 4 16 34 LEMONS (Mona of pounda) Maldonia has a comparative advantage in the production of . while Desonia has a comparative advantape in the ▼ . Suppose that Maidonia and Desonia specialize in the production of the goods in which each has a comparative advantage. Alter specialization, the two countries can produce a total of 45 milion pounds of tea and48…
- Question 2 (1 polnt) The four people listed below are the only workers In an economy that works 10 hours per day and only produces two products. Use the table below and the questlons below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Ples Per Hour LeBron Anthony Rajon 3 Alex If the x-axis Is ples, and the y-axis is basketballs, then what is the Intercept of the PPF curve on the apple ples axis? O a (16, 0) O b (120, 0) (0, 120) (0, 12) 144 m 4239Question & Use the table to answer the question. Apples Bananas Country A Country B 800 500 O a O b Ос Od 1500 If all resources of Country A and Country B were dedicated toward the production of either apples or bananas, the maximum production of each is summarized in the table above. In order for both countries to benefit from trade, which country should specialize in banana productio and why? 1600 Review Answers Country A since it has the absolute advantage in banana production. Country A since it has the comparative advantage in banana production. Country B since it has the comparative advantage in banana production. Country B since it has the absolute advantage in banana production. Saved at 8:09 am Support | Schoology Blog | PRIVACY POLICY | Terms ofSеlесt а sресіfіс рrоduсt аnd sіmulаtе thе suррlу аnd dеmаnd funсtіоns fоr іt tо: (а) thе suррlу funсtіоn wаs lіnеаr; (b) thе dеmаnd funсtіоn wаs quаdrаtіс; (с) thе еquіlіbrіum рrісе wаs аррrохіmаtеlу еquаl tо thе рrісе оf thіs рrоduсt оn thе mаrkеt Wіthіn thе sресіfіеd mоdеl, fіnd: (d) thе еquіlіbrіum рrісе ?* ; (е) еlаstісіtу оf dеmаnd; (f) еlаstісіtу оf suррlу; (g) соndіtіоns fоr thе рrісе vаluе ? sо thаt dеmаnd іs еlаstіс; (h) аll ? vаluеs fоr whісh dеmаnd іs еlаstіс, іf аnу (hеrе уоu саn usе соmрutеr tесhnоlоgу). Intеrрrеt thе rеsults оbtаіnеd іn d, е, f, g, h іn thе соntехt оf thе sеlесtеd рrоduсt.
- 20 New PPC 15 10 3 4 7. TRUCKS PER DAY Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is per day. From the previous analysis, you can determine that as Raphael increases his production of trucks, his opportunity cost of producing one more truck Suppose Raphael buys a new tool that allows him to produce twice as many trucks per hour as before but doesn't affect his ability to produce puzzles. Use the green points (triangle symbol) to plot his new PPC on the previous graph. Because he can now make more trucks per hour, Raphael's opportunity cost of producing puzzles is it was previously. PUZZLES PER DAY5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both cars and kites. 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) (Kites) (Cars) (Kites) A 8 4 6 3 11 4 2 17 2 6. 19 E 8 20 2. B.5. Opportunity cost and production possibilities Carlos is a skilled toy maker who is able to produce both trucks 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 (Trucks) (Drums) (Trucks) (Drums) A 8 4 B 2 10 4 4 2 15 D 6. 1 17 8 18 On the following graph, use the blue points (circle symbol) to plot Carlos's initial production possibilities frontier (PPF). (? 30 25 Initial PPF 20 New PPF 15 10 1 2 3 5 7 8 TRUCKS DRUMS 2.