The above table shows production combinations on a country's production possibilities curve. What is the opportunity cost of decreasing the production of good Y from 28 to 16 units?
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- C 04:50 7:01 PM 23.7KB/s O L A 9ll (51) Chegg = Chegg Econon Time remaining: 00:09:54 The opportunity cost of production is zero O outside (to the right of) the production possibilities frontier. O inside the production possibilities frontier. O when all resources are used to produce only one of the two goods. O on the production possibilities frontier. fiproduction possibilities frontier has a 'bowed outward' shape only when: O As the quantity of one good produced increases, the opportunity cost of producing that good also increases. O an economy is self-sufficient instead of interdependent and engaged in trade. the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good. O the rate of tradeoff between the two goods being produced is constant. 2Assume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.1. Economic models Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. 100 80 PPF 20 20 40 60 60 100 BARLEY (Miions of busheis) CARS (Miions)
- 2 B agriculture Here's a production possibility frontier graph. In this example.... At point E, approximately what is the cost of another unit of industry? O6 units of agriculture O 4 units of agriculture 9 10 11 O2 units of agriculture O 1 unit of agriculture O 0 units of agricultureAlong a bowed-out production possibilities frontier, as more of one good is produced, O a. the opportunity cost of producing both goods must remain constant O b. technology remains constant O c. the opportunity cost of producing that good decreases O d. efficiency decreses O e. the opportunity cost of producing that good remains constantSuppose that an incumbent can commit to producing a large quantity of outputbefore the potential entrant decides whether to enter. So, the incumbent Örst chooseswhether to produce a small quantity or a large quantity. The rival then decides whether toenter. If the incumbent commits to the small output level and if the rival does not enter,the rival makes $0 and the incumbent makes $900. If it does enter, the rival makes $125and the incumbent earns $450. If the incumbent commits to producing the large quantity,and the potential entrant stays out of the market, the potential entrant makes $0 and theincumbent makes $800. If the rival enters, the best the entrant can make is $0, the sameamount it would earn if it didnít enter, but the incumbent earns only $400. Show the gametree. What is the SPNE?
- Which of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O c. Because technological innovations have increased the productivity of labour and capital O d. Because shrinking population has reduced the number of productive workers in the economy Next page IMG_7969.jpegSide 35 Suppose that 10,000 people are willing to spend a maximum of $20 each to preserve one acre of rainforest. A conservation group mails out a request to each person asking him or her to mail in $40 to preserve one acre of rainforest. How many acres of rainforest will be preserved with this program? Vælg én svarmulighed O 20,000 acres O Zero acres O 10,000 acres O 5,000 acresOpportunity Cost: The following table illustrates the points a student can earn on examination in Economics and Biology if the student uses all available hours for study. Economics Biology 100 40 90 60 80 75 70 85 60 93 50 98 40 100 What is the Opportunity cost to this student for the additional amount of study time on economics required to move her grade from 90 to 100?
- Meghan and Jackson are both gardeners producing carrots and tomatoes. The table below compares their production possibilities schedules. Production Possibilities Schedules Meghan Carrots 10 5 0 Multiple Choice O Tomotoes 0 10 20 O If both producers decided to specialize and trade with each other, the terms of trade that would benefit both Meghan and Jackson (1 carrot = x tomatoes) would be between Carrots 24 12 0 1.25 and 2.5 tomatoes per carrot. 2 and 5 tomatoes per carrot. O2 2 and 2.5 tomatoes per carrot. Jackson 0.4 and 0.5 tomatoes per carrot. Tomatoes 0 30 60QUESTION 1 Which of the following statements is true? I. Land, capital, entrepreneurial ability and labor are all considered to be economic resources II. All economic resources are scarce except for land and labor which have unlimited availability O 1.Only O II Only O Both I and II ONeither I nor II QUESTION 2 Which of the following statements is false? All points on the Production possability curve are attainable O All points inside the Production possability curve are unattainable All points inside the Production possability curve are inefficient All are trueciples of Microeconomics - Spring21 Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is always economically efficient. O b. If a firm is technologically efficient, it is always producing at the lowest costs of production. O c. If a firm is economically efficient, it is always technologically efficient. O d. None of these answers is correct. DUS PAGE NE