a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output produced (number of planes) using the table below: Instructions: Enter your responses as a whole number. Military output Consumer goods output Opportunity cost 0 100 95 2 80 3 60 4 35 b. As military output increases, opportunity cos✔✔ (Click to select) decrease remain constant increase 5 0

a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output produced (number of planes) using the table below: Instructions: Enter your responses as a whole number. Military output Consumer goods output Opportunity cost 0 100 95 2 80 3 60 4 35 b. As military output increases, opportunity cos✔✔ (Click to select) decrease remain constant increase 5 0

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 12RQ: Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?

See similar textbooks

Similar questions

a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced using the table below: Instructions: Enter your responses as a whole number. Military output 0 1 2 3 4 Consumer goods output 340 290 240 170 00 90 Opportunity cost b. As military output increases, opportunity costs (Click to select)
Economics Question
Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
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
In the use of the resources, it is important to any the concept of opportunity cost . Define oportunity cost in economic terms
ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…
a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced using the table below: Instructions: Enter your responses as whole numbers. 2 3 4 Military output Consumer goods output 100 90 75 55 30 Opportunity cost b. As military output increases, opportunity costs (Click to select)
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
we assume any opportunity cost our professor doesnot give us more inforation... please do whatever you understand Q2: show a typical course of these costs in a diagram where you have produced quantity along the horizontal axis and kroner along the vertical. where do we find the intersection of these two curves
An economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit of labour can produce either 1unit of X or 4units of Y (or linear combination of the two).A unit of capital can produce either 4units of X or 1unit of Y (or linear combination of the two)there are 100units of each means of production. (i) Draw the production possibility frontier of the economy when the two goods can only be produced by a mixture of both factors. (ii)What will be the opportunity cost of X if the economy produces 50units of X ? (iii) Given that the production technology is linear ,will the opportunity cost of X remain unchanged when we produce 90units of X ? (iv)Briefly explain the difference between the PPC with a constant opportunity cost and the PPC with an increasing opportunity cost as more output of one good is produced. Use a well labeled diagram to explain your answer?
product Y 28 24 20 16 12 8 4 0 Production Possibilities Frontier + point A 8 point F 12 16 point B point C 20 -point E point D 24 product X 01. What is the per-unit opportunity cost of product X as production moves from point B to point D? a) 6/7 b) -6/7 c) 7/6 d) -7/6
Homework (Ch 02) 100 Tools 80 PPE 60 70, 41 20 20 40 60 80 100 ALFALFA (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable C E F OO0 O00 +u LAPTOPS (MIllions)