Bacon 50 40 30+ 20 A 10 B E 10 20 30 40 50 b. 20 units of eggs c. 30 units of eggs d. 40 units of eggs e. 50 units of eggs D 60 70 Eggs 6. Using the graph above: if the economy is operating at point C, the opportunity cost of producing 15 units of bacon (moving to point B) is a. 10 units of eggs
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- Tony and Patty produce skis and snowboards. The tables show their production possibilities. Each week, Tony produces 5 snowboards and 40 skis and Patty produces 10 snowboards and 5 skis. Tony's opportunity cost of producing a snowboard is skis. Patty's opportunity cost of producing a snowboard is skis, t More HelnSuppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish. If Gilligan gathers 3 Ibs of coconuts each day, then what's the maximum amount of fish he can catch in a day? 9. 8. 6. 4 1 0 1 2 3 4 5 6 Fish (Ibs/day) 04 Ibs of fish 4.5 lbs of fish 6 lbs of fish Tenannat ha datarminat Coconuts (Ibs/day)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
- Q15.) Answer each question. Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is ___. 2.) If she buys 1 pie the number of magazines she can buy in a week is ____. 3.) What is her S opportunity cost of purchasing a pie? ___ 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___Assignments for Macroeconomics Econ 2202 Assignment 1 Chapter 1 and 2 1. What is the opportunity cost of Bananas in terms of Tacos? 2. What if the price of Tacos decreased to $0.50, what happens to the quantity of Tacos consumed given a $5 Budget? Bananas Tacos $0.50 $1 Budget $5.00 Bananas Tacos 2 4 3. 4. 3 2 8 1 9 10 Study Hours Psycholo Psycholo | Economi Economi cs gy 100 cs gy 4. 65 95 80 87 88 3. 77 94 1 4. 65 96 3. What is the Opportunity Cost of studying 3 hours for Economics (Increasing the study time in Economics from 2 hours to 3 hours). woul! be1. An individual's budget Suppose Bob has a yearly budget of $120 to spend on oat milk and peanut butter. Oat milk is priced at $2 per quart, and peanut butter is priced at $6 per jar. If Bob spends his entire $120 on oat milk, he can buy jars of peanut butter. Use the blue line (circle symbol) to plot Bob's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of oat milk and peanut butter that are affordable for Bob. Finally, place the black point (plus symbol) on the point on Bob's budget constraint that corresponds to a scenario in which Bob spends $60 on each good. Note: Dashed drop lines will automatically extend to both axes. PEANUT BUTTER (Jars) 120 110 100 90 80 70 60 50 40 30 20 10 0 0 10 20 30 + 40 50 60 70 OAT MILK (Quarts) quarts of oat milk. If he spends his entire $120 on peanut butter, he can buy + + 80 90 + H 100 110 120 BC, ($120) ☐ Affordable Region $60 on Each BC₂ ($240) ?
- 8. What is economic?140 120 100 20 PPP 10 20 30 40 50 60 70 80 90 100 Quantity of rubber hoses (Figure: Figure: Rubberland's Production Possibilities) Rubberland only makes two products, rubber band balls and rubber hoses, and on a given day can produce according to the lighter PPF curve in the graph. Point A on the lighter PPF curve represents the combination of the two goods Rubberland currently produces. When a new method of rubber processing is discovered, the PPF shifts to the right, the darker PPF curve. Assume that Rubberland does not make more rubber hoses than they originally made at point A but still maximize their productive capabilities. How many more rubber hand balls do they now produce per day than before? O 59 O 30 O 20 Q 39 Quantity of rubber hnd hallsWould a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
- Potatoes 120- (a) 10 units of potatoes. (b) 20 units of potatoes. (c) 30 units of potatoes. (d) 40 units of potatoes. 100 90 70 40 20 D 10 20 30 40 Wine 7. From FIGURE 1, if the economy is operating at point C, the opportunity cost of producing an additional 10 units of oranges will be Oranges 8. From FIGURE 1, the production possibilities curve might shift outward to include G if (a) the economy put all unemployed resources to work. (b) the economy experienced more rapid price inflation. (e) improved training increased the productivity of workers such that there is economic growth. (d) the nation's population declined Bread FIGURE 1 D FIGURE 2 9. Refer to FIGURE 2. An economy is operating at full employment, and then workers in the bread industry are laid off. This change is portrayed in the movement from: (a) A to B (b) B to E (c) C to F (d) G to FThe graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.nity cost and production possibilities Cho is a skilled toy maker who is able to produce both boats 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. Hours Producing Produced Choice (Вoats) (Puzzles) (Boats) (Puzzles) A 4. 3 10 C 4. 4. 16 D 2 6. 1 19 8 20