(plus symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates. (? 40 35 с + B ++ 0 90 720 180 270 380 450 540 630 STEEL (Millions of tons) Suppose the economy initially produces 15,000 pieces of clothing and 450 million tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving production to point B) is_ tons of steel. (A. 54 million, B. 72 Million, C. 90 Million, D. 108 Million. E. 135 Million) Suppose, instead, that the economy currently produces 378 million tons of steel and 20,000 pieces of clothing, which is represented by point B. Now the opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving to point C) is ___ tons of steel. (A. 54 Million B. 72 Million C. 90 million E. 108 Million E.135 Million) Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional pieces of clothing at point B is ___________ the opportunity cost of 5,000 additional pieces of clothing at point A. (A.greater than B. Less than C. Equal to) CLOTHING (Thousands of pieces) 5 0 PPC

(plus symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates. (? 40 35 с + B ++ 0 90 720 180 270 380 450 540 630 STEEL (Millions of tons) Suppose the economy initially produces 15,000 pieces of clothing and 450 million tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving production to point B) is_ tons of steel. (A. 54 million, B. 72 Million, C. 90 Million, D. 108 Million. E. 135 Million) Suppose, instead, that the economy currently produces 378 million tons of steel and 20,000 pieces of clothing, which is represented by point B. Now the opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving to point C) is _ tons of steel. (A. 54 Million B. 72 Million C. 90 million E. 108 Million E.135 Million) Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional pieces of clothing at point B is _________ the opportunity cost of 5,000 additional pieces of clothing at point A. (A.greater than B. Less than C. Equal to) CLOTHING (Thousands of pieces) 5 0 PPC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph says: Clothing (units per 16 week) 14 12 10 1 2 3 4 5 Food (units per week) You are willing to give up 6 units of clothing to get the first unit of food You are willing to give up 4 units of clothing to get the third unit of food You are willing to give up 1 unit of clothing to get the fourth unit of food You are willing to give up 2 unit of clothing to get the fifth unit of food You are willing to give up 6 units of clothing to get the third unit of food
es On average, households in China save 40 percent of their annual income each year, whereas households in the United States save less than 5 percent. Production possibilities are growing at roughly 9 percent annually in China and 3.5 percent in the United States. Use graphical analysis of "present goods" versus "future goods" to explain the differences in growth rates. Goods for the future (Capital) PPC3 100 90- 80 70 60- 50- 40- 30- 20- 10 0 0 Production Possibilities (United States) PPC₂ PPC₁ B 10 20 30 40 50 A 60 70 Goods for the present 80 90 100 Future Goods 100 90- 80- 70 60- 50+ 40 30- 20- 10- 0 PPC3 PPC₂ PPC₁ B 0 10 20 Instructions: Refer to the diagram on the left. Which point best represents the combination of present and future goods in the U.S.? (Click to select) Which dashed production possibilities curve best represents future growth in the U.S.?(Click to select) Instructions: Refer to the diagram on the right. Which point best represents the combination of present and…
The accompanying hypothetical production possibilities tables are for New Zealand and Spain. Each country can produce apples and plums. Plot the production possibilities data for each of the two countries separately. Referring to your graphs, answer the following:
Please help with questions D & E: Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users. 2000 2001 Price of a house $120,000 $145,000 Number of houses produced 1000 1050 Price of a pair of shoe $150 $170 Number of pairs of shoes produced 650,000 525,000 Year 2000 Year 2001 Price of a house $120,000 Price of a pair of shoes $150, $170 Number of houses produced 1,000 Number of pairs of shoes 650,000, 525,000 (a) What is the Consumer Price Index (CPI)? (b) Calculate the CPI for both years. (c) Calculate the rate of inflation for 2001 using the CPI. (d) Calculate the GDP deflator for both years. (e) Calculate the rate of inflation for 2001 using the GDP deflator.
Refer to the diagram to answer the following: a. The movement from point A to point B represents: b. The movement from point B to point C represents: c. The movement from point A to point C represents Real GDP per hour Worked Y/L ($, 000) 1,000 900- 800- 700- 600- 500- 400 200- 100- Aggregate Production 0 ljuds 300-midifi E Tommyformemberit A 8 D 20 40 00 80 Capital per hour worked K/L (5,000) 100 O Q
Please help with questions D & E: Consider an economy that produces and consumes shoes and houses. In the table below are data for two different users. 2000 2001 Price of a house $120,000 $145,000 Number of houses produced 1000 1050 Price of a pair of shoe $150 $170 Number of pairs of shoes produced 650,000 525,000 Year 2000 Year 2001 Price of a house $120,000 Price of a pair of shoes $150, $170 Number of houses produced 1,000 Number of pairs of shoes 650,000, 525,000 (a) What is the Consumer Price Index (CPI)? (b) Calculate the CPI for both years. (c) Calculate the rate of inflation for 2001 using the CPI. (d) Calculate the GDP deflator for both years. (e) Calculate the rate of inflation for 2001 using the GDP deflator. Please help with questions D & E only.
GRAPH Reset Capital Goods 17 Production Possibilities (Present) Production Possibilities (Future) 16 15 14 13 12 11 10 8 7 6 5 4 3 2 1 1 2 3 4 5 7 8 10 11 12 13 14 15 Consumption Goods More More Saving Consumption 1 2 3 4 5 6 7 CALCULATIONS Consumption Goods Produced 4.0 Capital Goods Produced 7.5 Instructions: Adjust the slider and gather information from the graph to answer the following questions. a) If a country produces 2 units of consumption goods, how many units of capital goods can it currently produce using all of its resources? 8.6 b) If a country produces 2 units of consumption goods now, and it continues to produce 2 consumption goods goods in the future, how many units of capital goods can it produce in the future? 15 report your answer to one decimal place c) If a country produces 3 units of consumption goods now, and then it produces 2 consumption goods in the future, how many units of capital goods can it produce in the future? 15 report your answer to one decimal place
GRAPH Reset Capital Goods 17 Production Possibilities (Present) Production Possibilities (Future) 16 15 14 13 12 11 10 9 8 7 6 4 3 1 1 2 3 4 8 9 10 11 12 13 14 15 Consumption Goods More More Saving Consumption 1 2. 3 4 5 6 7 E CALCULATIONS Consumption Goods Produced 4.0 Capital Goods Produced 7.5 Instructions: Adjust the slider and gather information from the graph to answer the following questions. a) If a country produces 5 units of consumption goods, how many units of capital goods can it currently produce using all of its resources? b) If a country produces 6.1 units of capital goods, how many units of consumption goods can it currently produce? c) If a country produces 6.1 units of capital goods now, and it continues to produce 6.1 capital goods in the future, how many units of consumption goods can it produce in the future? report your answer to one decimal place d) If a country produces 9.4 units of capital goods now, and then it produces 6.1 capital goods in the future, how…
Table for Exercise 24: \table[[Year, Quantity of Labor, Productivity of Labor], [2022, 1, 320, $155 Table for Exercise 24: Year 2022 2023 Quantity of Labor 1,320 1,500 Productivity of Labor $155 $ 180 noitelis (A 24) The table shows the quantity of labor (measured in hours) and the productivity of labor (measured in output per hour) in an economy in two different years. Suppose in year 2024, the quantity of labor falls by 15% from year 2023 but the productivity of labor remains the same. Calculate the total output for year 2024. A) $270,000 B) $229,500 c) $223,250 D) $310,500 neno ad used male slidomotus as i doj aid teolona(es E) $1,275 Jader ob bluos int out that economic growth benefits all thellgo.al important determinandavelamin (A
What was the ratio used for running economy in the study that tried to predict fastest possible human marathon times? velocity/02 consumption running power/02 consumption velocity x 02 consumption 02 consumption/velocity
Course: Macroeconomics Suppose that the USA can make 15,000,000 cars or 20,000,000 bottles of wine with one year's worth of labor. France can make 10,000,000 cars or 18,000,000 bottles of wine with one year's worth of labor. From these numbers, we can conclude: Question: What would you suggest each of these countries produce? Explain your answer. (Make sure to include the number of cars and bottles of wine each country should produce.)
Imagine the GDP per capita of a country doubles every one hundred years. What would the shape of a linear-scale graph and a ratio-scale graph be? Select one or more: a. Linear scale: an upward-sloping curve with increasing slope (called convex shape) Ratio scale: an upward-sloping straight line b. Linear scale: an upward-sloping straight line Ratio scale: a straight horizontal line c. Linear scale: an upward-sloping straight line Ratio scale: an upward-sloping curve with decreasing slope (called concave shape) d. Linear scale: an upward-sloping convex curve Ratio scale: an upward-sloping convex curve