S dar 9 DX rd A E Wine C D Bread ory dio llett cover Figure 2-1 In Figure 2-1, I can product the Wine and Bread, and Point F: Represents the amount of Wine & Bread I can produce but it is also an inefficient output choice Represents the amount of Wine & Bread I can produce but it is also an optimal efficient output choice as it is inside the curve S dar 9 OX IS Figure 2-1 In Figure 2-1, I can product the Wine and Bread, and Point F: Represents the amount of Wine & Bread I can produce but it is also an inefficient output choice Represents the amount of Wine & Bread I can produce but it is also an optimal efficient output choice as it is inside the curve E rd A B Wine ory Figure 2-1 F D. Bread dio llett In Figure 2-1, I can product the Wine and Bread, and Point F: Represents the amount of Wine & Bread I can produce but it is also an inefficient output choice Represents the amount of Wine & Bread I can produce but it is also an optimal efficient output choice as it is inside the curve Cover

S dar 9 DX rd A E Wine C D Bread ory dio llett cover Figure 2-1 In Figure 2-1, I can product the Wine and Bread, and Point F: Represents the amount of Wine & Bread I can produce but it is also an inefficient output choice Represents the amount of Wine & Bread I can produce but it is also an optimal efficient output choice as it is inside the curve S dar 9 OX IS Figure 2-1 In Figure 2-1, I can product the Wine and Bread, and Point F: Represents the amount of Wine & Bread I can produce but it is also an inefficient output choice Represents the amount of Wine & Bread I can produce but it is also an optimal efficient output choice as it is inside the curve E rd A B Wine ory Figure 2-1 F D. Bread dio llett In Figure 2-1, I can product the Wine and Bread, and Point F: Represents the amount of Wine & Bread I can produce but it is also an inefficient output choice Represents the amount of Wine & Bread I can produce but it is also an optimal efficient output choice as it is inside the curve Cover

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 19CTQ: Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers...

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Crystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels and baskets. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. BASKETS Choice (Tea towels) A B C D E 30 25 20 15 10 5 Hours Crafting 0 0 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF). 2 (Baskets) (Tea towels) 0 2 4 6 8 3 4 TEA TOWELS 5 4 3 6 2 1 0 Produced 7 (Baskets) 0 10 16 19 8 20 Initial PPF New PPF
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Beth is a skilled toy maker who is able to produce both boats and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Balls) (Boats) (Balls) A 8 0 4 0 B 6 2 3 12 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Beth's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSBOATS Suppose Beth is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Beth is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Beth increases her production of boats, her opportunity cost of producing one…
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Susan is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Drums) (Boats) (Drums) A 8 0 4 0 B 6 2 3 11 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Susan's initial production possibilities frontier (PPF). Suppose Susan is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is how many drums per day? Now, suppose Susan is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is how many boats per day? From the previous analysis, you can determine that as Susan increases her production of boats. Will her opportunity cost of producing one more boat…
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