The shape of the production possibilities frontier below implies thatEBDBreada. some resources are better suited for producing bread than for producing wine.b. the financial cost of producing bread is higher than the financial cost of producing wine.c. the opportunity cost of producing more bread falls as bread production rises.O d. the producer's technology is not subject to the principle of increasing cost.QUESTION 5Opportunity cost can best be defined as thea. value of the best alternative foregone when the alternative at hand is chosen.b. cost of the resources used to produce a good or service.C. money cost of a good or service.o d. money cost plus interest on money borrowed to buy a good or service.QUESTION 6When a firm or economy is operating inefficiently. it is operatingO a. on its production possibilities frontier.b. outside it production possibilities frontier.C. at the intersection of the production possibilities frontier with the vertical axis.O d. inside its production possibilities frontier.e. at the intersection of the production possibilities frontier with the horizontal axis.Wine

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The shape of the production possibilities frontier below implies that E B Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. O . the opportunity cost of producing more bread falls as bread production rises. od. the producer's technology is not subject to the principle of increasing cost. Wine

The shape of the production possibilities frontier below implies that E B Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. O . the opportunity cost of producing more bread falls as bread production rises. od. the producer's technology is not subject to the principle of increasing cost. Wine

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
In choosing a production technology, how will firms react if one input becomes relatively more expensive?
. Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?
What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9
Production possibility curve shows maximum efficiency means O a. Resources are wasted O b. None of the options O. Resources are not wasted O d. Resources are not completely used
5. Ya'qub is going on vacation for 10 days. He is spending SR2000 on the plane ticket, SR500 for food accommodation. He gets paid by the hour and will lose SR3000 for not working and SR100 on hotel 10 days. a. What is his explicit cost? b. What is his implicit cost? c. What is his opportunity cost?
Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs Ø 20 48 60 80 108 output 0 60 100 130 150 160 A 0 % inputs 0 20 40 B 60 80 100 a. From this data, complete Utopia's production possibilities table below. Possibility Cheese Wine Wine с output 0 80 140 190 210 220 D b. Utopia (Click to select) c. If Utopia is at D. the total cost of 20 more cheese is d. If Utopia is at D. the total cost of 50 more wine is E produce 130 cheese and 190 wine. wine. cheese. F 0 A
The cost of a trade-off is known as the of that decision. a. opportunity cost b. marginal cost C. comparative cost d. explicit cost е. net cost
Mc Graw Hill The table below shows Lanark's production possibilities. Wheat Cars A 0 40 B 35 38 C 60 34 D 78 26 E 87 15 (Click to select) ✓
Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal Product
Which of the following concepts can be used to explain why production possibility frontiers is concave to the orgin. O a. Scarcity O b. Sunk costs. Oc. Trade d. Increasing marginal costs.
PPF is based on Select one: a. Indirect cost O b. Opportunity cost c. Variable cost O d. Fixed cost