24 29 Pies 14 Vhich of the following is true about point A? a. Robert is making only pies, Egg is making only pies and Merrick is making bread and pies b. Merrick is making only pies and Egg and Robert are making only bread c. Egg is making bread, Robert is making bread, Merrick is making both bread and pies d. Merrick is making pies, Egg is making both pies and bread, Robert is making only bread.
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- y Tools ips ips Homework (Ch 02) 2. Opportunity cost and production possibilities Sam is a skilled toy maker who is able to produce both cars and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice PUZZLES A B C D E 30 25 20 15 Hours Producing (Cars) (Puzzles) 8 0 2 10 6 4 2 0 4 6 8 (Cars) 4 3 2 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). NO 1 Produced 0 (Puzzles) 0 10 16 19 20 Initial PPF Your Mac will sleep s into a power outlet. New PPF *5. Opportunity cost and production possibilities Carlos is a skilled toy maker who is able to produce both trucks and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Drums) (Trucks) (Drums) A 8 4 B 2 10 4 4 2 15 D 6. 1 17 8 18 On the following graph, use the blue points (circle symbol) to plot Carlos's initial production possibilities frontier (PPF). (? 30 25 Initial PPF 20 New PPF 15 10 1 2 3 5 7 8 TRUCKS DRUMS 2.5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both cars and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Cars) (Kites) (Cars) (Kites) A 8 4 6 3 11 4 2 17 2 6. 19 E 8 20 2. B.
- 17. Opportunity cost and production possibilities Andrew is a talented artist who sells hand-crafted goods on his website. Andrew currently crafts and sells both picture frames and cutting boards. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. DARDS Choice (Picture frames) A B с D E 30 25 8 6 4 20 Hours Crafting 2 0 (Cutting boards) (Picture frames) 0 2 4 6 8 4 3 2 Produced 1 0 On the following graph, use the blue points (circle symbol) to plot Andrew's initial production possibilities frontier (PPF). (Cutting boards) Initial PPF New PPF 0 11 16 19 ? 20Hacmillan Leaming Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPF's for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h. Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway? Christine will write music for Paul will write music for Christine will write lyrics for Paul will write lyrics for h songs. songs. songs. songs. Music written (in # of songs) 1 0 Paul's PPF 1 Christine's PPF 2 Lyrics written (in # of songs))4.Explain why opportunity cost is the best forgone alternative and provide examples ofsomeopportunity costs that you have faced today.
- 2. What economic opportunity cost in COVID 19?3. You and a fellow student are working on a joint project in a course. You cach know that your project's score in points will be split between the two of you. The project's score depends on the level of effort you put into the project, where your effort, ee [0,1], ranges between zero and one. Putting forth effort is costly to you, though: you feel a cost of effort given by c(e). Your partner faces the same cost function for her own effort. Suppose the score earned by the project is given by fle,e2)=200 e,ez, and your cost of effort is given by c(e,)=40e,. What is the effort chosen by you and your partner, and what is your score on the project? (Hint: You need to use best-response graphs on this one. The first-order conditions in this problem will only help you draw the best-response function of each player. Find the Nash equilibria by finding the intersections of the best-response functions.) Now suppose the score earned on the project is given by fle,,e)=200 e,ez and the cost of your…help me with 2.6. Please provide explanations and steps
- Suppose there are three people that can bake bread or making pies. The first is Merrick whose opportunity cost of making pies is 1/2 a loaf of bread. Egg's opportunity cost is 1 loaf of bread per pie. Robert's opporunity cost is 2 loaves of bread per pie. The daily joint PPF is depicted below: Loav es of Bread 27 • E 20 10 14 24 29 Pies Which point is unattainable? O a. E b.C c. D d.B e. Ato treat a sore back Kyoko undertakes a course of physical therapy.Kyoko's marginal benefit from her first physical therapy session is $250 from her second its $225 , from her third its $175 anf from her its $100. physical threapy sessins cost $175 each. assuming kyoko's final physical threapy session will earn her zero consumer surpus, kyoko will have _ physical threapy sessions and her total consumer surpus will be_ A .four, $0 B. three, $100 c. four, $125 d. three, $125ON1000 Principles of Economics S1 20/21 Quiz navigation If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $7,500 this semester, then your opportunity cost of attending college this semester is ion 3 2. 3. 4. vet ered 10 11 12 13 ked out of O a. $38,500. 19 20 lag question O b. $31,000. Finish attempt .. O c. $26,800. Time left 0:27:52 O d. $26,500. Next page Previous page