4. What is the opportunity cost of maintaining a cactus (measured in palm trees forgone)? A. 1 E. F. G. H. C. D. B. C. D. E. F. G. H. 6ABCD B. 5. What is the opportunity cost of maintaining a palm tree (in cacti forgone)? A. 1 4 1/4 1/3 24 3 A. B. C. 4 1/4 1/3 24 3 6. Where is the combined output of 2 palms and 3 cacti in relation to the PPF? Inside it D. Cannot be known from the information provided None of the above (Explain why: Cannot be known from the information provided None of the above (Explain why: Outside it On it At one of its endpoints

4. What is the opportunity cost of maintaining a cactus (measured in palm trees forgone)? A. 1 E. F. G. H. C. D. B. C. D. E. F. G. H. 6ABCD B. 5. What is the opportunity cost of maintaining a palm tree (in cacti forgone)? A. 1 4 1/4 1/3 24 3 A. B. C. 4 1/4 1/3 24 3 6. Where is the combined output of 2 palms and 3 cacti in relation to the PPF? Inside it D. Cannot be known from the information provided None of the above (Explain why: Cannot be known from the information provided None of the above (Explain why: Outside it On it At one of its endpoints

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Table 1.4 Number of Opportunity Cost (Foregone Good 2) Combination Opportunity Cost (Foregone Good 1) Good 1 Number of Good 2 NA 268 4.63 125 0.22 241 0.84 211 1.19 139 0.35 D 259 2.9 NA What is the opportunity cost of each unit of Good 1 when the economy changes production from 8 to C?
2. Give at least four examples of trade-offs when scarce resources are used a. b. C. d.
Orange(tons) Apple(tons)A 1400 0B 1100 450C 900 900D 600 1200E 250 1600F 0 2000a. Plot the production possibilities curve for the production of orange and apple. Put orange on the horizontal axis. b. What is the opportunity cost of increasing the production of orange from 0 to 250? From 900 to 1100? c. Given this production possibilities curve, is producing 900 orange and 1200 apple possible? d. Is producing 250 orange and 1200 apple? Is it efficient? 2) What is the connection between elasticity and total revenue? 3) State whether each of the following events will result in a movement along the demand curve for Burger King’s Cheeseburger or whether it will cause the curve to shift. If the demand curve shifts, indicate whether it will shift to the left or the right and draw a graph to illustrate the shift.Explaina) The price of McDonald’s Big Mac hamburger decreases.b) Because of a shortage of…
Draw a production possibilities frontier diagram for a farm able to produce corn or soybeans. What does a production possibilities frontier illustrate?
1
The production possibilities frontier curve illustrates that a. an economy's capacity to produce is unrelated to its population. b. if all the resources of an economy are being used efficiently, more of one good can be produced only if more of another good is produced. c. an economy will automatically move toward a point at which all of its resources are being used inefficiently. d. if all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.
Ice cream (millions of gallons per year) 5 A 4 В 3 2 3 4 Milk (millions of gallons per year) The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and Bis A) 4 gallons of ice cream for a gallon of milk. B) 3 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 1/3 of a gallon of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
ITMG 1B Econ 2100 mic E Homework: Basic... Question 15, 1.1 Questio... Consider the figure at the right, which represents the production possibilities boundary for pizzas and guns. The combination(s) of pizzas and guns at O A. points A and C are attainable and efficient. O B. point B is efficient and attainable. O C. points A and C are less efficient than at point B. O D. points A and C require more resources than at point B. O E. point A is more efficient than at point C.
The table below shows various combinations of amounts of fish and corn that can be produced simultaneously in an economy. measured in millions of pounds. Corn Fish 143 128 12 107 30 71 45 28 54 60 What is the opportunity cost of an action that increases fish production from 30 to 45? Opportunity Cost = . Con What is the opportunity cost of an action that increases corn production from 28 to 71? Opportunity Cost = * Fish
#25
K H S Course Home A. Nothing, it is a free lunch B. 6 thousand bottles of wine C. 6 tons of rice D. 9 thousand bottles of wine OE. 15 thousand bottles of wine mylab.pearson.com The figure shows the production possibility frontier for a country. What is the opportunity cost to move from point D to point E? A Wine (thousands of bottles per year) 15 12 9 6 3 C03Qu O B 3 D E 12 15 Rice (tons per year) +
1. The table below is a list of the maximum combinations of rice and beans that the Island of Utopia can produce. combination rice beans A 1200 0 B 1100 1200 C 900 2000 D 500 2600 E 200 2900 F 0 3000 (i) Draw the production possibility frontier (PPF) for the Island of Utopia I (ii) Explain what a point on the line shows (for example point A or B, etc). Full answer required. Assume the economy starts at point D and moves to point B. Explain what is happening here. Calculate the opportunity cost.