A farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 4 bushels of beans, then her opportunity cost of 1 bushel of beans is 0.25 bushels of corn. 16.00 bushels of corn. 4 bushels of corn. 2.99 bushels of corn.
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Answer:
Opportunity cost: opportunity cost refers to the units of a good sacrificed to produce one more unit of another good.
Here, if the gives up 16 bushels of corn to produce 4 bushels of beans then the opportunity cost will be as given below:
The opportunity cost of 1 bushel of beans is 4 bushels of corn.
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- Question 4 of 18 > A farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 6 bushels of beans, then her opportunity cost of 1 bushel of beans is 0.38 bushels of corn. O 16.00 bushels of corn. O 2.67 bushels of corn. O 2.99 bushels of corn.Refer to Exhibit 34-5. The opportunity cost of one unit of good A is O a. 2B; 1B O b. 10B; 15B c. 1/2B; 2B d. 20B; 15B O e. 1/10B; IB Country 1 Good A 100 80 60 40 20 10 Good B 0 10 20 Country 2 Good A 75 60 45 30 40 50 for country 1 and 30 15 0 Good B 0 30 60 90 120 150 for country 2.Suppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish. Which points on the graph are efficient? Coconuts (lbs/day) 8 7 6 0 0 O Multiple Choice O O O 1 2 3 4 5 Point A A Fish (lbs/day) Point B C Point C B Both points A and B 6
- per ounce of meat). gain, but it must be somewhere between 2 and 4. ues to The pr 3- To see why the price has to be in this range, consider what would happen if it AC were not. If the price of meat were below 2 ounces of potatoes, both Frank and Rose would want to buy meat, because the price would be below each of their opportunity costs. Similarly, if the price of meat were above 4 ounces of potatoes, fror both would want to sell meat, because the price would be above their opportunity prir costs. But there are only two members of this economy. They cannot both be buyers ples of meat, nor can they both be sellers. Someone has to take the other side of the deal A mutually advantageous trade can be struck at a price between 2 and 4. In this price range, Rose wants to sell meat to buy potatoes, and Frank wants to sell pota- toes to buy meat. Each party can buy a good at a price that is lower than his or her opportunity cost. In the end, each person specializes in the good for which he or…You have decided that you want to attend a renaissance fair as King Henry VIII. You estimate that it will cost $80 to assemble your costume. After spending $80 on the costume, you realize that the additional pieces you need will cost you $20 more. The marginal cost of completing the costume is O $20 O $100 $60 $80If Paul divides his time equally between corn and wheat, he will be able to produce Paul Cliff Wheat Wheat 8 6 10 Com 4. Corn a. 2 bushels of wheat and 2 bushels of corn. b. 3 bushels of wheat and 3 bushels of corn. c. 4 bushels of wheat and 5 bushels of corn. d. 4 bushels of wheat and 6 bushels of corn. Paul's opportunity cost of 1 bushel of corn is bushel(s) of wheat. Assume Cliff and Paul were both producing wheat and corn, and each person was dividing his time equally between the two. Then each decides to specialize in the product in which he has a comparative advantage. Furthermore, they agree to trade 3 bushels of wheat for 3 bushels of corn. As a result of these new arrangements, Cliff is able to consume a. 4 bushels of wheat and 3 bushels of corn, and this point lies on Cliff's production possibilities frontier. b. 3 bushels of wheat and 3 bushels of corn, and this point lies outside of Cliff's production possibilities frontier. c. 3 bushels of wheat and 2 bushels of corn, and…
- Point A B C D E Production of X Production of Y 0 40 3 36 6 28 9 16 12 0 The above table shows production combinations on a country's production possibilities curve. What is the opportunity cost of decreasing the production of good Y from 28 to 16 units? O 12 units of good X O 6 units of good X There is no opportunity cost when moving from one point to another along a production possibilities curve. O 3 units of good XYou have a field on which you can grow two types of crops, barley and wheat. The field has 30 acres and each acre can produce 2 wheat or 3 barley. Suppose you are producing 60 barley and it is economically efficient for you to do so. How much wheat are you producing? 5 wheat 10 wheat 15 wheat 20 wheatAssume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.
- Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good BAssume that you are in the business of building houses in United Kingdom. You have analyzedthe market carefully, and you know that at a price of £120,000, you will sell 800 houses peryear. In addition, you know that at any price above £120,000, no one will buy your housesbecause the government provides equal-quality houses to anyone who wants one at £120,000.You also know that for every £20,000 you lower your price, you will be able to sell an additional200 units. For example, at a price of £100,000, you can sell 1,000 houses; at a price of £80,000,you can sell 1,200 houses; and so on.a. Sketch the demand curve that your firm faces.b. Sketch the effective marginal revenue curve that your firm faces.c. If the marginal cost of building a house is £100,000, how many will you build and whatprice will you charge? What if MC = £85,000?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 just attainable but inefficient. O B. points A and C are less efficient than point B. O C. point B is efficient but unattainable. O D. point B is attainable but inefficient. O E. points A and C are unattainable. Quantity of Pizza Quantity of Guns C