8. A small bakery makes baguettes and muffins. With the resources available (workers, flour, machines) this bakery canproduce either 1500 baguettes or 2000 muffins per day.a. What is the opportunity cost of an extra muffin in terms of baguettes?b. Assume that production is currently 1200 muffins and 600 baguettes. If the bakery wantedto expand its muffin production to 1300 muffins per day, how many baguettes would be baked?

A small bakery makes baguettes and muffins. With the available given resources, this bakery can…

Answered: A small bakery makes baguettes and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

Suppose there is an exogenous change to the market for apples that caused supply of apples to increase by 20,000 kgs at every price, which of the following would NOT explain this exogenous change? An increase in number of sellers. O Technological improvement. Reduction in cost of inputs. O Increase in population size. O Favourable environmental/climate conditions.
Which of the following examples does not illustrate the principle represented by the adage, "There is no such thing as a free lunch"? O a. Joe needs to pay his rent and his electric bill. O b. Lisa can spend her money on a new sweater or a pair of jeans. Oc. Pete must choose between buying a new flat screen television and buying his textbooks for this semester. O d. Kevin must decide between studying for his economics exam and working at his part- time job.
Choose the correct answer: . Refer to the Figure . The most inefficient point depicted is: Point A Point C Point D 4. Point G
1. What is meant by opportunity cost? Give an example. Suppose that you need to take a class at 3PM, but you can also work an extra shift at your job. What is the opportunity cost of taking the 3PM class?
08. What are the relative prices (opportunity costs) of wine and cloth? a) wine costs 1/2 yard of cloth per bottle in England b) cloth costs 1/2 bottle of wine/yard in England c) cloth costs 4 man-hours/yard in Portugal d) cloth costs 2 bottles of wine/yard in Portugal e) wine costs 3 bottles of wine/yard in Portugal
Economic theory indicates that as any economic agent tries to extend any productive activity further, it becomes increasing more difficult to do so. What is this particular theory called? Select one: a. Law of Comparative Advantage b. Law of Demand c. Law of Ceteris Paribus d. Law of Diminishing Returns
2. What effect does "Increasing Opportunity Cost" have on the Production Possibilities Curve? 3. What are the four categories of Resources? Give an example of each.
a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output produced (number of planes) using the table below: Instructions: Enter your responses as a whole number. Military output Consumer goods output Opportunity cost 0 100 1 95 2 80 b. As military output increases, opportunity cos 3 60 4 35 (Click to select) decrease remain constant increase 5 0
Which is a good example of an opportunity cost? 1. “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. UPS was expensive at the moment for smaller or lightweight packages whereas USPS offered a cheap price for these types of packages. UPS ships more than 220 internationally while USPS ships to certain international destinations. I have chosen USPS over UPS, orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS shipping. “ 2. “To begin, I began selling prints of my pictures in 2019 throughout 2020. USPS and UPS were the options I had during this period to ship out orders. I chose to ship my orders via UPS rather than USPS since it had the choice to ship orders internationally. While USPS is cheap and has fast shipping. Shipping the orders with UPS did not ship orders out on time, orders were damaged, and…
Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.
Com 120.000 80,000 40.000 B C A B the opportunity cost of that shift is 40,000 units of corn. 5.000 10.000 15.000 In the above graph, if the economy is currently producing at point C and then shifts production to point B, then A the economy moved from one efficient point to another efficient point. Robots moved from an inefficient point to an efficient point.
PLEASE FILL IN THE CHART BELOW FOR THE ARTICLE!! Microeconomics For the article, write the number of the graph that best describes what happened. Fill in only the appropriate boxes in each chart for each article and be sure and indicate if it is an increase or a decrease. Recent flooding in Australia, have driven up prices for items ranging from coffee beans to beef. Prices of corn and soybeans, used as feed for cattle and chicken, have leapt over the past six months, pushing up meat prices. As a result, meat prices have also increased. Restaurant chain Johnny Rockets, known for its burgers, uses about eight million pounds of ground beef a year, and its prices have risen over the last two months, says Ray Masters, senior vice president of purchasing and distribution. Fill in the Answer sheet for the article. Make sure you fill in the graph by marking it as a decrease or an increase in each box. Leave it blank if there is no change. Use a ? If you can’t tell if there is a decrease…

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