ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Andreas has 10 hours available for knitting scarves and hats. It takes him 10 minutes to knit a scarf and 20 minutes to knit a hat. His current plan is to make 3 scarves and1 hat. What is his
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- If Masha devotes all her time to making cookies, she can make 3 pounds of cookies an hour, and if she devotes all her time to baking bread, she can make 2 pounds of bread an hour. If Sasha devotes all his time to making cookies, he can make 4 pounds of cookies an hour, and if he devotes all his time to baking bread, he can bake 5 pounds of bread an hour. Which of the following is true? There will be no gains from trade for Sasha and Masha. Masha has an absolute advantage in at least one of the goods Both Sasha and Masha would agree to trade 1 cookie for 1 pound of bread. Sasha is better-off by himselfarrow_forwardPoornima is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Kites) (Boats) (Kites) A 8 0 4 0 B 6 2 3 11 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Poornima's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050KITESBOATS Suppose Poornima is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Poornima is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Poornima increases her production of boats, her opportunity…arrow_forwardRafael's PPF Naomi's PPF 30 30 25 25 20 20 A 15 15 10 10 A 5 10 15 20 25 30 10 15 20 25 Rackets Rackets Refer to the diagrams above. Suppose that before trading, Rafael and Naomi had been producing at point A on their respective PPF. Then suppose they choose to specialize and trade. After specializing they trade 8 Rackets for 8 Balls. After this trade, Rafael will consume and Select one: а. 20 Rackets; 8 Balls b. 8 Rackets; 8 Balls C. 8 Rackets; 12 Balls d. 12 Rackets; 8 Balls Balls Balls 30arrow_forward
- Which would be technically efficient and which would be economically efficient?arrow_forwardBoth Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Puzzles 188 88 68 48 28 8 Puppets 8 4 8 12 16 20 Puzzles: (Click to select) Lewis: Puzzler 58 Geppetto: 48 30 20 18 8 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Lewds Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet How many puzzles and puppets will each one have after they complete their trade? puzzles and Puppets 8 S 18 15 20 25 puzzles and puppets puppetsarrow_forwardCrystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels and baskets. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. BASKETS Choice (Tea towels) A B C D E 30 25 20 15 10 5 Hours Crafting 0 0 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF). 2 (Baskets) (Tea towels) 0 2 4 6 8 3 4 TEA TOWELS 5 4 3 6 2 1 0 Produced 7 (Baskets) 0 10 16 19 8 20 Initial PPF New PPFarrow_forward
- Suppose Antonio is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day is per day. Now, suppose Antonio is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Antonio increases his production of boats, his opportunity cost of producing one more boat Suppose Antonio buys a new tool that enables him to produce twice as many boats per hour as before, but it doesn't affect his ability to produce balls. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more boats per hour, Antonio's opportunity cost of producing balls is it was previously.arrow_forwardneed answer within 15 min no ai no plagarizam please do fast verify answer full details included do not need grapharrow_forwardPlease no written by hand and no imagearrow_forward
- There was once a tree on the Campus of Benedict College that students labeled the “Dummy Tree.” This was done because students that were often seen under the tree were considered to be wasting their very valuable time. Therefore, this tree was attributed with contributing to the bad grades of those students that were constantly under the tree. Let’s say that a student spent 4 hours a week under the tree and was supposed to spend 15 hours a week in class. Further suppose that this particular student made some new friends through out the semester that are bad influences. They were able to convince him to hang out longer under the tree. So now he is under the tree 7 hours a week. What happened to his class time? Show a production possibilities model that may have demonstrated this student’s behavior. Do not forget to include opportunity costs in your analysis.arrow_forwardI am struggling with the graphsarrow_forwardUse the following table to answer the question below. Giovanni's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 0 40 80 120 160 One pound of green beans costs Giovanni 160 120 80 40 0 Jorge's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 0 20 40 60 80 pound(s) of corn. One pound of green beans costs Jorge 320 240 160 80 0 pound(s) of corn.arrow_forward
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