Answer the question on the basis of the data given in the following production possibilities table. Production Possibilities (Alternatives) A D E F Capital Goods 4 2 1 Consumer Goods 9. 12 14 15 Refer to the table. For these data, the law of increasing opportunity costs is reflected in the fact that Select one: O A. the production possibilities data would graph as a straight downsloping line. B. the economy's resources are presumed to be scarce. O C. larger and larger amounts of capital goods must be sacrificed to get additional units of consum O D. the amount of consumer goods that must be sacrificed to get more capital goods diminishes b

Answer the question on the basis of the data given in the following production possibilities table. Production Possibilities (Alternatives) A D E F Capital Goods 4 2 1 Consumer Goods 9. 12 14 15 Refer to the table. For these data, the law of increasing opportunity costs is reflected in the fact that Select one: O A. the production possibilities data would graph as a straight downsloping line. B. the economy's resources are presumed to be scarce. O C. larger and larger amounts of capital goods must be sacrificed to get additional units of consum O D. the amount of consumer goods that must be sacrificed to get more capital goods diminishes b

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. Opportunity cost and production possibilities Edison is a skilled toy maker who is able to produce both boats 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. ^ Hours Producing Produced Choice (Boats) (Puzzles) (Boats) (Puzzles) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Edison's initial production possibilities frontier (PPF). 9 &
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Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient
Table 2-1 Production Possibilities Tennis Rackets Tennis Balls 100 200 300 8,000 6,500 ? Refer to Table 2-1. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of tennis balls produced when 300 tennis rackets are produced? O a. 6,000. b. 5,500. O c. 5,000. O d. 4,500.
5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks 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. Choice Hours Producing Produced (Trucks) (Kites) (Trucks) (Kites) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…
The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy. Combination A B C D E Guns O 20 60 80 100 Butter 8 6 4 2 0 Your response should be a number ONLY. 1. What is the marginal opportunity cost of moving from 2 to 4 units of butter? Guns. 2. What is the total opportunity cost of producing the four (4) unit of butter? Guns
Adjust the production possibilities frontier (PPF) to show the economy's new production possibilities after the deterioration of infrastructure. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. QUANTITY OF CARS (Millions) 24 16 0 0 O 5 OO PPF 10 QUANTITY OF COMPUTERS (Millions) 15 Suppose society faces a broad tradeoff between allocating resources to the production of investment goods (computers) and consumption goods (cars) before the deterioration of infrastructure described above. PPF Which of the following events would be most likely to lead to the deterioration of infrastructure you just illustrated? Increasing production of investment goods and decreasing production of consumption goods Decreasing production of investment and consumption goods Increasing…
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In using tanks and trucks in a production possibilities curve with increasing opportunity ot producing more and more tanks.. a) lowers the cost of each individual tank. b) can be done at constant opportunity cost. c) requires giving up larger and larger quantities of trucks pertank produced d) is not possible due to scarcity In Figure 1.1, which of the following points would the opportunity cost of producing one more St hp to search
Possibility Movie Tickets (M) Chocolate Truffles (C) (units) (units) A 60 0 B 40 35 с 20 45 D 0 50 Consider the above PPF. What is the opportunity cost of 1 unit of chocolate truffles as the island moves from possibility A to possibility B? O 4/7 units of movie tickets O 7/4 units of movie tickets O 20 units of movie tickets O 7/8 units of movie tickets
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