As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Jordyn's production possibilities frontier is a straight line if   Question 3 options:   she faces no trade-off between writing term papers and completing homework assignments.   she can switch between writing term papers and completing homework assignments at a constant rate.   the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing.   she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.

A) What is Maria’s opportunity cost to obtain 20 cartons of Blueberries (Use Figure 3 above)?  B) What is Maria’s opportunity cost for 10 cartons of Strawberries (Use Figure 3 above)? C) What is Maria’s opportunity cost for 1 carton of Strawberries (Use Figure 3 above)? Hint: Review Problems 10-19 (Session 1 Practice Problems)

Amanda and Raj are both students working part-time at an insurance company. Amanda can work only 5 hours a day. Her manager informs her that she needs to review 250 documents and process 250 insurance claims in the next 10 days. Amanda can either review 30 documents in 1 hour or process 5 insurance claims. 1.) Using the line drawing tool, draw a production possibilities curve for Amanda that represents a day of work. Label your curve 'Amanda.' Carefully follow the instructions above and only draw the required object. The slope of the curve is. (Round your response to two decimal places.) Her opportunity cost of reviewing one document is claim(s). (Round your response to two decimal places.) Number of claims per day 30- 15- Production Possibilities Curve 0+ 0 15 30 45 60 75 90 105120135150165180195210225 Number of documents per day ANSELMECESSARAS

Amy and Bill are fixing up their house by painting walls and installing electrical outlets. In one hour, Amy can paint 8 walls, or install 6 outlets. In one hour, Bill can paint 5 walls, or install 5 outlets In order to maximize their work per hour, (Click to select) should just paint walls, and (Click to select) ♥ should just install outlets

Suppose that Verania and Josimar are roommates that need to complete some household chores. Vacuuming and washing dishes need to be done. They know from the last time they did these chores that it takes Verania 2 hours to vacuum and 1 hour to wash dishes. It takes Josimar 3 hours to vacuum and 2 hours to wash dishes. Josimar says it does not matter which task each of them performs because Verania is faster at both tasks. Josimar’s reasoning a. is wrong. Because Verania has a comparative advantage in washing dishes, she should wash dishes, and Josimar should vacuum. b. is correct. Because Verania is faster at both tasks, there is no benefit in each volunteer specializing in one task or the other. c. is wrong. Because Verania has an absolute advantage in both tasks, she should perform both tasks herself. d. is wrong. Because Josimar has a comparative advantage in washing dishes, he should wash dishes, and Verania should vacuum.

Macmillan Learning The accompanying graph shows the production possibilities frontier (PPF) for Rubberland. Rubberland only makes two products, rubber band balls and rubber hoses. The PPF shows the quantities of rubber band balls and rubber hoses Rubberland can produce in one day. Point A represents the combination of the two goods Rubberland currently produces. When a new method of rubber processing is discovered, the productivity of all Rubberland's inputs increases. Shift the PPF to show this change. Assume that Rubberland does not make more rubber band balls than it originally made at point A but still maximizes its output. Move point A to the new combination of the two goods. How many more rubber hoses does Rubberland now produce per day than before? Quantity of rubber band balls 200 180 160 140 120 100 Rubberland's Production Possibilities A 80 60 40 642 20 PPF 0 0 10 30 20 40 50 60 70 Quantity of rubber hoses 80 90 100 80 20 more hoses per day

Matt and Lin are two producers and consumers for lamps and beds. Each of them works 40 hours in a week. Hours required for Matt to produce one unit of lamps or beds are 1 hours or 10 hours, respectively. Hours required for Lin to produce one unit of lamps or beds are 2 hours or 8 hours, respectively. Assuming their PPFs are straight lines. Calculate the correct options that complete the following statements on Matt's PPF. A) If Matt produces only lamps, they can produce  ? unit(s) of lamps. If Matt produces only beds, they can produce ? unit(s) of beds B)  Calculate the correct options that complete the following statements on Lin's PPF. If Lin produces only lamps, they can produce  unit(s) of lamps. If Lin produces only beds, they can produce  unit(s) of beds. C)  What is the marginal opportunity cost of producing an extra unit of lamps for Matt? An extra unit of lamps costs  unit(s) of beds. D)  What is the marginal opportunity cost of producing an extra unit of lamps for Lin?…

QUESTION 9 Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010 and ECON1020), and currently finds himself with a 4-hour period in which he can complete either task. Oliver's production possibilities curve for the next 4 hours is shown below. 16 ECON1010 (questions) 12 8 0 1 1 12 1 1 1 24 36 48 ECON1020 (questions) What is Oliver's opportunity cost of writing (producing) a single ECON1020 question? Answer to the nearest two decimal places. [a] ECON1010 questions.

Assume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree. Use the chart below to draw the Production Possibilities Frontier with work time on the Y axis and school time on the X axis.   Time spent working Time spent on school Years needed to get a bachelor's degree A 0 40 3 B 10 30 4.5 C 20 20 6 D 30 10 8 E 40 0 Never Complete

Q35 Statement for Q36-Q41 Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1 unit of food and 2 hours to produce 1 unit of luxury goods. Josel has 20 hours; for the first 8 hours of producing food, it takes him 2 hours to produce 1 unit of food. Then, beyond 8 hours, Josel is less productive and it takes him 4 hours to produce 1 additional unit of food. It takes Josel 2 hours to produce 1 unit of luxury goods no matter how many hours are allocated into the production of luxury goods. MAKE SURE YOU REFER TO THE ABOVE STATEMENT FOR QUESTIONS 36-41 Save Answer Q36 Suppose that Kayla and Josel trade only with each other, and agree to the following terms of trade: 2 units of food in exchange for 3 units of luxury goods. What is the relative price of 1 unit of food in terms of units of luxury goods? O A. 2/3. O B. 3/2. O C. 2/3 if within the first 8 hours of producing food for Josel, and 3/2 otherwise. O D. 3/2 if within the first 8 hours of…