Back to Assignment Attempts Keep the Highest/5 17. Opportunity cost and production possibilities Kevin is a talented artist who sells hand-crafted goods on his website. Kevin currently crafts and sells both picture frames and pillows. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. Hours Crafting Produced Choice (Picture frames) (Pillows) (Picture frames) (Pillows) A 8 0 0 B 2 3 11 C 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 Kevin's initial production possibilities frontier (PPF). PILLOWS 30 25 20 15 10 5 0 1 2 3 4 5 PICTURE FRAMES 8 7 Initial PPF New PPF Suppose Kevin is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame per day is per day. Now, suppose Kevin is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frame per day is per day. From the previous analysis, you can determine that as Kevin increases his production of picture frames, his opportunity cost of producing one more picture frame Suppose Kevin buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability to produce pillows. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more picture frames per hour, Kevin's opportunity cost of producing pillows is it was previously.

Emmanuel enjoys growing zucchini in his garden and then selling his produce at the local farmers' market. The table below shows his marginal benefit and marginal cost for each hour he spends in his garden per week. Emmanuel's Marginal Benefit and Marginal Cost of Gardening Marginal Benefit (dollars) $33 Hours Spent Gardening 1 2 3 4 5 6 7 30 27 24 21 18 15 Marginal Cost (dollars) $15 18 21 24 27 30 33 2 hours 04 hours a. Given the information above, what is Emmanuel's optimal amount of time spent gardening each week? 03 hours 05 hours 1 b. If Emmanuel were to spend 1 hour each week gardening O the marginal benefit would equal the marginal cost. O the marginal benefit would exceed the marginal cost by $18. the marginal benefit would exceed the marginal cost by $24. O the marginal cost would exceed the marginal benefit by $18. c. If Emmanuel were to spend 6 hours each week gardening: O the marginal benefit would exceed the marginal cost by $24. O the marginal benefit would equal the…

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Emmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table below describes the benefits and costs Emmanuel faces as he decides how many hours to dedicate to his garden each week.   a. Complete the "Marginal Benefit" and "Marginal Cost" columns in the table below.   Emmanuel's Gardening Benefits and Costs Hours Spent Gardening Total Benefit (dollars) Marginal Benefit (dollars) Total Cost (dollars) Marginal Cost (dollars) 1 $21 $  $3 $  2 39   9   3 54   18   4 66   30   5 75   45   6 81   63   7 84   84

3. The relationship between marginal and average costs The following scenario examines the relationship between marginal and average values. Suppose Piper is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Piper's foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage 1 8/10 80 2 14/20 15/25 18/30 26/40 3 4 5 FREE-THROW PERCENTAGE On the following graph, use the orange points (square symbol) to plot Piper's foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Piper's overall average foul-shooting percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 100 90 80 70 60 50 40 30 20 10 0 8/10 6/10 1/5 3/5 8/10 0 2 80 GAME Game…

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A ng.cengage.com + 5 Welcome to Johnston Community College * Mind Tap - Cengage Learning b Answered: 4. Shifts in production possibilities.. | bartle. G shifts in production possibilities - Google Search Nevaeh v CENGAGE MINDTAP Q Search this course Homework (Ch 02) 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. A-Z Hours Producing Produced Choice (Boats) (Puzzles) (Вoats) (Puzzles) A 8 4 B 2. 10 4 4 16 2 6 1. 19 8 20 On the following graph, use the blue points (circle symbol) to plot Edison's initial production possibilities frontier (PPF). (? 30 At 25 Initial PPF 20 O New PPF 15 10 PUZZLES

Crystal 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 PPF

Note:  The answer should be typed.  Answer parts d  and e.

I am struggling with the graphs