ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that: a. resources are not perfectly adaptable to the production of all goods. O b. a curve makes it easier to illustrate the concepts of scarcity and prices than a straight line. c. the frontier will shift outward over time. d. output eventually reaches a maximum and then declines. e. early economists began drawing them in this way and the convention has continued throughout the years.arrow_forwardThis production possibility table illustrates: Eggs Rye 10 0 10 20 30 40 0 50 O increasing marginal opportunity cost. decreasing marginal opportunity cost. O zero opportunity cost. O constant marginal opportunity cost. 8 6 42 4arrow_forwardSuppose Andrea has a job that pays her $50 000 per year (after taxes). She is considering quitting her job and going to university full time for four years. Tuition fees and books will cost $12 000 per year. Living expenses in either situation will cost $20 000 per year. What is the opportunity cost of Andrea's four-year university degree? $200 000 $128 000 $288 000 $240 000 $248 000arrow_forward
- I think my answer is right. How would you read this graph?arrow_forwardA farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 4 bushels of beans, then her opportunity cost of 1 bushel of beans is 0.25 bushels of corn. 16.00 bushels of corn. 4 bushels of corn. O 2.99 bushels of corn.arrow_forwardCan you answer please?arrow_forward
- QUESTION 19 Exhibit: Production Possibilities in Alphaland and Omegaland Computers (thousands per year) 2947654321 10 (Exhibit: for O a. 1; 2 Ob. 2; 1 O c. 1; 1/5 O d. 1/5; 1 Panel (A) Alphaland (Slope of PPC at A = -2) Cars (thousands per year) Computers (thousands per year) 10 9 8 Panel (B) Omegaland (Slope of PPC at A' = -0.2) A' Cars (thousands per year) 11 Production Possibilities in Alphaland and Omegaland) Before trade in Omegaland, computer. car could exchangearrow_forwardIn the context of the circular flow of economic activity, which of the following would NOT be a traditional activity of the government? O A. Purchases of capital goods from firms. O B. Provision of factors of production. O C. Provision of public goods and services. O D. Purchases of labour services from households.arrow_forward3. Suppose you currently earn $80,000 a year. You are considering a job that will increase your lifetime earnings by $400,000 but that requires an MBA. The job will mean also attending business school full time for two years at an annual cost of $70,000. You already have a bachelor’s degree, for which you spent $150,000 in tuition and books. a. Which of the above information is relevant to your decision on whether to take the job? b. What is the opportunity cost of going to school to study MBA? c. Should you take the job? [Note: You will need to get the MBA]arrow_forward
- Sara Lee just graduated from college with a degree in accounting. She hadfive job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; TheDebit Store, $30,000; J & J’s CPAs, $33,000; and The Double Entry Shop,$40,000. What was her opportunity cost if she accepted the job with TheDouble Entry Shop?arrow_forwardSuppose you are considering whether to spend an additional hour studying for your economics midterm tomorrow. If you do not study you can either surf the web, which you value at $5, or you can talk to your roommate, which you value at $4. Your opportunity cost of studying for an additional hour is: O $4 O $9 O $5 O $1arrow_forwardYour aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at the farmer's market. Which statement is true? O Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25. O Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100, Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25. O Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100,arrow_forward
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