Question 22If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest whenO a. the economy is producing much of the first good and little of the second good.b. the economy is producing equal amounts of the first and second goods.O c. the economy is producing little of the first good and much of the second good.O d. There is no opportunity cost

The question is asking about the conditions under which the opportunity cost of producing more of…

Answered: Question 22 If a production…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Based on the production possibilities frontier shown below, if this economy decides to shift its resources from only producing books in order to produce 8,000 pairs of sneakers, what is the opportunity cost of producing one pair of sneakers? Books (in thousands) 12 10 8 O 2 pairs of sneakers 2 books 6 0.25 pairs of sneakers O 0.25 books Pairs of Sneakers (in thousands) 10 12
product Y 50- 40+ 30+ 20 ਵ ਦ 10+ 0+ 0 Fig. A a b C d 10 20 30 40 50 product X 07. Comparing the production possibilities frontiers in figures A and B, O a) the PPF in figure A indicates increasing opportunity costs of X. O b) the PPF in figure B indicates decreasing opportunity costs of X. O c) resources in the economy depicted in figure A are specialized. O d) the PPF in figure B indicates increasing opportunity costs of X only. e) None of the above product Y 50 우8 & 은 40 a 30+ 20+ Fig. B 10+ b d C. e 0++ 0 10 20 30 40 50 product X
I think my answer is right. Can you please answe this for me if it's not and explain why? Thank you!
6. Which statement is true? I. A negative productivity shock to all goods and services can be represented as a shift inwards of the Production Possibilities Frontier. II. A positive productivity shock to all goods and services can be represented as a shift inwards of the Production Possibilities Frontier. III. The slope of the production possibilities frontier is the opportunity cost of producing an additional unit of a good in terms of the other good. a. only I and III are true b. only I is true c. only II and III are true d. only III is true e. only II is true
Can you answer please?
QUESTION 11 Figure 2-16 Gadgets 120- 110+ 100 90+ 80 + 70 + 60 8 50 2222 40+ 30 20 10 + A O 3. 8 D 10 20 30 40 50 60 70 80 90 100 Widgets Refer to Figure 2-16. Suppose this economy is producing at point B. Which of the following statements would bes explain this situation? a. The economy is getting all it can from the scarce resources available. b. The economy's available technology prevents it from producing more of either product. c. The economy does not have enough resources to produce more of either product. d. There is widespread unemployment in the economy.
2021 0- Principles of Economics 1| S1 21/22 Time left 0:28:4. Suppose your college institutes a new policy requiring you to pay for a permit to park your car in a campus parking lot. O a. The cost of the parking permit is not part of the opportunity cost of attending college if you would not have to pay for parking otherwise. O b. The cost of the parking permit is part of the opportunity cost of attending college if you would not have to pay for parking otherwise. The cost of the parking permit is not part of the opportunity cost of attending college under any circumstances. O d. Only half of the cost of the parking permit is part of the opportunity cost of attending college. Next page
Figure 3-5 Hosne's Production Possibilities Frontier 10 9- 8 9 s wallets 1 2 3 4 5 6 7 8 4 purses and 8 wallets. O 7 purses and 7 wallets. O 10 purses and 6 wallets. 9 10 purses O 14 purses and 14 wallets. Merve's Production Possibilities Frontier 10 9 8- 3+ 6 5- 4+ Refer to Figure 3-5. If Hosne and Merve each divides her time equally between making purses and making wallets, then total production is 1 wallets 1 2 3 4 5 6 7 8 9 10 purses
Suppose 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 $1
Sulan oil. 2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) 300 200 100 0 Active Land also produces only food and suntan oil, and its production possibilities are: Draw the two PPFs 300 250 200 150 LOO Food (pounds per month) 150 100 50 0 50 100 200 Food 300 Sutan o.1 300 250 200- 150. loo 50 Suntan oil (gallons per month) 0 50 100 150 Suntan oil (gallons per month) 0 100 200 300 100 Active land's PPF 200 1,00 Food a. What are the opportunity costs of food and suntan oil in Happy Land? b. Why are the opportunity costs the same at each output level? c. What are the opportunity costs of food and suntan oil in Active Land? I pound of food is ons gations upoil 2 gallons of ot d. If each nation specialized where they have a comparative advantage, and then traded, find the acceptable ranges for trade. 1 pound of food would have to trade between which values of suntan oil? 1 pound of suntan oil would have to…
need help 10 Pancakes 90 8 7 6- 5 4 3 2 1- 0- 0 1 2 3 4 5 6 Eggs When is the opportunity cost of one pancake the highest? O 0 pancakes O 2 pancakes O 4 pancakes O 6 pancakes O 8 pancakes O 9 pancakes 7 8 9 10
QUESTION 8 product Y 28 24 20 16 12 8 4 0 0 Production Possibilities Frontier point A -point F 4 8 12 product X point B -point C 16 20 -point E -point D 24 08. Which of the following statements about point C is TRUE? O a) to produce more of product Y, some of product X has to be sacrificed. b) the economy cannot reach this point without an increase in resources or improvement in technology. c) the economy is producing efficiently. d) both (a) and (c). e) none of the above.

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS