ESS OF ECON LL\AC 11E
11th Edition
ISBN: 9781264093083
Author: SCHILLER
Publisher: MCG
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Question
Chapter 1, Problem 3P
To determine
(a)
To find: the
To determine
(b)
To find: the opportunity cost of increasing missile production from 100 to 150.
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Q6
Homework Answered Due Sep 7th, 11:59 PM
.
After much consideration, you have chosen Ireland over Spain for your Study Abroad program next year. However, the deadline for
your final decision is still months away and you may reverse this decision. Which of the following events could prompt you to
reverse this decision?
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
The marginal benefit of going to Spain increases.
b The marginal cost of going to Spain increases.
The marginal benefit of going to Ireland increases.
The marginal cost of going to Ireland decreases.
X
Your answer
please help
Assume that you allocate 8 hours to study for the exams of math and English. If you spend more time on one subject, you have less time for the other subject. Therefore, the opportunity cost of gaining one more mark in math is the English marks you need to give up. (Suppose 8 hours are not enough for getting full marks in both subjects.)
What are two scenarios where the opportunity cost of improving your math grade will decrease?
The graph below is Mendork's production possibility curve for the only two goods that
it produces-quirks and quarks.
Quantity of Quarks
800
700
600
500
400
300
200
100
A
2 4 6 8 10 12 14 16 18 20
Quantity of Quirks
Select one:
Refer to the graph above to answer this question. If new technology increased the
output of quirks by 50%, how many quirks could be produced if 700 quarks were
produced?
B
A. 9 quirks.
B. 18 quirks.
C. 10 quirks.
D. 20 quirks.
E. No quirks.
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- a. Calculate the opportunity cost based on the following information: Instructions: Enter your responses as a whole number. Possible Output Combinations Output per month A B D F Missiles 50 100 150 200 250 Houses 100 90 75 55 30 The opportunity cost of increasing missile production by 50 is: (such as 0 to 50, 50 to 100, 100 to 150, etc.) 2,500 houses b. Using the information presented in the table above, graph the production possibilitiles with missiles on the horizontal axis and houses on the vertical axis. Instructions: Use the tool provided 'PPC' to plot the production possibilities curve (plot 6 points total). Production Possibilities Curve PPC 120 110 - 100 - 80- 70- 00- 50 - 40- 30 - 20- 10 - 50 100 150 200 250 300 Missiles (per month) reset Houses (per month)arrow_forwardQUESTION1 16+ 12+ 2 4 Tractors Refer to the diagram, moving from point C to point D, shows that the opportunity cost of extra Tractor is: r the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I U S 14px A v Ix Paragraph Arial ve and Submit to save and submit. Click Save All Answers to save all answers. DELL Bread !!!arrow_forwardWill all the oppotuniy cost be 1 im so confused Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Missiles vs. Milk (millions of gallons) 0 4010 3020 2030 1040 0arrow_forward
- Gadgets 1204 110- 100 90 80 70 60 50 40 30 20 10 A C B D 10 20 30 40 50 60 70 80 90 100 Widgets Refer to Figure 2-16. The opportunity cost of obtaining 30 additional widgets by moving from point A to point C is approximately a. 10 gadgets. b. 10 gadgets and 30 widgets. c. 30 widgets d. 0 gadgets.arrow_forwardThe table shows the output of bikes and skateboards for Luke and Han (the end points of their respective PPCs). They can produce either or some linear combination of both Bikes (B) and Skateboards (S). With this information, select the choice that is a true statement. a b Question 9 C Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. d 1/11 answered ii Luke has the comparative advantage in producing Bikes and Skateboards. Han has the comparative advantage in producing Bikes and Skateboards. Luke Han Question 10 Answers ar Bikes 50 40 Skateboard Luke has the comparative advantage in Bikes and Han has the comparative advantage in producing Skateboards. Luke has the comparative advantage in Skateboards and Han has the comparative advantage in producing Bikes. 70 64arrow_forwardPlease help me with this question, thank you!arrow_forward
- Suppose that the nation of Costa Rica produces Coffee and Bananas. Below are the possible combinations of Coffee and Bananas that Costa Rica can produce. Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? _____________ What is the opportunity cost (amount & item) of increasing production from 27,000 tons of coffee to 30,000 tons of coffee ? ________________ What is happening to the opportunity cost as Costa Rica produces more coffee ? _____________arrow_forwardIn Figure 1.1, which of the following points would the opportunity cost of producing one more SUV be highest? Figure 1.1 Cupeto SVs a) A b) B c) C d) F Cipat of Canarrow_forwardQuestion 3 ( A B C D E Production Point Mountain Bikes a) straight-line; increase Ob) straight-line; decrease Oc) curved; decrease 0 30 50 60 65 d) curved; increase Beer 100 90 70 40 Refer to the table above. if you were to plot the points, then this would be a PPF, so when you try to produce 5 more mountain bikes from 60 to 65, the opportunity cost of beer will at a higher rate. 0arrow_forward
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