Macroeconomics
11th Edition
ISBN: 9781260506891
Author: Colander
Publisher: MCG
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Question
Chapter 2, Problem 3QE
To determine
The
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Students have asked these similar questions
Define the term opportunity cost?
Budget lines and production possibility curves have a common
assumption of increasing opportunity costs.
True
False
Is this an example of opportunity cost?
“To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Because UPS was more expensive at the moment, I chose to mail my prints via USPS rather than UPS. My orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS.”
Chapter 2 Solutions
Macroeconomics
Ch. 2.1 - Prob. 1QCh. 2.1 - Prob. 2QCh. 2.1 - Prob. 3QCh. 2.1 - Prob. 4QCh. 2.1 - Prob. 5QCh. 2.1 - Prob. 6QCh. 2.1 - Prob. 7QCh. 2.1 - Prob. 8QCh. 2.1 - Prob. 9QCh. 2.1 - Prob. 10Q
Ch. 2.A - Prob. 1QECh. 2.A - Prob. 2QECh. 2.A - Prob. 3QECh. 2.A - Prob. 4QECh. 2.A - Prob. 5QECh. 2.A - Prob. 6QECh. 2.A - Prob. 7QECh. 2.A - Prob. 8QECh. 2 - Prob. 1QECh. 2 - Prob. 2QECh. 2 - Prob. 3QECh. 2 - Prob. 4QECh. 2 - Prob. 5QECh. 2 - Prob. 6QECh. 2 - Prob. 7QECh. 2 - Prob. 8QECh. 2 - Prob. 9QECh. 2 - Prob. 10QECh. 2 - Prob. 11QECh. 2 - Prob. 12QECh. 2 - Prob. 1QAPCh. 2 - Prob. 2QAPCh. 2 - Prob. 3QAPCh. 2 - Prob. 4QAPCh. 2 - Prob. 5QAPCh. 2 - Prob. 1IPCh. 2 - Prob. 2IPCh. 2 - Prob. 3IPCh. 2 - Prob. 4IPCh. 2 - Prob. 5IPCh. 2 - Prob. 6IP
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- The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingarrow_forwardAn economy's production possibilities frontier is fixed in the long run. True Falsearrow_forwardCountry X has received an injection of additional 50 million dollars to its budget to spend on the production cars and bicycles. Explain how these additional resources will affect the production possibility frontier (PPF) of this country.arrow_forward
- The opportunity cost on a Production Possibilities Frontier in moving from one point to another can be calculated by taking the Sacrifice, and dividing it by the Gain. Select one: True Falsearrow_forwardAccording to Lewis' model, labor intensive production methods such as functional production should be mostly done in reactive cultures. Is this Statement true or false?arrow_forwardA production possibilities curve is bowed out, indicating increasing opportunity cost because ofarrow_forward
- A feasible production combination for a firm producing two outputs must be: (i) Outside the PPF (ii) Inside the PPF (iii) Either (i) or (ii) (iv) On the PPF at the point of tangency with iso-revenue line.arrow_forwardIf a producer is producing at point z and wants to move to point X, then what is the trade-off?arrow_forwardWhich situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflictarrow_forward
- The term "opportunity cost" points out that *arrow_forwardRamon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers. Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth. a. Ramon’s opportunity cost of completing an essay question: _____graphing questions b. Ramon’s opportunity cost of completing a graphing question: _________essay questions c. Sammy’s opportunity cost of completing an essay question: _________graphing questions d. Sammy’s opportunity cost of completing a graphing question: _________essay questions e. If the two want to specialize in working on…arrow_forwardif Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card what is the constant opportunity cost and the graph used to represent itarrow_forward
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