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- Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below. Output per Week web pages designed apps created Bill 3 12 Melinda 2 4 Melinda’s opportunity cost of designing one web page is: Group of answer choices designing 2 apps designing 3 apps designing 4 apps designing 5 apps5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both cars and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Cars) (Kites) (Cars) (Kites) A 8 4 6 3 11 4 2 17 2 6. 19 E 8 20 2. B.Diego and Darnell are roommates. They spend much of their time studying, but they have some time for the favorite activiies which is making pizza or brewing root beer. Diego takes 4 hours to brew one gallon of root beer and 2 hours to make one pizza. Darnell takes 6 hours to brew one gallon of root beer and 4 hours to make one pizza. a. Put to gether a production opportunities chart for Diego and Darnell in brewing one gallon of root beer and in making one pizza. Who has the absolute advantage in each type of production? b. Then use the chart to make another chart with opportunies cost for Diego and for Darnell of brewing one gallon of root beer (in terms of how many pizza's each of them would not being making. Who has the comparative advantage in each type of production. c. Use your opportunities cost chart to determine who should trade pizza in exchange for root beer? d. The price of pizza can be expressed in terms of gallons of root beer (not being made). Can you determine how much…
- Eleanor and her little brother Josh are responsible for two chores on their family’s farm, gathering eggs and collecting milk. Eleanor can gather 10 dozen eggs or collect 5 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week.a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? b. If the siblings were to specialized, which should collect the milk? c. If the siblings were to specialize, how many dozens of eggs would the family have per week? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies in 4 hours. State Debra’s and Sam’s opportunity costs of producing one cake and one cookie. Draw and place your answer in a table which looks something like this:Cake CookieDebraSam5. Opportunity cost and production possibilities Carlos is a skilled toy maker who is able to produce both trucks and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Drums) (Trucks) (Drums) A 8 4 B 2 10 4 4 2 15 D 6. 1 17 8 18 On the following graph, use the blue points (circle symbol) to plot Carlos's initial production possibilities frontier (PPF). (? 30 25 Initial PPF 20 New PPF 15 10 1 2 3 5 7 8 TRUCKS DRUMS 2.
- Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below. Output per Week web pages designed apps created Bill 3 12 Melinda 2 4 What is Bill's opportunity cost of creating one app? Group of answer choices designing 3 web pages designing 1/4 web pages designing 4 web pages designing 1/3 web pagesTwo neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination of both. Suppose that they each have 4 million labor hours available per week for production. The following table gives the amount of each product that can be produced using one hour of labor: Country Mauritius Seychelles Mauritius' opportunity cost of produing 1 iPad is iPads (per hour of labor) 12 of coffee. Therefore, 8 Initially, suppose Mauritius uses 1 million hours per week to produce iPads and 3 million hours per week to produce coffee, while Seycheles uses 3 million hours of labor per week to produce iPads and 1 million hours per week to produce coffee. Consequently, Mauritius produces 12 million iPads and 72 million pounds of coffee, and Seychelles produces 24 million iPads and 32 million pounds of coffee. Assume there are no other countries willing to trade with them. So, if Mauritius and Seychelles don't trade with each other, they can only consume what they can produce using…Could a person or country ever produce a combination of goodsthat lies outside the production possibilities frontier? Why or why not?
- 1. Assume you are on an iceland, where you can produce different combinations of coconuts and fish that can be harvested in a given week. The table below shows these combinations. Notice that you can produce either all crabs, all pineapples, or a mix of the two. Coconuts Fish 25 3 15 4 12 5 a) Draw PPF using the information from this table; b) Calculate opportunity cost of coconuts if you decide to increase their harvest from 3 to 5; c) Calculate the slope of the PPF if you increase their harvest from 3 to 5; d) Will you harvest 5 coconuts and 12 fish on any day of the week? Why? e) Will you harvest 5 coconuts and 4 fish on any day of the week? Why?Suppose you and a friend are stranded on an island and must gather firewood and catch fish to survive. Through experience, you know that if each of you spends an entire day on either activity, the result is given in the following table: You Your Friend Fish 7 8 Firewood 6 bundles 3 bundles You and your friend decide that you should each specialize so that one person catches fish while the other gathers firewood. But who should do which task? a. What is the opportunity cost for you to gather an additional bundle of firewood? fish. The opportunity cost for you to gather an additional bundle of firewood is (Round your answer to two decimal places.) What is your friend's opportunity cost of gathering an extra bundle of firewood? Your friend's opportunity cost of gathering an extra bundle of firewood is fish. (Round your answer to two decimal places.) b. Assuming that you and your friend specialize, what allocation of tasks maximizes total output for your one day of joint effort? To…Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules Production Possibilities Schedules Geppetto Puzzles 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles (Click to select)) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis puzzles and puppets 30 45 60 75 90 puppets
