1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 Висол 8 40 30 20 10. 10 20 30 40 50 60 70 (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain:
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- 1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 Bacon 50 40 30 20 10 20 (a) 40 eggs (b) 10 eggs 20 (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: E 40 50 60 70 Egys1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib:6 unang 50 50 40 30 20 10. 20 20 E (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: 8 30 40 50 60 70Suppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish. If Gilligan gathers 3 Ibs of coconuts each day, then what's the maximum amount of fish he can catch in a day? 9. 8. 6. 4 1 0 1 2 3 4 5 6 Fish (Ibs/day) 04 Ibs of fish 4.5 lbs of fish 6 lbs of fish Tenannat ha datarminat Coconuts (Ibs/day)
- 1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 Bacon 50 40 30 20 10 20 20 (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: E 40 50 60 70 Fus( a) why is the slop of PPF downward? (b) why does the PPF look concave to the origin? (c) What is positive economic analysis?vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
- 1. If the economy is operating at point C in the PPF below, the opportunity cost of producing an additional 15 units of bacon is: Exhib: 6 50 40 30- A 20 10 D 20 20 40 50 60 (a) 40 eggs (b) 10 eggs (c) 20 eggs (d) 30 eggs (e) 50 eggs Explain: _ ||| 38 EgysPOSSIBILITIES PINEAPPLES MANGOESA 100 0B 90 15C 70 30D 40 45E 0 60 1. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. 2. On PPF curve drawn, identify the following points: i. Unattainable (label the point U) ii. Attainable and efficient (label the point AE) iii. Attainable and inefficient (label the point AI) 3. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes 4. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? 5. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? 6. With the aid of a diagram, explain the effect of a new technological mobile weather station on…Ppring2. When moving along the production possibilities frontier, opportunity cost is measured as the Select one: a. increase in the quantity produced of one good divided by the decrease in the quantity produced of another good. b. decrease in the quantity produced of one good divided by the increase in the quantity produced of another good. C. quantity produced of one good divided by the quantity produced of another good. d. quantity próduced of one good multiplied by the quantity produced of another good. NEXT PAGE ENG
- The data below describe the current production possibilities for an economy that produces two goods: Livestock Products and Aquaculture products Quantities that can be produced per month with the currently available resources Aquaculture products 6000 5900 5700 5400 5200 4100 Livestock products 0 100 200 300 350 500 Label point A B C D E F Required: (a) Explain the existence of opportunity costs in this situation. (b) Plot the PPF. Put Livestock goods on the vertical axis; Aquaculture on the horizontal axis. Label the points. Be sure each axis is to scale. Scales can differ between axes. (c) “Your PPF slopes down because of tradeoffs.” Explain that sentence in words that make sense to someone not taking economics.Mid- sem 1. Assume that the schedule below describes the production possibilities confronting an economy. Using the information from the table? (a) Draw the production possibilities curve .be sure to label each alternative output combination (A through B) (b) Calculate and illustrate on your graph the opportunity cost of producing one CD player per week? (c) What is the cost of producing a second CD player? What might account for the differences? (d) Which point on the curve is the most desired one? How will we find out? Potential weekly pianos CD players Output combinations A 10 9 1 C 7 2 4 3 E 4Mid- sem 1. Assume that the schedule below describes the production possibilities confronting an economy. Using the information from the table? (a) Draw the production possibilities curve .be sure to label each alternative output combination (A through B) (b) Calculate and illustrate on your graph the opportunity cost of producing one CD player per week? (c) What is the cost of producing a second CD player? What might account for the differences? (d) Which point on the curve is the most desired one? How will we find out? Potential weekly pianos CD players Output combinations A 10 9 1 C 7 2 4 3 E 4 Q2: if taxes on the rich were raise to provide housing for the poor, how would the willingness to work be affected? What would happened to total output? Q3: Ghana currently allocated four (4) percent of our resources to military output. Is this too much or too little, how can we decide? Q4: Utility companies routinely ask state commissions for permission to raise utility rates. What does this…
