v Question Completion Status:QUESTION 14Suppose there are three people that can bake bread or making pies. The first is Merrick whose opportunity cost of making pies is 1/2 a loaf of bread. Egg's opportunity cost is 1 loaf of bread per pie.Robert's opporunity cost is 2 loaves of bread per pie. The daily joint PPF is depicted below:Loav esof Bread27• E20102429Pies14Which of the following is true about point A?a. Robert is making only pies, Egg is making only pies and Merrick is making bread and piesb. Merrick is making only pies and Egg and Robert are making only breadc. Egg is making bread, Robert is making bread, Merrick is making both bread and piesd. Merrick is making pies, Egg is making both pies and bread, Robert is making only bread.QUESTION 15

Answered: Image /qna-images/answer/6a47874e-7888-409e-a34e-d79dd45c7779.jpg

24 29 Pies 14 Vhich of the following is true about point A? a. Robert is making only pies, Egg is making only pies and Merrick is making bread and pies b. Merrick is making only pies and Egg and Robert are making only bread c. Egg is making bread, Robert is making bread, Merrick is making both bread and pies d. Merrick is making pies, Egg is making both pies and bread, Robert is making only bread.

24 29 Pies 14 Vhich of the following is true about point A? a. Robert is making only pies, Egg is making only pies and Merrick is making bread and pies b. Merrick is making only pies and Egg and Robert are making only bread c. Egg is making bread, Robert is making bread, Merrick is making both bread and pies d. Merrick is making pies, Egg is making both pies and bread, Robert is making only bread.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 4SCQ: What are the similarities between a consumers budget constraint and societys production...

See similar textbooks

Similar questions

What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?
Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
2. What economic opportunity cost in COVID 19?
63. A farmer can produce 10,000 pears if he uses the whole of his one-acre farmland. If he uses the same land for apple cultivation, a total of 5,000 apples can be produced. However, he decides to produce both, and the opportunity cost of producing either fruit is constant. If his production possibility frontier (PPF) is graphed with apples on the Y-axis and pears on the X-axis, what will be the slope of this PPF?
Below is the production possibilities table for consumer goods (washing machine) andcapital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a. Show these data graphically.b. If the economy is at point B, what is the cost of one more washing machine?What is the cost of one more tractor?c. Explain how the production possibilities frontier reflects the law ofincreasing opportunity costs.
The accompanying tables give production possibilities data for Gamma and Sigma. All data are in tons. Gamma's production possibilities A B C D E Tea 120 90 60 30 0 Pots 0 30 60 90 120 Sigma's production possibilities A B C D E Tea 40 30 20 10 0 Pots 0 30 60 90 120 What are the limits of the terms of trade between Gamma and Sigma? Multiple Choice 1 tea = 2 pots to 1 tea = 6 pots 1 tea = 3 pots to 1 tea = 6 pots 1 tea = 2 pots to 1 tea = 3.5 pots 1 tea = 1 pot to 1 tea = 3 pots
The table attached below shows the praduot ion possibilities Curve for pies and flower baxes. Fi in the opportunity cost pies forgone) of producing the first through the fifth flower bax.
1. Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks like, which if it used all its resources, can produce either 300 units of national security or 140 units of health care, or some combination of the two. 2. Explain what the opportunity cost is and calculate it for this example (assume constant opportunity cost).
Andreas has 10 hours available for knitting scarves and hats. It takes him 10 minutes to knit a scarf and 20 minutes to knit a hat. His current plan is to make 3 scarves and1 hat. What is his opportunity cost (in terms of hats) of knitting one more scarf than is in his plan?
1. Below is the production possibilities table for consumer goods (washing machine) and capital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a) Show these data graphically. b) If the economy is at point B, what is the cost of one more washing machine? What is the cost of one more tractor? c)Explain how the production possibilities frontier reflects the law of increasing opportunity costs.
1a. What is a Production Possibilities Frontier (PPF)? Consider an economy with only two goods: guns and butter. Show the tradeoff between the production of guns and the production of butter by drawing a (bowed outward) PPF (use gun production on the horizontal axis and butter production on the vertical axis). b. In what ways does the PPF reflect: i. scarcity and choice; and ii. increasing opportunity cost? c. How would the PPF be affected by a technological improvement in the production of guns? Solve all this question......you will not solve all questions then I will give you down?? upvote..
4.Explain why opportunity cost is the best forgone alternative and provide examples ofsomeopportunity costs that you have faced today.