4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville's points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Hours Economics Textbooks Piggy Banks |0 1 |60 50 | 85 95 75 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville’s marginal opportunity cost making the 4h Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank
4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville's points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Hours Economics Textbooks Piggy Banks |0 1 |60 50 | 85 95 75 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville’s marginal opportunity cost making the 4h Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank
Chapter2: Economic Tools And Economic Systems
Section: Chapter Questions
Problem 3.7P
Related questions
Question
Transcribed Image Text:|4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier
plotting Samanthaville’s points of efficiency. Place studying Economics Textbooks on the x-axis and
piggy banks on the y-axis.
Economics
Textbooks
Piggy
Banks
Hours
60
85
95
50
75
2
3
90
4
100
100
a) What are the 5 possible points of efficiency for Samanthaville? Create a production
possibilities graphing these 5 points of efficiency.
b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics
Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement?
Explain.
c) What is Samanthaville's marginal opportunity cost making the 4th Econ Textbook?
d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank
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