A company that produces brass hardware for doors has the ability to produce up to 6,500 hinges per week but then is unable to produce doorknobs. Or it can produce up to 650 doorknobs per week but then is unable to produce any hinges. In the graph below, use the straight-line tool to draw the company's production possibilities frontier, where the quantities are per week (do not use the point tool to plot endpoints). Then use the point tool to plot a point to indicate the company's maximum output where it is producing exactly three times as many hinges as doorknobs. To refer to the graphing tutorial for this question type, please click here. Quartity ofinge 000 7500 000 4000 000 100 1000 Quartity of doorknot
Q: The state of California has proposed sending New York City 500 ventilators for COVID -19 victims…
A: PPC curve shows the two possible combinations of situation or goods that can be produced with given…
Q: On the following graph, use the blue points (circle symbol) to plot Ana's initial production…
A: Introduction: The potential advantages that a person, investor, or organization foregoes by choosing…
Q: Suppose that in the country of England, two goods can be produced on available agricultural land:…
A: Opportunity cost is the worth of the following best other option or choice. This worth could…
Q: Suppose Becky is currently using combination D, producing one car per day. Her opportunity cost of…
A: Given:- Two goods, Cars and Balls To determine:- Opportunity cost and its impact. Please find the…
Q: Suppose Kenji is currently using combination D, producing one truck per day. His opportunity cost of…
A: Answer: Given, Initial combinations of two goods: Choice Hours producing trucks Hours producing…
Q: Suppose Hilary is currently using combination D, producing one car per day. Her opportunity cost of…
A: Here the concept which works is the opportunity cost, which states that to get more of a commodity,…
Q: • Use the data from the table below to construct correctly labeled side-by-side graphs showing the…
A: Microeconomics refers to the branch of mainstream economics that studies the behavior of individuals…
Q: 2. Who has the lowest opportunity cost? Lucia and Kenji need to decide which one of them will take…
A: Kenji will require more hours than lucia to share the llamas and also wage per hour is less for…
Q: You’ve been put in charge of a bake sale for a localcharity, at which you are planning to sell…
A: The wants of the people are unlimited whereas the economic resources are limited, hence all the…
Q: Vasya can photocopy 10 pages from a book or type 2 pages of handwritten text in 10 minutes. Petya…
A: Each person will specialize in the production of the good he has a comparative advantage in. A…
Q: Sharon is a skilled toy maker who is able to produce both trains and balls. She has 8 hours a day to…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Suppose Raphael is currently using combination D, producing one car per day. His opportunity cost of…
A: Opportunity cost(OC) is the benefits that could be accrued from the next best alternative to the…
Q: Using the following combinations as Production Possibilities data for iPads and HDTVS, answer the…
A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost…
Q: briefly explain how you can apply economics in your daily life. guidelines: • time management
A: Economics investigates how individuals, businesses, governments, and countries allocate resources.…
Q: Consider a society consisting only of Helen, who allocates her time between sewing dresses and…
A: After sewing machine is introduced, total [32 x (8/4)] = 64 dresses can be produced in 8 hours.
Q: Now suppose that your grandmother gives you six CDs for Christmas. This means that you can now…
A: The income level is given at $200 and the price level of both goods CDs and Clothing have a price…
Q: Suppose Yakov is currently using combination D, producing one car per day. His opportunity cost of…
A: Effective decision-making is enabled by an awareness of the possibilities lost by choosing one…
Q: Once again, consider Babs and Donna, who can each produce cake, beer, or some combination of the two…
A: Babs can produce a maximum of 50 cakes if she produces no beer, and 100 units of beer if she…
Q: Paul's PPF Sue's PPF Cheese Cheese 100 80 40 32 36 60 Ham 18 30 Ham In the graph above, suppose Paul…
A: When a country has the ability to produce a commodity by incurring less opportunity cost than its…
Q: are an operations manager for a firm that recycles clear plastic bottles. Your firm operates two…
A: A production possibility curve is a measuring tool of the maximum output of two goods using a fixed…
Q: Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their…
A: Opportunity cost is the value of next best alternative for the given level of resources.
Q: Assume that two individuals, Maya and Nate, have equal amounts of resources. Maya can produce 30…
A: As there are multiple parts to the question ,the first three would be solved. To get answers to the…
Q: a. Suppose that you are on a deserted island and can produce either 32 tons of coconuts OR 16 tons…
A: Answer: Introduction: PPF (production possibility frontier): PPF refers to the curve that shows…
Q: TRISTAN WALKER is the founder of Walker & Company, which makes health and beauty products for people…
A: On got some information about the best guidance he at any point got he referenced: Actor and maker…
Q: Poornima is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day…
A: The production possibility curve (PPC) is a diagram that shows the entirety of the various bundle…
Q: Rafael's PPF Naomi's PPF 30 30 25 25 20 20 A 15 15 10 10 A 5 5 5 10 15 20 25 30 5 10 15 20 25 30…
A: Rafel can either produce 20 Rackets or 10 balls and Naomi can either produce 10 Rackets or 30 balls.…
Q: AFTER THE CHART Suppose Frances is currently using combination D, producing one truck per day. Her…
A: A diagram is shown from the given information:
Q: Suppose that there are three beachfront parcels of land available for sale in Astoria, and six…
A: Here, price of three beachfront parcels of land is given at the price of $745,000, and willingness…
Q: Suppose Yakov is currently using combination D, producing one train per day. His opportunity cost of…
A: Considering about the opportunity costs, it is the sacrifice made to get an additional unit of a…
Q: The four people listed below are the only workers in an economy that works 10 hours per day and only…
A: Production possibility frontier shows various combinations of amounts of two goods that the country…
Q: Kiran and Amna live in IBA hostel. They own a small business in which they make brownies and pasta…
A: Opportunity cost is the cost foregone. Specialization and opportunity cost are two related terms.…
Q: Suppose Yvette is currently using combination D, producing one boat per day. Her opportunity cost of…
A: Opportunity cost refers to decrease in production of good y needed to produce more good 2. Bowed…
Q: Explain how this relates to economic resources and production possibilities, considering…
A: Semiconductor which is used to produce from fast-food containers to stuffed animals and many…
Q: Scott and Cindy both produce only pizza and tacos. In one hour, Cindy can produce 20 pizzas or 40…
A: The table shows production of pizza and tacos by Scott and Cindy:
Q: As a student, Jordyn spends 40 hours per week writing term papers and completing homework…
A: Production possibility frontier is the locus of different combinations of two goods that an economy…
Q: You have only 20 hours per week to use for either study time or fun time. Suppose the relationship…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: • Use the data from the table below to construct correctly labeled side-by-side graphs showing the…
A: Microeconomics refers to the branch of mainstream economics that studies the behavior of individuals…
Q: ilities Frontier with
A: Production possibility frontier is a curve which shows the possibilities of production of the two…
Q: Suppose Lorenzo is currently using combination D, producing one train per day. His opportunity cost…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: Suppose Dmitri is currently using combination D, producing one car per day. His opportunity cost of…
A: There is a direct relation between the shape of the production possibility curve (PPC) and…
Q: Eleanor and her little sister Joanna are responsible for two chores on their family's farm,…
A: Answer: Given, Egg (in dozens) Milk (in gallons) Eleanor 6 2 Joanna 2 2 (1). If…
Q: Suppose Kevin is currently using combination D, producing one train per day. His opportunity cost of…
A: Production possibilities frontier is a curve that shows all the combination of goods that a country…
Q: Assume that Max and Min can switch between producing mittens and producing hats at a constant rate.…
A: Production possibility curve shows the combination of two goods that can be produced with the given…
Q: More difficult) Assume our standard model. Both Andreas and Katya have 5 hours. In an hour, Andreas…
A: Trade refers to exchange of goods across people or countries. The study of economics argues that a…
Q: Given that Sandy can produce 10 economics reports or make 2 sales calls and Tim can produce 2…
A: Given: Sandy can produce 10 economics reports or make 2 sales calls Tim can produce 2 economics…
Q: Fill in the blanks: Suppose that Jake and Jill have the ability to pick either apples or…
A: The table gives production of apples and strawberries by Jake and Jill when they allocate one hour…
Q: per day. Now, suppose Becky is currentlý using combination C, producing two cars per day. Her…
A: Opportunity Cost: It is the potential benefit an individual, investor or a business misses out on…
Q: Suppose Edison is currently using combination D, producing one boat per day. His opportunity cost of…
A: Production possibility frontier depicts the combination of two goods that a nation or individual can…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Question 30 Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their cosplay group. Link has been doing this for years and can make a costume piece in 2 hours and an accessory item in 1 hour. Zelda is still learning and can make a costume piece in 3 hours and an accessory item in 2 hours. The opportunity cost of 1 costume piece for Link in terms of accessory items (i.e. accessory items per costume piece):Suppose Musashi buys a new tool that enables him to produce twice as many tea towels per hour as before, but it doesn't affect his ability to produce cutting boards. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more tea towels per hour, Musashi's opportunity cost of producing cutting boards is _______ it was previously. higher than lower than the same asGiven that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on an acre, while Simon has 10 acres and can grow 20 bales of hay or 35 bushels of corn per acre. I am trying to come up with the equations to find out the maximum amount of produce they can jointly produce.
- As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Jordyn's production possibilities frontier is a straight line if Question 3 options: she faces no trade-off between writing term papers and completing homework assignments. she can switch between writing term papers and completing homework assignments at a constant rate. the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing. she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.Scott and Cindy both produce only pizza and tacos. In one hour, Cindy can produce 20 pizzas or 40 tacos. In one hour, Scott can produce 40 pizzas or 50 tacos. Based on this information, the person specializing in the production of tacos is willing to sell 10 tacos in return for at least pizzas and the other person is willing to pay no more than pizzas for the 10 tacos. Enter numerical values, rounding to two decimal places, and do not enter fractions. For example, enter 23.00 or 43.12.Krisha can pick 4 pounds of coffee beans in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee beans in an hour or gather 4 pounds of nuts. Each works 6 hours per day. Together, what is the maximum number of pounds of coffee beans the two can pick in a day? What is the maximum number of pounds of nuts the two can gather in a day? Maximum amount of coffee beans pounds per day Maximum amount of nuts pounds per day Now suppose Krisha and Tom were gathering the maximum number of pounds of nuts when they decided that they would like to begin picking 8 pounds of coffee beans per day. Who would pick the coffee beans? How many pounds of nuts would they still be able to gather? Would it be possible for Krisha and Tom in total to gather 26 pounds of nuts and pick 20 pounds of coffee beans each day? If so, how much of each good should each person pick? The combination of 30 pounds of coffee beans and 12 pounds of nuts per day is show Krisha and Tom's combined daily PPC.
- You have only 20 hours per week to use for either study time or fun time. Suppose the relationship between study time, fun time, and grades is shown in this table: bartelby learn Fun time (hours per week) 20 18 14 8 0 Study time (hours per week) 0 2 6 12 20 Grade point average 0 1.0 2.0 3.0 4.0 a. Draw the (linear) production possibilities curve on the graph below that represents the alternative uses of your time. b. On the same graph, show the combination of study time and fun time that would get you a 2.0 grade point average. c. What is the cost, in lost fun time, of raising your grade point average from 2.0 to 3.0? ________hours of fun time d. What is the opportunity cost of increasing your grade point average from 3.0 to 4.0? ___________hours of fun timeAFTER THE CHART Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is per day. Now, suppose Frances is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day is per day. From the previous analysis, you can determine that as Frances increases her production of trucks, her opportunity cost of producing one more truck . Suppose Frances buys a new tool that enables her to produce twice as many trucks per hour as before, but it doesn't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more trucks per hour, Frances's opportunity cost of producing puzzles is it was previously.You have decided to specialize in gathering firewood while Friday has specialized in fishing. Your time allocation sliders are set to allocate all of your time to gathering firewood. Now, use the additional sliders to state how many logs you will trade to Friday and how many fish you want in return. You must select a trade that make both you and Friday better off than you were before specialization and trading. In other words, you must both receive more than 2000 calories of fish and 32 logs of firewood. Both you and Friday’s consumption point is displayed on the PPF graphs as you adjust the trade.
- Viktor is a lawyer who loves filing legal briefs and motions. His goal is to get as many legal briefs and motions filed as possible. Viktor has a colleague, Mr. Bean, who can also write briefs and motions. The number of legal briefs and motions each can write in one day is shown in the table below. a. Fill in the rest of the table with the opportunity cost of legal briefs and motions written for each person. Be sure to include the units. b. If the two colleagues decide to specialize, who will write legal briefs and who will write legal motions? c. What is the range of legal briefs exchanged for one legal motion in order to make the terms of trade beneficial (better than not trading) for both colleagues? Maximum Legal Briefs Maximum Legal Motions Opportunity Cost of 1 Legal Brief Opportunity Cost of 1 Legal Motion Viktor 2 3 Mr. Bean 4 3Poornima is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Kites) (Boats) (Kites) A 8 0 4 0 B 6 2 3 11 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Poornima's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050KITESBOATS Suppose Poornima is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Poornima is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Poornima increases her production of boats, her opportunity…Not a previously graded question. Suppose the fictional country of Katmai produces only two goods: millet and microprocessors. The following graph plots Katmai's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply.