Alarm & Tint, Inc., has 10 workers working a total of 400 hours per week. Tinting takes 2 hours per car. Alarm installation is complicated, however, and performing ? alarm installations requires ?2 hours of labor. Graph Alarm & Tint’s production possibilities frontier for a week.
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Alarm & Tint, Inc., has 10 workers working a total of 400 hours per week. Tinting takes 2 hours per car. Alarm installation is complicated, however, and performing ? alarm installations requires ?2 hours of labor. Graph Alarm & Tint’s
production possibilities frontier for a week.
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- You have 5 kids and work 2 jobs to help support your family. You work a day job from 8:00 am to 4:00 pm Monday through Friday. You also cut hair at one of the local barber shops on Saturdays and Sundays. On Saturdays you normally work from 7:00 am to 7:00 pm and make pretty good money because the shop is always full on the weekends. Your wife is concerned that you are not spending enough time with the children because you work all of the time. Using production possibilities analysis, show a situation where you decide to increase the amount of time on Saturdays that you hang out with the kids from 2 to 5 hours.Davis Florist has two employees, Anita and Jerome, and two tasks that need to be completed, floral arrangements and floral delivery. It takes Anita 30 minutes to finish one floral arrangement and 40 minutes to make a delivery. It takes Jerome 10 minutes to finish one floral arrangement and 30 minutes to make a delivery. Each worker works six hours per day. a. Draw each worker's production possibility curve. (Hint: Calculate the extreme cases only, a.k.a. if the worker only produced deliveries with the six hours, or they only produced arrangements in six hours.) b. Who has the absolute advantage in making floral arrangements? c. Who has the absolute advantage in making deliveries? d. Draw the comparative advantage table. Calculate the opportunity cost of each task for each student. e. Who has the comparative advantage in floral arrangements? f. Who has the comparative advantage in deliveries? g. Calculate the gains from trade. (Hint: Calculate how many units would be produced by who…A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. . In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 130 rice bowls or wash 50 grill racks; Park can either wash 150 rice bowls or wash 15 grill racks; and Pola can either wash 100 rice bowls or wash 25 grill racks. Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. In answering this question, you must take into account the fact that every worker works eight hours a day.
- A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. . In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 130 rice bowls or wash 50 grill racks; Park can either wash 150 rice bowls or wash 15 grill racks; and Pola can either wash 100 rice bowls or wash 25 grill racks. Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. You must take into account the fact that every worker works eight hours a day. Please show me how to graph in excelPaul, Ringo, and George have a business where they visit people's homes to mow lawns and wash cars. Paul can wash 6 cars or mow 3 lawns in one hour. Ringo can wash 3 cars or mow 3 lawns in one hour. George can wash 3 cars or mow 6 lawns in one hour. They each work 6 hours per day. If two of them wash cars and one mows lawns then at most they can wash cars and mow lawns. Enter whole numbers.Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two. What are each individual’s marginal costs of fishing and finding pineapples? (must provide the correct answer for full credit, no additional work is necessary) Who has an absolute advantage in fish production? Who has an absolute advantage in finding pineapples? Briefly explain your reasoning. Who has a comparative advantage in fish production? Who has a comparative advantage in finding pineapples? Briefly explain your reasoning.
- Based on the production possibility frontier below, what is the opportunity cost of producing the first 6 TVs (the answer will be in number of cars)(only enter the number)? (The number in the table represent daily production in thousands of units) Cars; 0, 1, 2, 3, 4, 5 TVs: 20, 18, 15, 11, 6, 0The nation of Routarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. Potatoes Turnips 0 100 10 90 20 70 30 40 40 0 Plot this data on a production possibilities graph and explain why the data shows that Routarou experiences increasing opportunity costs. Would the curve shift inward or outward? Why? Please explain further.Complete the following logical statement: "Because of , individuals and societies must make choices, and they must therefore consider the opportunity cost of every action."Maria and Kevin need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Maria is pretty good with a pair of shears; she can shear the llamas in 1 hour. Kevin is somewhat slow; it takes him 5 hours to shear the llamas. Maria earns $190 per hour as a psychiatrist, while Kevin earns $15 per hour as a cobbler. Keeping in mind that either Maria or Kevin must take time off from work to shear the llamas, who has the lower opportunity cost of completing the task? Maria Kevin Maria and Kevin face identical opportunity costs