At one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point along the same PPF, 9 burgers and 10 sandwiches can be produced. The opportunity cost of a burger between these points is per burger. Select one: a. 7/10 of a sandwich b. 10/7 of a sandwich C. 3 sandwiches d. 1/3 of a sandwich
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- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.John has $100 to spend and wants to purchase either a pair of trousers or a T-shirt. He can only purchase one of the two as each of the items cost exactly $100. If he chooses to buy a T-shirt, what is the opportunity cost of buying the T- shirt? A. the cost of the T-shirt the B. T-shirt and the pair of trousers C. $200 D. the alternative forgone (the pair of trousers that he could not buy)Please no written by hand and no image 1. Use the following data to answer the following questions. 3 Table shows the production possibilities for the country XYZ: Table -1 Rice Beef 0 5 5 4.5 9 3.5 12 2 14 0 (a) Draw a Production Possibility Frontier (PPF). (b) How does the PPF illustrate scarcity? (c) How does the PPF illustrate production efficiency? (d) How does the PPF show that every choice involves a tradeoff? (e) How does the PPF illustrate opportunity cost
- 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).Edgar, who is a driver for Uber and earns $14 per hour, is considering going to see a movie tonight. The cost to see a movie is $12, and Edgar would have to take 4 hours off to see the movie. a. What is the monetary cost for Edgar to see the movie? $12b. What is the opportunity cost for Edgar to see the movie? $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.
- Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.Max has 3 options of what to do in the afternoon. A) play ultimate frisbee which he values at $40 and is free; B) Go to CrossFit which he values at $30 and costs $12 to do C) Lift at his home gym which he values at $20 and is free. He chooses to play ultimate frisbee. What are his opportunity costs in this example? $50 $40 $38 $30 $20 $18give an example of economic problem involving opportunity cost that SA government is curretly facing 3define a production possibility curve and use such a curve to illustrate scarcity,choice and opportunity cost
- 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.Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1hour.a) Draw the PPF lines for Elif and Ahmet.b) If each spends 30 minutes of each hour for producing pies and 30 minutes for producing cakes, how many pies and cakes does each produce?c) What is the opportunity cost of producing pies for Elif? What is the opportunity cost of producing pies for Ahmet?d) What is the opportunity cost of producing cakes for Elif? What is the opportunity cost of producing cakes for Ahmet?e) Who has a comparative advantage in producing pies and who has a comparative advantage in producing cakes?f) On the PPF lines, show what Elif produces and what Ahmet produces when they specialize.g) Suppose that they set the exchange price as 1 Pie = 3 Cakes. If they specialize and trade, show an exchange situation that is beneficial for both (compared to the situation you found at part (b))?h) What is the minimum and maximum exchange price they could have determined for an exchange…Corn (lb) Scarves(#)U.S. 20 10Mexico 25 5 What is the opportunity cost of one lb of corn in U.S.? a. 1 scarf b. 2 scarves c. 0.5 scarves d. 1/4 scarf