Solve all parts with proper calculation and explanation please solve steps wise Chapter 02 HomeworkHours CraftingProducedChoice(Picture frames)(Baskets)(Picture frames)(Baskets)A804DB623114215D26118E08O19On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF).BASKETS3025Initial PPF20New PPF151052PICTURE FRAMESSuppose Tim is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame perper day.Now, suppose Tim is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frameday isper day,From the previous analysis, you can determine that as Tim increases his production of picture frames, his opportunity cost of producing one morepicture frameSuppose Tim buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability to prodbaskets. Use the green points (triangle symbol) to plot his new PPF on the previous graphBecause he can now make more picture frames per hour, Tim's opportunity cost of producing baskets isMit was previously.

Use the given points to plot Tim's PPF: Suppose Tim is currently using combination D, producing one…

Answered: Chapter 02 Homework Hours Crafting…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.5P

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Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
Beth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour. She spends 6 hours per day studying. **Use the blue line (circle symbol) to draw Beth's production possibilities frontier (PPF) for reading astronomy and sociology. Diagram has Astronomy Pages on the left from 0-200 in increments of 20's On the bottom of the Diagram it lists Sociology Pages numbered the same fom 0-200 in increments of 20. Beth's opportunity cost of reading 60 pages of sociology is ___________ pages of astronomy.
Becky is a skilled toy maker who is able to produce both trucks and puzzles. 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 PUZZLES A B с D E 30 25 20 15 10 10 5 0 Hours Producing (Trucks) (Puzzles) 8 0 2 4 6 8 On the following graph, use the blue points (circle symbol) to plot Becky's initial production possibilities frontier (PPF). 0 16.0 1 4 2 0 + 2 + 3 4 TRUCKS (Trucks) 4 3 2 1 Produced 0 5 6 CO (Puzzles) 0 10 16 의 7 19 20 8 Initial PPF New PPF ?
5. Opportunity cost and production possibilities Van is a skilled toy maker who is able to produce both trucks and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Balls) (Trucks) (Balls) A 8 4 B 6 2 3 8 4 4 2 13 D 2 6 1 15 E 8 16 On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF).
10 3 4. 5 CARS Suppose Becky is currently using combination D, producing one car per day. Her opportunity cost of producing a second car per day is per day.. Now, suppose Becky is currently using combination C, producing two cars per day. Her opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Becky increases her production of cars, her opportunity cost of producing one more car Suppose Becky buys a new tool that enables her to produce twice as many cars per hour as before, but it doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more cars per hour, Becky's opportunity cost of producing balls is it was previously. BAL
Table 1 Possible Output Combinations Apples (thousands of kilos) Pears (thousands of kilos) A 70 0 B 60 20 C 50 36 D 40 48 E 30 56 F 20 60 G 10 63 H 0 65 1- Refer to Table 1-1. The Fruit Farm produces only apples and pears. The table above shows the maximum possible output combinations of the two fruits using all resources and currently available technology. Drew the graph of the Fruit Farm's production possibilities frontier. Put apples on the horizontal axis and pears on the vertical axis. Be sure to identify the output combination points on your diagram Suppose the Fruit Farm is plagued by a maggot infestation which destroys part of the apple trees but not pears. Show in a graph what happens to its PPF.
Hours Producing Produced Choice (Trucks) (Kites) (Trucks) (Kites) A. 8 4 B 6 8 4 4 13 D 2 6 1 15 E 8 16 On the following graph, use the blue points (circle symbol) to plot Janet's initial production possibilities frontier (PPF). 30 25 Initial PPF 20 New PPF 15 10 5 6 8. TRUCKS KITES
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Homework (Ch 02) Gilberto is a skilled toy maker who is able to produce both trains and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trains) (Drums) (Trains) (Drums) 13 D 15 E 16 On the following graph, use the blue points (circle symbol) to plot Gilberto's initial production possibilities frontier (PPF). 30 25 Initial PPF 20 New PPF 15 10 TRAINS Suppose Gilberto is currently using combination D, producing one train per day. His opportunity cost ofproducing a second train per day is SNRUG
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
I My courses / PRINCIPLES OF MICROECONOMICS-Lecture-1202- ECON131 - 5/ Chapter 1: Limits, Alternatives, and Choices / QU Time left 0:24:31 he production possibilities curve below shows the hypothetical relationship between the production of wheat and steel in an economy. Турe of Production Alternatives production BCDEF A Steel 20 75 80 90 100 Wheat 100 90 75 45 25 If the economy is producing at point E, what is the opportunity cost of producing additional 20 ton of wheat? O A. 2 tons of steel O B. 0.5 tons of steel O C. 10 tons of steel O D. 20 tons of steel Next page تسجيل المحاضرة الرابعة- 4 ciure Jump to... )ملخص الفصل الثاني( 2 Chapter

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