Homework (Ch 02)ChoiceDRUMSABCDE30252010500Hours Producing(Cars)(Drums)80621420On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF).24368CARS(Cars)4321Produced05(Drums)011161962078Initial PPF(+New PPF Suppose Sam is currently using combination D, producing one car per day. His opportunity cost of producing a second car per day isper day.Now, suppose Sam is currently using combination C, producing two cars per day. His opportunity cost of producing a third car per day isper day.From the previous analysis, you can determine that as Sam increases his production of cars, his opportunity cost of producing one more carSuppose Sam buys a new tool that enables him to produce twice as many cars per hour as before, but it doesn't affect his ability to produce drums.Use the green points (triangle symbol) to plot his new PPF on the previous graph.Because he can now make more cars per hour, Sam's opportunity cost of producing drums isit was previously.

Opportunity cost refers to the sacrifice of the second best alternative when one particular…

Choice DRUMS A B C D E 30 25 20 15 10 5 0 0 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). + Hours Producing (Cars) (Drums) 8 0 6 2 1 4 2 0 f 2 4 3 6 8 4 CARS Produced (Cars) (Drums) 4 0 3 11 2 16 1 0 5 19 6 20 7 8 Initial PPF New PPF

Choice DRUMS A B C D E 30 25 20 15 10 5 0 0 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). + Hours Producing (Cars) (Drums) 8 0 6 2 1 4 2 0 f 2 4 3 6 8 4 CARS Produced (Cars) (Drums) 4 0 3 11 2 16 1 0 5 19 6 20 7 8 Initial PPF New PPF

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 20AA

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