Country Lumber Production (using 50 worker hours) Oil Production (using 50 worker hours) United States Canada 100 200 150 50 Based on the above, the opportunity cost for the U.S. to produce one foot of lumber is barrels of oil. a) 1 b) 2 c) 1.5 d) 0.5
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- A farmer produces both beans and corn on her farm. If she must give up 1616 bushels of corn to be able to get 66 bushels of beans, then her opportunity cost of 11 bushel of beans is 0.38 bushels of corn. 16.00 bushels of corn. 2.67 bushels of corn. 2.99 bushels of corn.What is the per-unit opportunity cost of product Y as production moves from point B to point F? a) -4/3 b) 4/3 c) ¾ d) -¾ e) none of the aboveWill all the oppotuniy cost be 1 im so confused Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Missiles vs. Milk (millions of gallons) 0 4010 3020 2030 1040 0
- Sketch a plausible production possibility frontier that shows in general various combinations of wheat and potatoes a farmer can produce with the fixed amount of resources available to him? Label your diagram well for example your axesbut you dont have to use any specifc numberBritain must give up the production of 75 hats to produce 25 additional sweaters. The opportunity cost of producing 4 sweaters is _____ hats. Select one: a. 4 b. 12 c. 71 d. 7905. What is the per-unit opportunity cost of product Y as production moves from point D to point B? a) 6/7 b) -6/7 c) 7/6 d) -7/6
- Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton the Country produce with different labour (hours) used. Combination A B C D E F Corn 15 14 12 9 5 0 Wheat 0 2 4 6 8 10 A) If Country JKL produces 8,000 kg of wheat and 5,000 kg cotton a week, does it face trade-off? Why? B) Suppose Country JKL has successfully brought in an adv technology that improves the production of cotton by 20% from its original combinations. Sketch a diagram that shows the changes of the PPC for Country JKLOpportunity costs arise due toa. resource scarcity.b. lack of alternatives.c. limited wants.d. abundance of resources.I5 The world’s R/P ratio for oil has been approximately 50 years for the last two decades. Explain what this means and how it is possible that the R/P value has not significantly decreased despite continual production of the resource over the last two decades.
- Describe a constant production possibility frontier cost graph.Which of the following are signals to the owners of scarce resources about the best uses of those resources? A. Profits of businessesB. Government regulationsC. Economic indicatorsD. The accounting cost of those resourcesCombination Cinnamon metric tons (X axis) Nutmeg metric tons (Y axis) A 7,000 0 B 6,000 7,000 C 4,500 11,000 D 2,500 14,000 E 0 16,000 What is the opportunity cost (amount & item) of the first 7,000 tons of nutmeg produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 7,000 tons of nutmeg to 11,000 tons of nutmeg ? ________________ What is the opportunity cost (amount & item )of increasing production from 11,000 tons of nutmeg to 14,000 tons of nutmeg ? _____________ What is the opportunity cost (amount & item) of increasing production from 14,000 tons of nutmeg to 16,000 tons of nutmeg ? ________________ What is happening to the opportunity cost as Copperton produces more nutmeg? ____________________________________