The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertilityCorn (bushels) Beef (kg)1000080009006000120040001400200014751500The production possibilities shown for corn and beef mean that the PPFSelect one:O a. is concave because the total amount of beef increases as less corn is producedO b. is concave because the opportunity cost of corn falls as more corn is producedis concave because the opportunity cost of beef increases as more beef is producedO d. is a straight line because the change in corn is 2000 bushels all along

Answered: Image /qna-images/answer/a17d4090-4adf-403d-b095-649fb0dfc9da.jpg

Answered: The table below represents the…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 9P

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Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
What does a production possibilities frontier illustrate?
The Boswell Fruit Farm produces only oranges and papaya. Table 1 below shows the maximum possible output combinations of the two fruits using all resources and currently available technology. Answer the questions below and show calculations where appropriate. Graph the Fruit Farm's production possibilities frontier. Put oranges on the horizontal axis and papayas on the vertical axis. Be sure to identify the output combination points on your diagram. Suppose the Fruit Farm is currently producing at point F. What is the opportunity cost of producing an additional 20,000 kilos of oranges? Suppose the Fruit Farm is plagued by a maggot infestation which destroys orange trees but not papayas. Explain with a graph what happens to the PPF. Which of the possible output combinations represent the lowest opportunity cost for one thousand kilo of papayas? Show your calculation to support your answer.
Sharon is a skilled toy maker who is able to produce both trains and balls. 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 Hours Producing Produced (Trains) (Balls) (Trains) (Balls) A 8 0 4 0 B 6 2 3 11 C 4 4 2 15 D 2 6 1 18 E 0 8 0 19 On the following graph, use the blue points (circle symbol) to plot Sharon's initial production possibilities frontier (PPF). Suppose Sharon buys a new tool that enables her to produce twice as many trains 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 trains per hour, Sharon's opportunity cost of producing balls is ____________ it was previously.
. Diego and Darnell are roommates. They spend mostof their time studying (of course), but they leavesome time for their favorite activities: making pizzaand brewing root beer. Diego takes 4 hours to brewa gallon of root beer and 2 hours to make a pizza.Darnell takes 6 hours to brew a gallon of root beerand 4 hours to make a pizza.a. What is each roommate’s opportunity cost ofmaking a pizza? Who has the absolute advantagein making pizza? Who has the comparativeadvantage in making pizza?b. If Diego and Darnell trade foods with each other,who will trade away pizza in exchange for rootbeer?c. The price of pizza can be expressed in terms ofgallons of root beer. What is the highest price atwhich pizza can be traded that would make bothroommates better off? What is the lowest price?Explain.
Beth is a skilled toy maker who is able to produce both boats and balls. 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 Hours Producing Produced (Boats) (Balls) (Boats) (Balls) A 8 0 4 0 B 6 2 3 12 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Beth's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSBOATS Suppose Beth is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Beth is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Beth increases her production of boats, her opportunity cost of producing one…
Suppose a production possibilities frontier includes the following combinations: Cars Washing Machines 0 1,000 100 600 200 0 What is the cost of producing an additional car when 50 cars are being produced? What is the cost of producing an additional car when 150 cars are being produced?
The table attached below shows the praduot ion possibilities Curve for pies and flower baxes. Fi in the opportunity cost pies forgone) of producing the first through the fifth flower bax.
Frances is a skilled toy maker who is able to produce both trucks and drums. 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 Hours Producing Produced (Trucks) (Drums) (Trucks) (Drums) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 18 E 0 8 0 19 Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is _______. Now, suppose Frances is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day is ________ per day. From the previous analysis, you can determine that as Frances increases her production of trucks, her opportunity cost of producing one more truck _______. Because she can now make more trucks per hour, Frances's opportunity cost of producing drums is…
Sam is a skilled toy maker who is able to produce both cars 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. Choice Hours Producing Produced (Cars) (Balls) (Cars) (Balls) A 8 0 4 0 B 6 2 3 8 C 4 4 2 14 D 2 6 1 16 E 0 8 0 17 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSCARS Suppose Sam is currently using combination D, producing one car per day. His opportunity cost of producing a second car per day is per day. Now, suppose Sam is currently using combination C, producing two cars per day. His opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Sam increases his production of cars, his opportunity cost of producing one more car .…
Steve can bake either 4 loaves of bread or 12 dozen cookies a day. Stew can bake either 4 loaves of bread or 4 dozen cookies a day. Show the production possibilities frontiers for Steve and Stew Suppose trade is not allowed between Steve and Stew and as a result, both Steve and Stew spent half a day (12 hours) baking bread and the other half a day baking cookie. Show both the production and consumption bundles for Steve and Stew on their respective PPFs, when trade is not allowed between Steve and Stew. Show, using production possibility frontiers in (a), that Steve and Stew would be better off specializing in their baking activities and then trading, rather than baking only for themselves. Be specific and state the production and consumption bundles with trade
Sharon is a skilled toy maker who is able to produce both trains and balls. 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 Hours Producing Produced (Trains) (Balls) (Trains) (Balls) A 8 0 4 0 B 6 2 3 11 C 4 4 2 15 D 2 6 1 18 E 0 8 0 19 On the following graph, use the blue points (circle symbol) to plot Sharon's initial production possibilities frontier (PPF). Suppose Sharon is currently using combination D, producing one train per day. Her opportunity cost of producing a second train per day is _______. Now, suppose Sharon is currently using combination C, producing two trains per day. Her opportunity cost of producing a third train per day is _______. From the previous analysis, you can determine that as Sharon increases her production of trains, her opportunity cost of producing one more train _______.…

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