Figure T (A) 60 doors. (B) 20 doors. 20 windows and 20 doors. 100 90 80 70 60 50 40 30 20 10 (D) 20 windows. DOORS ➤ 00: O Refer to Figure B. The opportunity cost of this economy moving from point B to point C is o : 10 20 30 40 50 60 70 80 90 100 WINDOWS
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- Combination 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? ____________________________________Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. The combination of ________ reflects ________. Question content area bottom Part 1 A. 1000 books and 1500 tables; a free lunch B. 1000 books and 500 tables; an efficient point C. 1000 books and 1000 tables; a free lunch D. 500 books and 1000 tables; an inefficient but attainable pointDirection: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?
- 11 A trader has an absolute advantage in orange production if his unit-labor requirement in oranges is _____ and his labor productivity is _____ A. lower; higher B. higher; lower C. lower; lower D. higher; higher E. moderate; moderateQUESTION 14 Assume the economy of Scoob can produce 5 tons of rice and 15 tons of wheat while the economy of Widgland can produce 10 tons of rice and 20 tons of wheat. Which of the following is FALSE? A. Opportunity cost of 1 ton of wheat in Widgland is 0.5 B. Opportunity cost of 1 ton of rice in Widgland is 0.5 C. Opportunity cost of 1 ton of wheat in Scoob is 0.33 D. Opportunity cost of 1 ton of rice is Scoob is 3The table shows the production possibilities of a small Pacific island economy. Possibility Fish Berries (pounds) (pounds) A 0 and 20 B 1 and 18 C 2 and 15 D 3 and 11 E 4 and 6 F 5 and 0 If the islanders change production from possibility C to possibility D , they ________. A. get a free lunch of 1 pound of fish and don't incur an opportunity cost B. face a tradeoff and incur an opportunity cost of 1 pound of fish C. gain 4 pounds of berries and give up 1 pound of fish D. face a tradeoff and incur an opportunity cost of 4 pounds of berries screenshot attached
- Corn (lb) Scarves(#)U.S. 20 10Mexico 25 5 What is the opportunity cost of one scarf in Mexico? a. 3 lbs of corn b. 1/3 lb of corn c. 2 lbs of corn d. 5 lbs of corn PreviousNextCombination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of the first 11,000 tons of coffee produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? ____________scenario Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.
- An economy can either produce 300 airplanes and 25000 cars OR 200 airplanes and 40000 cars. What is the opportunity cost of producing 1 airplane? a)150 cars b)200 cars c)15000 cars d)100 cars1a. What is a Production Possibilities Frontier (PPF)? Consider an economy with only two goods: guns and butter. Show the tradeoff between the production of guns and the production of butter by drawing a (bowed outward) PPF (use gun production on the horizontal axis and butter production on the vertical axis). b. In what ways does the PPF reflect: i. scarcity and choice; and ii. increasing opportunity cost? c. How would the PPF be affected by a technological improvement in the production of guns? Solve all this question......you will not solve all questions then I will give you down?? upvote..1. Home has 1,200 units of labor available. It can produce two goods, apples and bananas.The unit labor requirement in apple production is 3, while in banana production it is 2.a. Graph Home’s production possibility frontier.b. What is the opportunity cost of apples in terms of bananas?c. In the absence of trade, what would the price of apples in terms of bananas be?Why?2. Home is as described in problem 1. There is now also another country, Foreign, with alabor force of 800. Foreign’s unit labor requirement in apple production is 5, while inbanana production it is 1.a. Graph Foreign’s production possibility frontier.b. Construct the world relative supply curve.3. Now suppose world relative demand takes the following form: Demand for apples/demandfor bananas = price of bananas/price of apples.a. Graph the relative demand curve along with the relative supply curve.b. What is the equilibrium relative price of apples?c. Describe the pattern of trade.d. Show that both Home and Foreign gain…
