Confused on what to do to solve Hilary 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 dailyoutput resulting from various possible combinations of her time.ChoiceABCDBALLSE3025201510500Hours Producing(Trains) (Balls)8062041204268On the following graph, use the blue points (circle symbol) to plot Hilary's initial production possibilities frontier (PPF).(?)3Produced(Trains)4TRAINS432105(Balls)061116192078Initial PPFANew PPFSuppose Hilary is currently using combination D, producing one train per day. Her opportunity cost of producing a second train per day isper day. 12 34TRAINS56 7 8Suppose Hilary is currently using combination D, producing one train per day. Her opportunity cost of producing a second train per day isper day.Now, suppose Hilary is currently using combination C, producing two trains per day. Her opportunity cost of producing a third train per day isper day.From the previous analysis, you can determine that as Hilary increases her production of trains, her opportunity cost of producing one more trainSuppose Hilary buys a new tool that allows 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 Hilary can now make more trains per hour, Hilary's opportunity cost of producing balls isit was previously.

The production possibility frontier depicts the combination of two goods that a person can produce…

Hilary 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.

Hilary 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.

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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