N inputs e 20 40 60 80 100 output 0 45 75 98 113 121 Possibility A Cheese Wine & inputs 0 e 20 40 60 80 100 output 0 60 105 143 a. From this data, complete Utopia's production possibilities table below. B с 158 165 b. Utopia (Click to select) c. If Utopia is at D, the total cost of 15 more cheese is [ d. If Utopia is at D, the total cost of 38 more wine is produce 98 cheese and 143 wine. wine. cheese. F 0

N inputs e 20 40 60 80 100 output 0 45 75 98 113 121 Possibility A Cheese Wine & inputs 0 e 20 40 60 80 100 output 0 60 105 143 a. From this data, complete Utopia's production possibilities table below. B с 158 165 b. Utopia (Click to select) c. If Utopia is at D, the total cost of 15 more cheese is [ d. If Utopia is at D, the total cost of 38 more wine is produce 98 cheese and 143 wine. wine. cheese. F 0

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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Similar questions

In choosing a production technology, how will firms react if one input becomes relatively more expensive?
A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
What is productive efficiency? Allocative efficiency?
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
Alexi and Tony own a food truck that serves only twoitems, street tacos and Cuban sandwiches. As shownin the table, Alexi can make 80 street tacos per hourbut only 20 Cuban sandwiches. Tony is a bit faster andcan make 100 street tacos or 30 Cuban sandwiches inan hour. Alexi and Tony can sell all the street tacos andCuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production ofCuban sandwiches? Explain your answer. Assume that Alexi works 20 hours per week in thebusiness. Assuming Alexi is in business on his own, graphthe possible combinations of street tacos and Cubansandwiches that he could produce in a week. Do the samefor Tony.d. If Alexi devoted half of his time (10 out of 20 hours) tomaking street tacos and half of…
lexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer.b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer.c. Assume that Alexi works 20 hours per week in the business. Assuming Alexi is in business on his own, graph the possible combinations of street tacos and Cuban sandwiches that he could produce in a week. Do the same for Tony.d. If Alexi devoted half of his time (10 out of 20 hours) to making street tacos…
I need this fully broken down for me Like How we get B(y) and C(y) to turn into Marginal Benefit (MB) and Marginal Cost (MC) and so on and so fourth. Typed plzzzz And Asap
. Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?
Complete the cost schedule below for the Ozzie Ugg Boot Co. Total product (Q) Total fixed cost (TFC) Total variable cost (TVC) Total Cost (TC) Marginal Cost (MC) Average fixed cost (AFC) Average variable cost (AVC) Average total cost (ATC) 0 $50 $50 C 1 $80 D 2 B $95 E 3 A $105 F 4 $110 I G 5 $130 H 6 $160 J List the values that you obtained for the letters A to J in your answer (no more than 2 decimal places). What is the most efficient level for the company to produce its product? Why?
Please don't copy ans Economics You are the owner of a motorbike company that currently has two different factories, an old one and a new one. The old factory uses an old technology that requires large amounts of labor to produce motorbikes. The production technology for the old firm is given by Fo(L) = m*L^1/2 . The new factory uses a much more modern production technology given by Fn(L) = n*L^1/2 . a. What are costs as a function of output for each individual factory? b. Suppose that you want to produce 1000 motorbikes. How many motorbikes will you produce at the old factory and how many will you produce at the new factory? c. Derive an expression for the total cost of producing y motorbikes (assuming that you always divide production between the factories in the optimal way). How does this cost function compare to the individual factory cost functions? d. It turns out that you can upgrade your old factory to make it just as efficient as the new factory. To pay…
The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs.
The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs. The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers…