Question 31 Referring to the situation in Question 30, The opportunity cost of 1 costume piece for Zelda in terms of accessory items (i.e. accessory items per costume piece) is: (enter in decimal format)
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- You have decided to specialize in gathering firewood while Friday has specialized in fishing. Your time allocation sliders are set to allocate all of your time to gathering firewood. Now, use the additional sliders to state how many logs you will trade to Friday and how many fish you want in return. You must select a trade that make both you and Friday better off than you were before specialization and trading. In other words, you must both receive more than 2000 calories of fish and 32 logs of firewood. Both you and Friday’s consumption point is displayed on the PPF graphs as you adjust the trade.You’ve been put in charge of a bake sale for a localcharity, at which you are planning to sell cookiesand cupcakes. What would a production possibilities graph of this situation show?Suppose Musashi buys a new tool that enables him to produce twice as many tea towels per hour as before, but it doesn't affect his ability to produce cutting boards. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more tea towels per hour, Musashi's opportunity cost of producing cutting boards is _______ it was previously. higher than lower than the same as
- Suppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Which of the following choices would benefit both Chip and Monk if trade occurred? Please choose the correct answer from the following choices, and then select the submit answer button. 1 pound of fruit for 2/5 pound of nuts 1 pound of fruit for 1 pound of nuts. 1 pound of fruit for 3/4 pound of nuts 1 pound of fruit for 1/10 pound of nuts I dont understand the math breakdown for these types of trade question I realize Chip Fruit to nuts is 2:1 and Monk is 3:1 but that is where I dont undersand the further breakdownKrisha can pick 4 pounds of coffee beans in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee beans in an hour or gather 4 pounds of nuts. Each works 6 hours per day. Together, what is the maximum number of pounds of coffee beans the two can pick in a day? What is the maximum number of pounds of nuts the two can gather in a day? Maximum amount of coffee beans pounds per day Maximum amount of nuts pounds per day Now suppose Krisha and Tom were gathering the maximum number of pounds of nuts when they decided that they would like to begin picking 8 pounds of coffee beans per day. Who would pick the coffee beans? How many pounds of nuts would they still be able to gather? Would it be possible for Krisha and Tom in total to gather 26 pounds of nuts and pick 20 pounds of coffee beans each day? If so, how much of each good should each person pick? The combination of 30 pounds of coffee beans and 12 pounds of nuts per day is show Krisha and Tom's combined daily PPC.Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and consumed; rice and beans. The production opportunity cost for Casey is 4.00kg of rice for every kilogram of beans. Rick has a production opportunity cost of 2.00 kg of rice for every kilogram of beans. Casey eventually realizes that, through trade, both individuals can be better off. Rick is willing to trade. What price can be settled between these two parties such that both individuals can enjoy more rice and beans?
- Suppose that Ciana is deciding whether or not to buy a pair of sneakers that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sneakers she likes, but some stores are more convenient for Ciana to reach than others. One option is her local shoe store located only 15 minutes away from where she works, where they charge a marked-up price of $124 for the sneakers: Store Travel Time Each Way Price of a Sneakers (Minutes) (Dollars per sneakers) Local Shoe Store 15 124 Different Neighborhood in Town 30 103 Rural Outlet 60 70 Ciana earns an hourly wage of $30 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $30 in lost income. Assume that Ciana’s travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question…AFTER THE CHART Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is per day. 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 . Suppose Frances buys a new tool that enables her to produce twice as many trucks per hour as before, but it doesn't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more trucks per hour, Frances's opportunity cost of producing puzzles is it was previously.Suppose Yakov is currently using combination D, producing one train per day. His opportunity cost of producing a second train per day is _________ per day. Now, suppose Yakov is currently using combination C, producing two trains per day. His opportunity cost of producing a third train per day is ________ per day. From the previous analysis, you can determine that as Yakov increases his production of trains, his opportunity cost of producing one more train increases or decreases? . Suppose Yakov buys a new tool that enables him to produce twice as many trains per hour as before, but it doesn't affect his ability to produce balls. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more trains per hour, Yakov's opportunity cost of producing balls is higher than/lower than or stays same it was previously.
- Assume two moms live next to each other and both have one preschooler. They meet each other for the first time and discover that both of them work part-time twice a week. It turns out that both of them have their children attend a child care facility close to home. Furthermore, they each learn that when one mom is working the other is at home and vice versa. One of the moms has an idea and proposes to the other mom that each take care of the other's child while they work. That way they can save money on child care. If they do this, what will happen to the official GDP reported by the government and why? Is society necessarily worse off as a result of this arrangement?Scott and Cindy both produce only pizza and tacos. In one hour, Cindy can produce 20 pizzas or 40 tacos. In one hour, Scott can produce 40 pizzas or 50 tacos. Based on this information, the person specializing in the production of tacos is willing to sell 10 tacos in return for at least pizzas and the other person is willing to pay no more than pizzas for the 10 tacos. Enter numerical values, rounding to two decimal places, and do not enter fractions. For example, enter 23.00 or 43.12.Suppose that there are three beachfront parcels of land available for sale in Astoria, and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the selling price of each is $745,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Alyssa 720,000 Brian 690,000 Crystal 680,000 Nick 900,000 Rosa 810,000 Tim 770,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Alyssa Brian Crystal Nick Rosa Tim Assume that the three beachfront parcels are sold to the people you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a price of $732,500. This fourth parcel _____________be sold…