Refer to Table 5. In Germany, the opportunity cost of 1 case of wine is O 5 cases of beer. O 2 cases of beer. O 1 case of beer. O 1/2 case of beer.
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- Mike and Sandy are two woodworkers who both make tables and chairs. In 1 month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. What is the opportunity cost of 1 table? Question 14 Select one: a. 1/5 chair for Mike and 1/3 chair for Sandy. b. 3 chairs for Mike and 5 chairs for Sandy. c. 5 chairs for Mike and 3 chairs for Sandy. d. 1/3 chair for Mike and 1/5 chair for Sandy.Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enablesmore healthcare with the same amount of resources. How would this affect the production possibilities curve and, inparticular, how would it affect the opportunity cost of education?"Only answer c-d ones" (a) Calculate the opportunity cost of producing one additional unit of good x in terms of units of good y in Home and Foreign. The opportunity cost of producing one additional unit of good x in Home or foreign is the amount of good y that must be given up to produce it. At Home, one worker can produce 2 units of good x or 1 unit of good y. Thus, to produce one additional unit of good x, half a unit of good y must be given up. The opportunity cost in Home is 0.5 units of good y. In Foreign, one worker can produce 1 unit of good x or 2 units of good y. To produce one additional unit of good x, two units of good y must be given up. The opportunity cost in Foreign is 2 units of good y. (b) Derive the production possibilities frontier (PPF) for Home and Foreign and plot it in a graph with good x in the horizontal axis and good y in the vertical axis. To derive the production possibilities frontier (PPF) for Home and Foreign, we use the labor market clearing condition…
- Monica like to spend 30 dollars weekly on movies and burgers.movie tickets costs 6 dollar each and burger cost 3 dollar each. 1. Is she able to watch 3 movies and have 5 burgers in a week given her budget of 30 dollar? 2. What is monica s opportunity cost of watching a movie?1A. What is the opportunity cost of moving from point A to point B? 1.B. What is the opportunity cost of moving from point B to point A?Suppose the economy initially produces 15,000 gallons of drinking water and 450,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving production to point B) is (72,000, 135,000, 90,000, 54,000, 108,000) tons of steelSuppose, instead, that the economy currently produces 378,000 tons of steel and 20,000 gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving to point C) is (72,000, 135,000, 90,000, 54,000, 108,000) ons of steel.Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional gallons of drinking water at point B is (Less, Equal, Or Greater Than) the opportunity cost of 5,000 additional gallons of drinking water at point A. This reflects the (Notion that Countries can gain from trade, Law of Increasing Opportunity Costs, Fact…
- It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. It takes Bob 60 minutes to complete a load of laundry and 30 minutes to wrap a present. Which of the following statements is true? Select one : O A. Bob's opportunity cost of doing a load of laundry is wrapping 3 presents. O B. Bob has a comparative advantage in doing laundry. O C. Bob has a comparative advantage in wrapping a present. O D. Andy's opportunity cost of wrapping a present is doing 3 loads of laundry. O E. Bob has an absolute advantage in doing laundry.3. Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a) What is the opportunity cost of producing a car in Canada? What is the opportunity cost of producing a bushel of wheat in Canada? Explain the relationship between the opportunity costs of the two goods. b) Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 million cars, how much wheat can it consume without trade? Label this point on the production possibilities frontier. c) Now suppose that the United States offers to buy 10 million cars from Canada in exchange for 20 bushels of wheat per car. If Canada continues to consume 10 million cars, how much wheat does this deal allow Canada to consume? Label this point on your diagram. Should Canada accept the deal?A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25 and a slice of bread at $40. Assuming that the ice cream will be located aling the vertical axis, and bread slice along the horizontal axis, what is the opportunity cost of bread in terms of the ice cream? (How many units of ice cream will be given up to gain a slice of bread?) Answer in absolute value.
- points Suppose that Teavana produces boxes of Jade Citrus Mint Tea and Spiced Apple Cider. Below are the possible combinations of Jade Citrus Mint Tea and Spiced Apple Cider that Teavana can produce. Combination Jade Citrus Mint Tea (X axis) Spiced Apple Cider (Y axis) A 0 50 B 16 45 C 30 35 D 40 20 E 47 0 What is the opportunity cost (amount & item) of the first 16 Jade Citrus Mint Tea boxes produced? [a]______________ What is the opportunity cost (amount & item ) of increasing production from 16 Jade Citrus Mint Tea to 30 Jade Citrus Mint Tea? [b] _________________ What is the opportunity cost (amount & item) of increasing production from 30 Jade Citrus Mint Tea to 40 Jade Citrus Mint Tea? [c] _________________ What is the opportunity cost (amount & item) of increasing production from 40 Jade Citrus Mint Tea to 47 Jade Citrus Mint Tea? [d] _________________ What is happening to the opportunity cost as…1a. 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..Combination 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? ____________
