A production possibilities table for two products, grain and airplanes, is found below. Usual assumptions regarding production possibilities are implied. Grain is measured in metric tons and airplanes are measured in units of 1,000. Grain Airplanes (metric tons) (1,000s) Combination 7 B. 14 6. 26 5. 36 4. E 44 50 54 56 What is the opportunity cost of producing the first unit of airplanes? What is The marginal opportunity cost of producing the fourth unit of airplanes

A production possibilities table for two products, grain and airplanes, is found below. Usual assumptions regarding production possibilities are implied. Grain is measured in metric tons and airplanes are measured in units of 1,000. Grain Airplanes (metric tons) (1,000s) Combination 7 B. 14 6. 26 5. 36 4. E 44 50 54 56 What is the opportunity cost of producing the first unit of airplanes? What is The marginal opportunity cost of producing the fourth unit of airplanes

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 9P

See similar textbooks

Similar questions

Lesson 2 Assignment Product Combo A Combo B Combo C Combo D Combo E Motorcycles 0 2 4 6 8 Surfboards 30 27 21 12 0 Graph the above production data, putting motorcycles on the horizontal axis. What are the opportunity costs of moving from point B to point D and from point D to point A? Point F represents 3 motorcycles and 21 surfboards. Plot this point on your graph and explain what it represents. Point G represents 5 motorcycles and 24 surfboards. Plot this point on your graph and explain what it represents.
while this topic may seem insensitive given the recent events in Uvalde (and others), in economics the "Guns vs. Butter" debate has been used for decades to describe the choice and trade-offs between producing a governmental capital goods (guns) vs. personal consumer goods (butter) in society. Please keep this in mind and do not get off topic in the guns vs. no guns debate or the idea of gun legislation. In this exercise you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (guns and butter). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the PPC. You will go on to explain your analysis. Guns or Butter? Suppose a nation has a total of 24 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to…
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. (d) Assume the two islands experience constant opportunity costs in the production of the two products. Draw a correctly labeled graph illustrating Zeetopia’s and Freshland’s production possibilities, showing coconuts on the horizontal axis and mangoes on the vertical axis. Plot the numerical values from the table above on your graph. (e) On your graph in part (d), show a combination of coconuts and mangoes, labeled as point X that is unattainable for Freshland but feasible and inefficient for Zeetopia.
What does a Production Possibility Frontier for Product X versus Y represent? A) The total combined production of Product X + Product Y for a given set of factors of production B) The trade-off in the level of total production at various output mixes for Product X and Product Y C) The most efficient product production mix for a given set of factors of production D) All of the above