Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny each can produce in 1 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. Ice cream (cups) T-shirts (quantity) Paulie 3.00 18.00 Vinny 10.00 13.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost: t- shirts b. What is Vinny's opportunity cost of producing a t-shirt? Vinny's opportunity cost: cups of ice cream c. Paulie has a comparative advantate in
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- The hypothetical economy shown below produces 3 goods: Good A, Good B, and Good C. The following information shows the production and prices for three goods over three years. Use 2020 as a base year (i.e., 2020 = 100). Year 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25…4. An economy consists of three workers: Larry, Moe,and Curly. Each works 10 hours a day and can produce two services: mowing lawns and washing cars.In an hour, Larry can either mow one lawn or washone car; Moe can either mow one lawn or wash twocars; and Curly can either mow two lawns or washone car.a. Calculate how much of each service is producedunder the following circumstances, which welabel A, B, C, and D:r All three spend all their time mowing lawns. (A)r All three spend all their time washing cars. (B)r All three spend half their time on eachactivity. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. (D)b. Graph the production possibilities frontier for thiseconomy. Using your answers to part a, identifypoints A, B, C, and D on your graph.c. Explain why the production possibilities frontierhas the shape it does.d. Are any of the allocations calculated inpart a inefficient? Explain.An economy consists of three workers: Larry, Moe, and Curly. Each works ten hours a day and can produce two services: mowing lawns and washing cars. In an hour, Larry can either mow one lawn or wash one car; Moe can either mow one lawn or wash two cars; and Curly can either mow two lawns or wash one car. Calculate how much of each service is produced under the following circumstances, which we label A, B, C, and D: All three spend a their time mowing lawns (A) All three spend all their time washing cars (B) All three spend half their time on each activity (C) Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns (D) Sketch a production possibilities frontier for points A, B, C, and D and explain why the production possibilities frontier has the shape it does. Are any of the allocations calculated in part (a) inefficient? Explain.
- Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny each can produce in 11 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. Ice cream (cups) T-shirts (quantity) Paulie 4.00 16.001 Vinny 9.00 13.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost: t‑shirts b. What is Vinny's opportunity cost of producing a t-shirt? Vinny's opportunity cost: cups of ice creamcups of ice cream c. Paulie has a comparative advantage in and Vinny has a comparative advantage inSuppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity of each good that Paulie and Vinny each can produce in 1 hour, respectively, if they devote all of their time and effort into making the good. Round all answers to two decimal places. Ice cream (cups) T-shirts (quantity) Paulie 3.00 17.00 Vinny 6.00 13.00 a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost: t‑shirts b. What is Vinny's opportunity cost of producing a t-shirt? Vinny's opportunity cost: cups of ice cream c. Paulie has a comparative advantage in and Vinny has a comparative advantage inAssume that Andy and Henry, without trading with each other, will produce and consume the following number of steel bars and ketchup bottles. The Gains from Trade Without trade Person Good Production Consumption Gains from Trade Andy Steel bars 60 60 +35 Btl. Ketchup 60 60 +15 Henry Steel bars 20 20 +5 Btl. Ketchup 20 20 +5 Now, Assume that both Andy and Henry decide to specialize, and then Andy trades 25 steel bars to Henry for 75 Btls. ketchup. This outcome is shown in the table below. Compared to the result without trade, what are the gains from trade that Andy experiences when he and Henry specialize and trade? The Gains from Trade With specialization Person Good Production Consumption Gains from Trade Andy Steel bars 120 95 (keep) +35 Btl. ketchup 0 75 (from Henry) +15 Henry Steel bars 0 25 (from Andy) +5 Btl. ketchup 100 25 (keep) +5
- Subject: Business Economics Q): An economy produced three goods: organ, apple & organ juice. It is assumes that half of the organ are bought & consumed as final good, the other half is used to produce organ juice. In 2019, 20 KG of organ are produced at RS. 50/kg. 40kg of apple are produced at 100/kg, & 25 glasses of organ juice are produced at Rs.200/ glass. In 2020, 40 KG of organ are produced at RS. 80/kg. 60kg of apple are produced at 110/kg, & 30 glasses of organ juice are produced at Rs.195/ glass. Assuming 2019 as base year, Calculate real, nominal GDP & GDP deflator in 2019 & 2020.Economists use the scientific method to study the economy. David Matthews is an economist studying the effect of cold weather on the purchasing of streaming movies. Place the following steps in order. David notices that people tend to stream more movies at home when the weather is cold outside. David comes up with the theory that home streaming platforms will have more business in the winter months than at other parts of the year. David arranges to follow the streaming habits of a thousand different families. He will also record the weather on each day. At the end of the year, David will see if his theory was correct by comparing the number of movies downloaded with the weather for certain days. He will then decide if his theory was correct.What are the single - use goods and the durable goods in economics with examples
- Suppose that a hypothetical “consumer market basket” consists only of Goods B and C, in the quantity: B = 10 and C = 6. As in question #1, use 2021 as a base year (i.e., 2021 = 100). Year 2020 Year 2021 Year 2022 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25 If an individual’s nominal income rises 50%, what is the…What is global economy? What are its 4 characteristics?Consider Snackistan, a hypothetical country that produces only burgers. In 2016, a burger is priced at $4.00. Complete the first row of the table with the quantity of burgers that can be bought with $900. Hint: In this problem, assume it is not possible to buy a fraction of a burger, and always round down to the nearest whole burger. For example, if your calculations result in 1.5 burgers, the answer should be 1 burger. Year Price of a Burger (Dollars) Burgers Bought with $900 (Quantity) 2016 4.00 2017 Suppose the government of Snackistan cannot raise sufficient tax revenue to pay its debts. In order to meet its debt obligations, the government prints money. As a result, the money supply rises by 20% by 2017. Assuming monetary neutrality holds, complete the second row of the table with the new price of a burger and the new quantity of burgers that can be bought with $900 in 2017. The impact of the government's decision to raise…