The opportunity cost of oranges in terms of apples indicates how many oranges must be given up to have another apple apples must be given up to have another orange

Q: When moving along the production possibilities frontier, opportunity cost is measured as the Select…

A: When moving along the production possibility curve,decrease in quantity of one good is divided by…

Q: Suppose there are a million workers in France. Each worker can product 2 cars or 40 bushels of…

A: Opportunity cost refers to the loss incurred by giving up the next best alternative while making a…

Q: Justin's farm can produce 5 pounds of apples or 17 pounds of pears in one hour. Samantha's farm can…

A: Opportunity costs basically refers to the the potential advantages that a person, investment, or…

Q: true or false Economic models must mirror reality or they are of no value.

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: True or False Opportunity costs are roughly the same for everyone who attends college.

A: To define opportunity cost, it means the value of the next best alternative good of that resource.…

Q: Economics is the study of the allocation of the abundant resources in a country.  True False

A: Economics is the study of the allocation of scarce resources in the economy.  Households have…

Q: You leave work two hours early from $10 an hour job, stopping to buy a $15 take-out dinner as you…

A: Opportunity cost is the sacrifice of the benefit of a particular task for doing another task. The…

Q: Just-in-time was inspired by observing: A Farm working harvesting crops B Sewers making garments An…

A:

Q: Label each of the following statements as positive or normative: v The power of population is so…

A: Positive statements are based on facts, actual data, and these statements can be checked whether it…

Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…

A: Production possibility frontier is the curve that shows different possibility of combination of two…

Q: Question 14 Refer to Table 1-1 in Question 11. The opportunity cost of 1 unit of bread for Whetonia…

A: 14) The table above shows the labor hours required to produce one unit of bread and cheese and the…

Q: Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an…

A: Opportunity cost is the cost of next best alternative that is available. Given- Latasha can read 30…

Q: Good X B A IC2 Good Y At B, the MRS is greater than the opportunity cost of Y At B, the MRS is…

A:

Q: Suppose there are only two people in the world. Each person’s production possibilities frontier also…

A: Suppose there are only 2 people in the world.Each person's production possibilities frontier also…

Q: Which of the following is illustrated by a production possibilities curve that is "bowed out" or…

A: The production possibility curve can be understood as a model that shows the trade-off in which we…

Q: Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrifice…

A: Comparative advantage refers to a situation wherein the country (say X) specializes in the…

Q: Tom's opportunity cost of mowing lawns in terms of trimming bushes is trimmed bushes per mowed lawn.…

A: Tom's PPF is a straight line. PPF is a straight line because the opportunity cost is constant.   If…

Q: Paul's PPF Sue's PPF Cheese Cheese 100 60 40 32 36 60 Ham 42 90 Ham According to the graph above,…

A: Opportunity cost is the benefit that might have been gained if a different available alternative had…

Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…

A: vacuuming a room Washing a load of dishes Mike 1 2 Debbie 2 1

Q: Using the production possibilities frontier model with two goods X and Y, the opportunity cost of…

A: Opportunity cost can be defined as the lose of one alternative when another alternative is chosen.

Q: An economy can either produce 300 airplanes and 25000 cars OR 200 airplanes and 40000 cars. What is…

A: The opportunity cost represents the next best alternative use of the resource or the potential…

Q: A production possibilities frontier is shown below (Z, "Home Goods," on the vertical axis: H.…

A: Productive Efficiency : Given the available inputs and technologies, productive efficiency means…

Q: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week.…

A: China:

Q: Based on the graph below , the opportunity cost of producing at point C instead of A is…

A: Production possibilities curve shows different combinations of two goods that can be produced with…

Q: Sam can brew 5 gallons of root beer in an hour or he can make 4 pizzas in an hour. Ben can brew 7…

A: The opportunity cost is the revenue of the next best alternative that is foregone while making the…

Q: Discuss three examples of important trade-offs that you face in your life. Discuss the items you…

A: Three examples of trade-offs facing in life are as follows: A trade-off between starting a job or…

Q: LaTonya can make 4 cakes or 10 pies in one day working at the bakery. Tom can make, 8 cakes or 33…

A: Opportunity cost refers to the economic measure that is used to determine or compute the trade-off…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Given Total labor = 12 units Labor required to produce 1 gun = 6 units Labor required to produce 1…

Q: efer to Exhibit 2-5. The opportunity cost of moving from point A to point B is approximately a.…

A: The opportunity cost refers to the cost of next best alternate or in other words, it is opportunity…

Q: Why is the production possibility curve also called as the opportunity cost curve

A: Initially we can say that the production possibility curve is known as a curve or line which depicts…

Q: The opportunity cost of moving from point E to point B in the picture is what ?

A: The principle of comparative advantage is developed by David Ricardo and according to this concept,…

Q: You have 3 attempts remaining. The table below shows various combinations of amounts of fish and…

A: The opportunity cost is the second-best alternative which is foregone in order to select the best…

Q: At one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point along the…

A: Given that at one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point…

Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…

A: The production possibilities curve is the locus of all maximum combinations of two goods an economy…

Q: The table below shows various combinations of amounts of fish and corn that can be produced…

A: An opportunity cost can be understood as the loss of the second-best alternative in order to select…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…

A: vacuuming a room Washing a load of dishes Mike 1 2 Debbie 2 1

Q: If the production of computers increases from point P to point S, what is the opportunity cost in…

A: Opportunity cost is the loss of potential increase from different options when one option is picked.

Q: For both parties to gain from trade, the price at which they trade must lie between the two…

A: Opportunity cost (OC) of 2 lawn mowing is 4 car wash for Louie. Therefore, Opportunity cost of 1…

Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…

A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…

Q: Marlene and Mya both work as artists. Marlene can produce 3 small sculptures each day or 30…

A: The opportunity cost is the benefit that would have been obtained if a different option had been…

Q: Based on PPF , if producer moves from B to C if producer have the following choices of production…

A: Here we calculate the opportunity cost of the PPC when it shift B to C  and choose the correct…

Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…

A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…