The U.S. can produce either 30 beans or 10 chicken, so the opportunity cost of producing one bean is chicken a) 3 b) 1 Oc) 1/4 or 0.25 d) 1/3 or 0.33
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A: Formula for Opportunity Cost (OC): OC = Total Revenue (TR) - Economic Profit (EP)
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Q: . If the marginal (additional) opportunity cost is a constant then the PPC would be
A: To find : Value of PPC.
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Q: production possibilities frontier
A: Production possibilities frontier- it is the different variations of 2 goods that can be produced…
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A: Opportunity cost is the next best alternative foregone. For decision making,it is useful because…
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A: Opportunity cost of producing a particular good = What is sacrificed / What is gained.
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A: Opportunity cost can be defined as the lose of one alternative when another alternative is chosen.
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- A nation with fixed quantities of resources is able toproduce any of the following combinations of carpet andcarpet looms:Yards of carpet(Millions)Carpet looms(Thousands)0 4512 4224 3636 2748 1560 0These figures assume that a certain number of previouslyproduced looms are available in the current period forproducing carpet.a. Using the data in the table, graph the ppf (with carpet onthe vertical axis).b. Does the principle of “increasing opportunity cost” holdin this nation? Explain briefly. (Hint: What happens tothe opportunity cost of carpet—measured in number oflooms—as carpet production increases?)c. If this country chooses to produce both carpet and looms,what will happen to the ppf over time? Why?Now suppose that a new technology is discovered thatallows an additional 50 percent of yards of carpet to beproduced by each existing loom.d. Illustrate (on your original graph) the effect of this newtechnology on the ppf.e. Suppose that before the new technology is introduced, thenation…The maximum amount of steel or aluminum thatCanada and France can produce if they use all thefactors of production at their disposal with the bestthe technology available to them is shown (hypothetically) in Table 2.8.What is the per-unit opportunity cost of product Y as production moves from point B to point F? a) -4/3 b) 4/3 c) ¾ d) -¾ e) none of the above
- A farmer produces both beans and corn on her farm. If she must give up 1616 bushels of corn to be able to get 66 bushels of beans, then her opportunity cost of 11 bushel of beans is 0.38 bushels of corn. 16.00 bushels of corn. 2.67 bushels of corn. 2.99 bushels of corn.Suppose Musashi is currently using combination D, producing one tea towel per day. His opportunity cost of producing a second tea towel per day is _______ per day. 1 2 13 15Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Discuss if the frontier exhibits increasing opportunity costs. Missiles vs. Milk (millions of gallons) 0 4010 3520 2730 1740 4
- (1) Sergei had to decide among watching a two-hour movie with a cost of $20, buying a book to read for $10 that would take about four hours to read, and going to a three-hour concert for $30. If he considers the benefit of each situation to be proportional to the amount of time, with a value of about $50 per hour, what is the opportunity cost of the best decision A) $190 B)$150 C)$120 D)$80Sketch a plausible production possibility frontier that shows in general various combinations of wheat and potatoes a farmer can produce with the fixed amount of resources available to him? Label your diagram well for example your axesbut you dont have to use any specifc numberWhat does a point inside the production possibility frontier represent?
- The accompanying tables give production possibilities data for Gamma and Sigma. All data are in tons. Gamma's production possibilities A B C D E Tea 120 90 60 30 0 Pots 0 30 60 90 120 Sigma's production possibilities A B C D E Tea 40 30 20 10 0 Pots 0 30 60 90 120 What are the limits of the terms of trade between Gamma and Sigma? Multiple Choice 1 tea = 2 pots to 1 tea = 6 pots 1 tea = 3 pots to 1 tea = 6 pots 1 tea = 2 pots to 1 tea = 3.5 pots 1 tea = 1 pot to 1 tea = 3 potsThis is the second time asking this because last person did not answer the first ten and last ten missiles part right. That is all I need no need Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Discuss if the frontier exhibits increasing opportunity costs. Missiles vs. Milk (millions of gallons) 0 4010 3020 2030 1040 0Will all the oppotuniy cost be 1 im so confused Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Missiles vs. Milk (millions of gallons) 0 4010 3020 2030 1040 0