"Today, women face the trade-off staying home to look after children pursuing a career." Women who choose to pursue a career is an example of........... O A. economic problem of scarcity. O B. oversupply C. excess supply D. opportunity cost
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- Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare wilt line same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education? Figure 2.4 Productive and Allocative EfficiencyA small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
- What is productive efficiency? Allocative efficiency?It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?Alexi and Tony own a food truck that serves only twoitems, street tacos and Cuban sandwiches. As shownin the table, Alexi can make 80 street tacos per hourbut only 20 Cuban sandwiches. Tony is a bit faster andcan make 100 street tacos or 30 Cuban sandwiches inan hour. Alexi and Tony can sell all the street tacos andCuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production ofCuban sandwiches? Explain your answer. Assume that Alexi works 20 hours per week in thebusiness. Assuming Alexi is in business on his own, graphthe possible combinations of street tacos and Cubansandwiches that he could produce in a week. Do the samefor Tony.d. If Alexi devoted half of his time (10 out of 20 hours) tomaking street tacos and half of…
- . Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?lexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer.b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer.c. Assume that Alexi works 20 hours per week in the business. Assuming Alexi is in business on his own, graph the possible combinations of street tacos and Cuban sandwiches that he could produce in a week. Do the same for Tony.d. If Alexi devoted half of his time (10 out of 20 hours) to making street tacos…Read the following article and answer the questions listed in regard to argument mapping. Adapt or perish: Australia Post must embrace digital disruptionMost industries are vulnerable to digital disruption of established business models. The question is whether industry should seize the opportunity to reposition themselves in a changing market. Or whether they should wait to be disrupted by external forces, with the prospect of a one-way ticket to oblivion.A new report by UTS Business School for the McKell Institute shows that the pace of digital transformation is now disrupting one of the government’s largest and most iconic business enterprises – Australia Post.Traditionally, mail volumes have grown in alignment with GDP growth. But between 2008-09 and 2013-14, mail volume declined by 25% to 4.5 billion items. This, in turn, has contributed to a major deterioration in financial performance. In the first half of 2014-15, the loss in the mail business was A$151 million and it is…
- Read the following article and answer the questions listed in regard to argument mapping. Adapt or perish: Australia Post must embrace digital disruptionMost industries are vulnerable to digital disruption of established business models. The question is whether industry should seize the opportunity to reposition themselves in a changing market. Or whether they should wait to be disrupted by external forces, with the prospect of a one-way ticket to oblivion.A new report by UTS Business School for the McKell Institute shows that the pace of digital transformation is now disrupting one of the government’s largest and most iconic business enterprises – Australia Post.Traditionally, mail volumes have grown in alignment with GDP growth. But between 2008-09 and 2013-14, mail volume declined by 25% to 4.5 billion items. This, in turn, has contributed to a major deterioration in financial performance. In the first half of 2014-15, the loss in the mail business was A$151 million and it is…Read the following article and answer the questions listed in regard to argument mapping. Adapt or perish: Australia Post must embrace digital disruptionMost industries are vulnerable to digital disruption of established business models. The question is whether industry should seize the opportunity to reposition themselves in a changing market. Or whether they should wait to be disrupted by external forces, with the prospect of a one-way ticket to oblivion.A new report by UTS Business School for the McKell Institute shows that the pace of digital transformation is now disrupting one of the government’s largest and most iconic business enterprises – Australia Post.Traditionally, mail volumes have grown in alignment with GDP growth. But between 2008-09 and 2013-14, mail volume declined by 25% to 4.5 billion items. This, in turn, has contributed to a major deterioration in financial performance. In the first half of 2014-15, the loss in the mail business was A$151 million and it is…The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs.