
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Using your own words, describe the law of increasing
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- The chart is already done. I need help with the last two questionsarrow_forwardi know the answer is 2, because of the answer key. However, i do not understand why. Why is the 2nd unit of pizza opportunity cost 2 robots?arrow_forwardIs this a good example of opportunity cost? Why or why not. “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily closed. During this time I had the option of shipping my prints through USPS or UPS. I decided to ship my prints through USPS instead of UPS since it was a bit expensive at the time. My prints that were shipped out from USPS arrived in time and came in good condition. The opportunity cost is the cost of UPS.”arrow_forward
- Q.3. Figure below shows the production possibilities frontier for a music processing plant that can produce both compact disks and cassettes. What is the opportunity cost of moving from point B to C? Compact Disks (CDs) per Hour 180 120 60 T I 50 B 80 100 Cassettes per Hourarrow_forwardWhich concept is NOT illustrated by the production possibilities frontier? A. tradeoffs B. efficiency C. opportunity cost D. equityarrow_forwardLast quarter was very stressful because you had difficult classes. You decided to continue to work 10 hours a week and take 3 classes instead of 4, which results in only spending 20 hours a week on school. Where are you producing relative to the Production Possibilities Frontier? (On, Below, or Above) If the goal in economics is to be efficient in your allocation of scarce resources, in this case your time, are you operating at an efficient point? What would you adjust in the future with respect to your hours at your job or the number of classes you take?arrow_forward
- Complete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.arrow_forwardThe slope of the production possibilities frontier is calledarrow_forwardAn economy's production possibilities frontier is fixed in the long run. True Falsearrow_forward
- Please help me .........arrow_forwardTable 1 Berries (Ibs.) Fish Rob 25 60 Bill 40 80 Rob Crusoe and Bill Friday spent their week-long vacation on a desert island where they had to find and make their own food. Rob and Bill spent one day each fishing and picking berries. The tables lists the pounds of output Rob and Bill produced.arrow_forwardAnd since we're giving up some of one good, does that mean the opportunity cost is a negative number? Josie Well, we don't often say that "it cost us negative two dollars" or "we gave up negative two units of something," right? We just say "it cost two dollars" or "we gave up two units." Sabrina Yeah, the "we gave up" or "it cost us" part kind of implies the negative, doesn't it? Josie Exactly! So we put opportunity cost in terms of absolute value - we get rid of the negative sign. Continue Sabrina Okay, so what is the opportunity cost of one cake if we move from combination A to combination B? (If needed, round to two decimal places.) PPF PPF Point A B C D E Y2 Y1 O Number of Cookies 37 35 29 20 0 X1 X2 Number of Cakes 0 4 7 9 10 D X3 X4 E → Cakesarrow_forward
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