= X Lawns Mowed Gardens Cultivated Assignment George 10 5 Jack 6 4 Table 2-5 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens. Refer to Table 2-5. What is George's opportunity cost of mowing a lawn? (A) one-half of a garden cultivated (B) two lawns mowed C two-thirds of a garden cultivated. (D) one and a half lawns mowed Ⓒ
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- Beth and Eleanor are considering contributing toward the creation of a building mural. Each can choose whether to contribute $400 to the building mural or to keep that $400 for a weekend getaway. Since a building mural is a public good, both Beth and Eleanor will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.60 of benefit. For example, if both Beth and Eleanor choose to contribute, then a total of $800 would be contributed to the building mural. So, Beth and Eleanor would each receive $480 of benefit from the building mural, and their combined benefit would be $960. This is shown in the upper left cell of the first table. Since a weekend getaway is a private good, if Beth chooses to spend $400 on a weekend getaway, Beth would get $400 of benefit from the weekend getaway and Eleanor wouldn't receive any benefit from Beth's choice. If Beth still spends $400 on a weekend getaway and…The economy consists of two people–Ragnar and Lagertha. Each has 10 hours in a day to allocate between producing swords or fishing. In one hour Lagertha can produce 10 fish or 2 swords. In one hour, Ragnar can produce 9 fish or 4 swords. Suppose they produce jointly and assume efficient production. If the economy is producing 110 fish, how many swords is it producing? Enter a number only.Paolo and Van are considering contributing toward the creation of a water fountain. Each can choose whether to contribute $400 to the water fountain or to keep that $400 for a weekend getaway. Since a water fountain is a public good, both Paolo and Van will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.80 of benefit. For example, if both Paolo and Van choose to contribute, then a total of $800 would be contributed to the water fountain. So, Paolo and Van would each receive $640 of benefit from the water fountain, and their combined benefit would be $1,280. This is shown in the upper left cell of the first table. Since a weekend getaway is a private good, if Paolo chooses to spend $400 on a weekend getaway, Paolo would get $400 of benefit from the weekend getaway and Van wouldn't receive any benefit from Paolo's choice. If Paolo still spends $400 on a weekend getaway and Van chooses to…
- Suppose the following data reflect the production possibilities for providing health care and education: Units per Year Health Care 400 370 330 270 190 100 0 Education 0 20 40 50 60 70 80 (a) Graph the production possibilities curve. (b) If maximum health care is provided, how much education will be provided? (c) What is the opportunity cost of increasing health care from 270 to 330 units?Table 3-8 Production Possibilities Blankets Coats 8 600 12 ? 16 200 Refer to Table 3-8. If the production possibilities frontier is a straight line, then which of the following could represent the number of coats produced when 12 blankets are produced? a. 200 b. 500 c. 300 d. 400Farm-A and Farm-B grow the following amounts of potatoes and cabbage in their famrs: Farm-A takes one week to produce 107 units of potatoes and 208 units of cabbages Farm-B takes one week to produce 125 units of potatoes and 160 units of cabbages a) What is the opportunity cost of Farm-A to produce 20 units if cabbages b) What is the opportunity cost of Farm-B to produce 12 units of potatoes
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- Consider a society consisting only of Helen, who allocates her time between sewing dresses and baking bread. Each hour she devotes to sewing dresses yields 4 dresses and each hour she devotes to baking bread yields 8 loaves of bread. Suppose that a sewing machine is introduced that enables Helen to sew 8 dresses per hour rather than only 4. If Helen works a total of 8 hours per day, draw her production possibility curves before and after the introduction of the sewing machine. Using the graph you drew in part a, indicate if the following points are attainable and/or efficient before and after the introduction of the sewing machine. 16 dresses per day, 48 loaves per day 24 dresses per day, 16 loaves per daySuppose the economy initially produces 15,000 gallons of drinking water and 450,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving production to point B) is (72,000, 135,000, 90,000, 54,000, 108,000) tons of steelSuppose, instead, that the economy currently produces 378,000 tons of steel and 20,000 gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving to point C) is (72,000, 135,000, 90,000, 54,000, 108,000) ons of steel.Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional gallons of drinking water at point B is (Less, Equal, Or Greater Than) the opportunity cost of 5,000 additional gallons of drinking water at point A. This reflects the (Notion that Countries can gain from trade, Law of Increasing Opportunity Costs, Fact…a) What is the island's maximTwo fields can be planted on Robinson Crusoe's island. Each can be used to grow oranges or apples. If Field A is planted entirely with oranges, it will produce 2 bushels (bu.) of oranges. If A is planted entirely with apples, it will yield 4 bu. of that crop. For Field B, the numbers are reversed: B will produce 4 bu. of oranges if entirely planted with oranges, or it will produce 2 bu. of apples if entirely devoted to that crop. IF A FIELD IS SPLIT BETWEEN THE TWO CROPS, the output of each crop from that field will be proportional to the fraction of the field planted in that crop. For example, if half of B is planted with each crop, then it will produce 2 bu. of oum possible output of oranges? __________ b) Graph your answer in a) on the axes found on the next page and label it point H..(Put oranges on the horizontal axis and apples on the vertical axis) c) What is the island's maximum possible output of apples? __________ d) Graph your answer in c) on the…