EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 3, Problem 3SPPA
To determine
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For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour.
For the farmer, the opportunity cost of 1 pound of potatoes is
Select one:
a.
4 pounds of meat
b.
1 pound of meat
c.
2 pounds of meat
d.
0.5 pound of meat
Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below.
Output per Week
web pages designed
apps created
Bill
3
12
Melinda
2
4
What is Bill's opportunity cost of creating one app?
Group of answer choices
designing 3 web pages
designing 1/4 web pages
designing 4 web pages
designing 1/3 web pages
8. A small bakery makes baguettes and muffins. With the resources available (workers, flour, machines) this bakery can
produce either 1500 baguettes or 2000 muffins per day.
a. What is the opportunity cost of an extra muffin in terms of baguettes?
b. Assume that production is currently 1200 muffins and 600 baguettes. If the bakery wanted
to expand its muffin production to 1300 muffins per day, how many baguettes would be baked?
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- Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below. Output per Week web pages designed apps created Bill 3 12 Melinda 2 4 Melinda’s opportunity cost of designing one web page is: Group of answer choices designing 2 apps designing 3 apps designing 4 apps designing 5 appsarrow_forwardI need help with G through k. I drew out the chart to help you.arrow_forwardLesson 2 Assignment Product Combo A Combo B Combo C Combo D Combo E Motorcycles 0 2 4 6 8 Surfboards 30 27 21 12 0 Graph the above production data, putting motorcycles on the horizontal axis. What are the opportunity costs of moving from point B to point D and from point D to point A? Point F represents 3 motorcycles and 21 surfboards. Plot this point on your graph and explain what it represents. Point G represents 5 motorcycles and 24 surfboards. Plot this point on your graph and explain what it represents.arrow_forward
- 1. Discuss the idea of an opportunity cost and think of three opportunity costs that you have made today 2. What is marginal benefit? How is it measured?arrow_forwardExplain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resourcearrow_forward2) Ben and Jerry make two types of ice cream: Chubby Hubby and Chunky Monkey. For each hour that Ben and Jerry work, they can make either 6 quarts of Chubby Hubby or 3 quarts of Chunky Monkey. Ben and Jerry work 8 hours each day. a. If they only make Chunky Monkey, how much can they produce? b. If they only make Chubby Hubby, how much can they produce? c. What is the situation if they produce 12 Chunky Monkeys and 16 Chubby Hubbys? d. What would happen if someone asked for 18 Chunky Monkey and 18 Chubby Hubby?arrow_forward
- part 2 and 3arrow_forwardFigure - Production-Possibilities Curve Office Buildings .C D Housing It is not possible for society to produce this combination of office buildings and housing with current resources and technology. Which of the following points in the figure could represent this combination? Multiple Choice A B B .Aarrow_forwardThe following table shows the production possibilities data. Farmer Rancher Table 2-3 Labor Hours Needed to Make 1 Pound of: Meat 8 4 Potatoes 2 5 Pounds produced in 40 hours: Meat 5 10 Potatoes 20 8 Refer to Table 2-3. The farmer and the rancher both could benefit if the farmer were to specialize in a. meat and the rancher were to specialize in potatoes. O b. potatoes and the rancher were to specialize in meat. c. neither good and the rancher were to specialize in both goods. O d. neither good; they cannot both benefit by specialization and trade.arrow_forward
- Production Possibilities Frontier Use the following information to complete this assignment. B C DE F G A Units of capital goods 6. 5 4 3 2 1 Units of consumer goods 3 4 5 Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other. 6.arrow_forward01. What is the opportunity cost of Y for PPF 1? a) ½ of X b) 2 of X c) 1/3 of X d) 3 of X e) 4/5 of Xarrow_forwardUse the following table to answer the question below. Jake's Production Possibilities Schedule Jane's Production Possibilities Schedule Pounds of Green Pounds of Corn Pounds of Green Pounds of Corn Beans Beans 160 80 10 120 20 60 40 20 80 40 30 40 60 20 40 80 Jake should specialize in the production of which good? neither both corn O green beansarrow_forward
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