360 320 280 240 200 160 120 80 40 blankets ad G H 30 60 90 120 150 180 210 240 270 300 330 pillows Refer to the figure above. The opportunity cost moving from point F to point I is O a. 120 pillows. O b. 120 blankets. O c. 1 blanket and 1 pillow. O d. 0 blankets. Oe. 40 blankets
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- Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?What is productive efficiency? Allocative efficiency?
- Macmillan Learn Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 40 35 30 25 20 15 10 Incorrect 5 O 0 5 10 15 20 25 30 Computer Chips 35 40 Ned's PPP 45 50 What is the opportunity cost of potato chip production in terms of computer chips? 4/3 0 0 0 1/2 50 25 2 3/4Sat Oct 30 2:46 PM Bookmarks Window Help History + 88 Safari File Edit View ng.cengage.com Sean is buying pizza and salad. b Answered: Now suppose Andre... X MindTap - Cengage Learning Bb Homework Assignments – Fou... Home - cuchicago.edu Concordia-Chicago | Concordi... Q Search this course « CENGAGE MINDTAP Maria v Refresh Your Math & Graphing Skills A My Home 40.00 4 10 Courses 40.00 8 A-Z Catalog and Study Tools Rental Options Use the black line (plus symbols) to plot the line illustrating the combinations of salad and pizza that Andrew can purchase with a budget of $40.00. College Success Tips Career Success Tips 30 RECOMMENDED FOR YOU 28 26 Initial Budget THE 24 COST 22 OF 20 bongo LIVING New Budget 18 Living Expenses: Key to Your 16 MORTGAGE SCHOOL FEES. 10364.00 ELECTRICITY BANK LOAN. INSURANCE 7000.00 .8745.00 Well-Being 14 1324.0 9423 12 10 ? Help 8 Give Feedback 4 2 + 8 10 12 14 16 18 20 22 24 26 28 30 4 SALAD (Bowls) ОСТ étv W W 30 280 PIZZA (Slices) 2.The table provides information about the production possibilities of a firm that produces bed linens. Quilts (per hour) Possibility A B C Pillows (per hour) 0 8 and and and 16 12 0 Draw points that show the three possibilities defined by the table. Label them A. B. and C. Draw the firm's PPF by connecting the points. Label it. Along this PPF, the quantities of A. all goods other than pillows and quilts are increasing OB. all goods other than pillows and quilts remain constant OC. pillows and quilts are either increasing or decreasing, so there is no scarcity OD. all goods other than pillows and quilts are decreasing
- An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased businessUse the following table to answer the question below. Jake's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 160 120 80 40 0 0 10 20 30 40 Multiple Choice O One pound of green beans costs Jake pound(s) of corn. One pound of green beans costs Jane 1,4 1/4, 1 4,1 Jane's Production Possibilities Schedule Pounds of Green Beans Pounds of Corn 80 60 40 20 0 1, 1/4 0 20 40 60 80 pound(s) of corn.Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.
- 2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)nity cost and production possibilities Cho is a skilled toy maker who is able to produce both boats and puzzles. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Hours Producing Produced Choice (Вoats) (Puzzles) (Boats) (Puzzles) A 4. 3 10 C 4. 4. 16 D 2 6. 1 19 8 20-n of ction Below is a production possibilities curve for a large tract of prairie farmland. What is the opportunity cost of 1 unit of rye? Quantity of rye 400 300 200 100 100 200 300 400 500 600 Select one: O a. 0.5 units of wheat O b. 2 units of wheat O c. 5 units of wheat Od. 600 units of wheat O e. none of the above Quantity of wheat