Calculating opportunity costs from a production possibilities curve (PPC) Google Classroom The production possibilities curves (PPCs) for Jacque and Rosie are shown here: Rosie's PPC Sushi donuts Choose 1 answer: O Albums of Jazz Standards As more albums are produced, what happens to each producer's opportunity costs for sushi donuts? W Both increase Rosie's stays the same; Jacque's increases Rosie's increases; Jacque's decreases Both are constant Jacque's PPC Rosie's decreases; Jacque's increases Sushi donuts Albums of Jazz Standards
Q: The price elasticity of supply for apples is approximately 1.35 Assume a increase in the demand for…
A: Price elasticity of supply: It measures the percentage change in the quantity supplied for a 1%…
Q: QUESTION 21 ABCDE F Output 0 1 2 3 4 5 What is the ATC when Output is 5 25 None of these answers. 30…
A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…
Q: Suppose the combined abatement standard is set at 22 units and firm J and firm K have MAC functions…
A: Marginal Abatement Cost (MAC) refers to the cost incurred by a firm to reduce an additional unit of…
Q: What quantity (Q) will the profit-maximizing monopolist below produce, what price (P) will they…
A: Monopoly is a single seller in the market and the seller has the power to influence the price in the…
Q: Kiwidale Dairy is considering purchasing a new ice-cream maker. Two models, Smoothie and Creamy, are…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Which of the following is the formula of price elasticity of demand for a good, X? Ο %ΔΡ. Px *ΔΟ, ΟΧ…
A: Elasticity is defined as the responsiveness of the quantity demanded to the change in priceIt…
Q: The price elasticity of demand for tickets to local baseball games is estimated to be equal to 1.89.…
A: Elasticity is defined as the responsiveness of the quantity demanded to the change in price…
Q: The graph shows the demand curve for ice cream cones and the market price of an ice cream cone. Draw…
A: When customers pay less for a good or service than they are willing to, this is known as a consumer…
Q: If Y=C+I+G+NX, we can know that a. the economy is not operating at its potential. b. the…
A: An equation of Y=C+I+G+NX informs that aggregate output (or aggregate income) and aggregate demand…
Q: Give an an example of a news article , covering for example the Brexit scandal or the resignation of…
A: The British Broadcasting Corporation (BBC) has long been considered a trusted source of news and…
Q: Bank A offers interest of 13% per year (nominal interest) and interest payments every quarter. The…
A: To determine the nominal interest rate that Bank B should offer to match Bank A's effective annual…
Q: Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays…
A: The supply curve is a graphical representation of the correlation between the price of a product or…
Q: Starting a gluten free and nut free restaurant has been a lifelong dream of Sydney Quintero, since…
A: The Maximax strategy involves making a decision that maximizes the potential benefits or outcomes by…
Q: Economics is generally concerned with O the operation of banks in the stock market. O business…
A: Economics is a social science of human behavior that is concerned with the allocation of resources…
Q: Compare the following pairs of goods: • Coca-Cola and Pepsi • Skis and ski bindings. to. In which…
A: In economics, two goods can be broadly categorized as complements or substitutes based on consumer…
Q: What number replaces the X in the Keynesian table below? The MPC is.75 Change in I, C, and GDP for 2…
A: Marginal propensity to consume measures the change in consumption due to a change in income.…
Q: A consumer's preferences for food (x) and clothing (y) are represented by the utility function Ux,y…
A: Utility means satisfaction.Marginal utility is the utility derived from the consumption of an…
Q: Assume that Ghana has a Production Possibility Frontier given by: 500=5F+2C where F represents…
A: The production possibility frontier is given as F is the food consumed in Ghana and C is the…
Q: Which of the following factors will affect the core PCE (Personal onsumption Expenditure) deflator?…
A: Personal Consumption, implied as Personal Consumption Expenditure (PCE), is a main part of a…
Q: The interest rate is 10%, and y = (600, 200). The total utility function is max V (C₁, C₂) = ln(c₁)…
A: Utility function:V = ln(c1) + ln(c2)where c1 is consumption in period 1; c2 is consumption in period…
Q: If the Fed sells the U.S. $200 million in government bonds, the total money supply will: O not…
A: Money supply, frequently alluded to as the money stock, alludes to the aggregate sum of money…
Q: According to the midpoint method, the price elasticity of demand between points A and B is…
A: It can be defined as the method that helps to measure the responsiveness of change in QD by a…
Q: A firm uses only two inputs to produce its output. These inputs are perfect substitutes. Is it true…
A: Given that the inputs are perfect substitutes for each other.Let there be two inputs, labor (L) and…
Q: Table: Production Possibilities Schedule II) Table: Production Possibilities Schedule II Production…
A: PPC: Graphical representation of the combination of two goods that can be produced in the economy in…
Q: Tim True increase production from 4 to 5 fire engines because the True or False: If Tim's Fire…
A: The demand curve shows an inverse relationship between price and quantity demanded. Demand is a…
Q: otal Cost Function (TC) for every firm in perfect competition is: C = 0.1 q2 + q + 10 Industry…
A: Total cost function: Industry demand function: The industry consists of perfectly competitive firms.…
Q: Given the demand and cost conditions in the figure above, how much total profit does a monopoly firm…
A: A monopoly firm produces at the intersection of MR and MC curves to maximize profit. i.e., Monopoly…
Q: Describe the various types of taxes that the body is entrusted to collect. Please give…
A: Indirect taxation involves imposing taxes that can be passed on to another entity or individual.…
Q: 2. Consider a country that can produce X and Y according to their PPF: 20= 2 X + 4 Y. Indifference…
A: The autarky is a situation where the country wants to work independently without engaging in trading…
Q: The elasticity of demand for chocolate chip cookies is 0.6 and the elasticity of supply for these…
A: The elasticity of demand for chocolate chip cookies is 0.6i.e., Ed = 0.6The elasticity of supply for…
Q: PRICE (Dollars pe 6 4 0 MR 0 3 C 9 12 15 18 21 24 27 30 QUANTITY (Admission tickets) Pricing Policy…
A: In a monopoly, price discrimination refers to the practise of charging various prices for the same…
Q: Natalie entered a raffle recently and never checked her tickets. She has recently learned the exact…
A: Expected utility refers to the anticipated satisfaction or well-being, considering various possible…
Q: Consider the market for college textbooks. Assume this market is monopolistically competitive. A…
A: Monopolistic competition is a form of imperfect competition. There are large number of firms. There…
Q: Use the purple points (diamond symbol) to plot the social cost curve when the external cost is $105…
A: Externality:It is an economic problem when people benefit from economic goods. It is measured by…
Q: Q2. (III). If demand for farm products is highly price inelastic, a large crop yield may reduce farm…
A: Elasticity is defined as the responsiveness to change in one variable. When changes in price will…
Q: Because you understand the law of supply, you can deduce that the correct graphical representation…
A: For the provided question, the law of supply is explained and a graphical representation of the…
Q: All of the following statements, except one, are correct concerning the cartel variant of oligopoly…
A: Cartel system refer to the aggrement between different business entity or firms to regulate…
Q: Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the…
A: Market Equilibrium: This is the point in a market where the quantity of goods supplied equals the…
Q: Consider the following solutions in the model for quantity demanded D, and quantity supplied P P₁ =…
A: Demand function : Dn = 0.5 (D0 + P0 ) + 0.5 (D0 -P0 ) (1-2k )nSupply function : Pn = 0.5 (D0 + P0…
Q: In each case, the budget constraint moves from BC1 to BC₂. Graph (a) Graph (b) BC₂ BC, BC₂ O Graph b…
A: A budget constraint shows various combinations of two goods a consumer can purchase by spending all…
Q: When there is a positive externality, the free (unregulated) market results in a level of output…
A: Positive externality: Positive externality refers to a situation where the costs are minimized and…
Q: 7. Total economic surplus The following diagram shows supply and demand in the market for laptops.…
A: The markets are the place where the buyers of products tend to interact with the sellers of these…
Q: Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O…
A: The price elasticity is calculated as the percentage change in quantity demanded divided by the…
Q: Give me correct and incorrect answer with explanation The economy begins in equilibrium at point E,…
A: The loanable funds market is where the rate of interest and the equilibrium level of savings is…
Q: . Calculate and represent the indifference curves that pass through the bundles (x, y) = (1,1) and…
A: Consumer's utility function: The indifference curve is a graphical representation of consumer…
Q: Table 1 Production choices for Billie's Bedroom Shop Choice A B C D E Quantity of Pillows Produced…
A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…
Q: 15.10. Radiology services. Given the current knowledge of AI applied to radiology, the following…
A: An isoquant is a contour line drawn through the set of points at which the same quantity of output…
Q: use Cramer's rule to compute Y* AND I*. The equilibrium values of Y and I evaluated at M₀=300,…
A: Cramer's rule is a method for solving a system of linear equations in which the determinant of the…
Q: Each computer costs $200 per week and each programmer costs $150 per week. Suppose your boss gives…
A: The isoquant displays every possible arrangement of factors that results in the greatest output. The…
Q: Complete the table below for the missing information using the necessary cost formulas.
A: Total Fixed cost is the cost incurred independent of the level of output. It is incurred even at…
need help with this
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Vicky currently produces corn and beef at point A in the graph. Use the graph to complete the following sentence. Vicky's marginal cost of producing an additional unit of corn is O A. 40 units of beef OB. 40/5 units of beef O C. 5/40 units of beef O D. 6 units of beef O 60- Beef (units) 40 ģ PPF 10 12 Corn (units) >>> Click on the graph to work out the answer. Qviting this editorial? Alexi 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 sand- wiches that they are able to produce. Alexi up Tony Output Per Hour Street Tacos Cuban Sandwiches 80 100 20 30 a. 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 busi- ness. Assuming Alexi is in business on her own, graph the possible combinations of street tacos and Cuban sand- wiches that she could produce in a week. Do the same for Tony. d. If Alexi devoted half of her time…Explain with the help of graph Opportunity Costs and the Terms?
- Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadnwhat they are trying to ask me to doAntje currently produces fish and fruit at point A in the graph. Use the graph to complete the following sentence. Antje's marginal cost of producing an additional unit of fish is OA. 2/52 units of fruit OB. 52 units of fruit O c. 3 units of fruit O D. 52/2 units of fruit C 60- Fruit (units) Fish (units) ģ PPF 10 12 >>> Click on the graph to work out the answer. QAlexi 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…
- An anicle on forbes.com discussed a business decision by Mant OHayer, owner of Vital Farms. OHayer was one of the first poultry farmers to begin selling pasture-raised eggr. He commited to raising his chickens with each having 108 teet of oundoor space. According to the article, "It was one of many decisions he made knowing it would likely limit his company's growth." Source: Chloe Sorvino, "How Whole Foods Favorite Vital Farms Made Pasture-Raised Eggs Mainstream," torbes.com, May 31, 2018. a. in what sense did OHayer's decision to take on these additional costs of raising chickens imit his company's growth? OA Chickens raised in larger cages move around more and will therefore eat less chicken teed that those raised in smaler cages OB. Chickens rased in larger cages are less kely to be injured or kled by being pecked by other chickens OC Raising chickens in larger cages reduces the rumber of chickens he can raise on a given amount of land D. Al of the aboveK Joey "Jaws" Chesnut really likes eating Krystal burgers. The following table shows Joey's total cost (TC), marginal cost (MC), total benefits (TB), and marginal benefits (MB) for consuming Krystal burgers. Marginal Cost ructor Quantity of Krystal Burgers 0 1 456A W N 3 7 Total Cost $0.00 $1.00 $2.00 $.0 $4.00 $5.00 $6.00 N/A $1.00 $ $1.00 $1.00 $1.00 $1.00 $1.00 a.) Fill in the missing numbers table above. b.) How many Krystal burgers should Joey "Jaws" Chesnut optimally eat? Total Benefit $0.00 $4.41 $6.45 $8.03 $9.14 $10.05 Krystal burgers Clear all Marginal Benefit N/A $2.32 $2.09 $ $1.58 $1.11 $0.91 $0.36 Check answer 9. | ТСНIIP UI UDC | LTIvaty ruilty. I I CHTIIDDIUTƏ | LUTILOLL US T. 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?
- Crystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels and baskets. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. BASKETS Choice (Tea towels) A B C D E 30 25 20 15 10 5 Hours Crafting 0 0 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF). 2 (Baskets) (Tea towels) 0 2 4 6 8 3 4 TEA TOWELS 5 4 3 6 2 1 0 Produced 7 (Baskets) 0 10 16 19 8 20 Initial PPF New PPFJake is a talented artist who sells hand-crafted goods on his website. Jake currently crafts and sells both tea towels and embroidered sweaters. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. Choice A B с D E MBROIDERED SWEATERS 25 10 0 1 (Tea towels) 8 6 4 2 2 0 Hours Crafting 3 On the following graph, use the blue points (circle symbol) to plot Jake's initial production possibilities frontier (PPF). 4 TEA TOWELS 5 (Embroidered sweaters) 0 2 4 6 6 8 7 8 O Initial PPF A (Tea towels) 4 New PPF 3 2 1 0 (?) Produced (Embroidered sweaters) 0 12 17 19 20 Suppose Jake is currently using combination D, producing one tea towel per day. His opportunity cost of producing a second tea towel per day is per day. Now, suppose Jake is currently using combination C, producing two tea towels per day. His opportunity cost of producing a third tea towel per day is per day. ▼ From the previous…The table below contains 5 points on an economist's production possibilities frontier. What is the opportunity cost of moving from 14 lectures produced to 15 lectures produced? Combination Lectures A B C D E F 3 Publications 0 5 10 Publications 9 12 14 15 Publications 10 9 O 1 Lecture O The Time Spent Giving the 15th Lecture 3 0