Paolo is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows thedaily output resulting from various possible combinations of his time.Hours ProducingProducedChoice(Вoats)(Puzzles)(Вoats)(Puzzles)A846104416D261.18819On the following graph, use the blue points (circle symbol) to plot Paolo's initial production possibilities frontier (PPF).3025Initial PPFNew PPF1510523478BOATSSuppose Paolo is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day– per day. \, 2, 16, 18 PuzzlesisNow, suppose Paolo is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per dayisv per day.From the previous analysis, you can determine that as Paolo increases his production of boats, his opportunity cost of producing one moreclecreease lncrease, constantboatPUZZLES1.....

A production possibilities frontier characterizes the arrangement of decisions society faces for the…

Paolo is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Boats) (Puzzles) (Boats) (Puzzles) A 8 4 B 6 2 3 10 4 4 2 16 D 2 6 1 18 E 8 19 On the following graph, use the blue points (circle symbol) to plot Paolo's initial production possibilities frontier (PPF).

Paolo is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Boats) (Puzzles) (Boats) (Puzzles) A 8 4 B 6 2 3 10 4 4 2 16 D 2 6 1 18 E 8 19 On the following graph, use the blue points (circle symbol) to plot Paolo's initial production possibilities frontier (PPF).

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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viting 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…
Alexi 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…
11:16 Fri 10O Dec * 9 80% •.. managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A Page 8 of 46 AP Microeconomics 9 of 46 AP CollegeBoard Test Booklet Unit 5 Problem Set - FRQ's Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Central Manufacturing Company is the only manufacturing facility in a small remote town, and Central Manufacturing Company is the only employer of machinists in the area. The graph below shows the market for machinists with the marginal factor (resource) cost curve, the labor supply curve, and the marginal revenue product curve. 120 Marginal Factor Cost Supply 75 63 57 45 36 Marginal Revenue Product 15 210 300 600 800 Quantity of Machinists 105 420 480 150 240 380 560 (a) If the wage rate is $63, state whether there will be…
1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?
-50 Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 10 dozen eggs or collect 5 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? ‒‒‒‒ (Click to select) Edozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.
Long answer Explain all resources that economic relies on.