Beer 10 O 20 30 Pizza West Lothian 10 Beer 20 1319 10 0 20 30 Pizza East Lothian 10 In the accompanying diagrams, solid lines are production possibilities curves, and the dashed lines are trading possibilities curves. The opportunity cost of producing a
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- Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets 90 E 0 Puzzles 20 Puppets 75 TH 10 16 8 60 15 12 16 45 20 8 24 30 EHT 25 30 32 40 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and [ puppets Geppetto: puzzles and puppetsMC Qu. 24 Consider the production possibiliti... Cigars 400A 300 200 100 D 20 30 40 Consider the production possibilities frontier in the figure shown. As more and more cigars are produced: 0 0 0 0 C 10 the opportunity cost of cars stays the same. the opportunity cost of cars decreases. Cars the opportunity costs of cars decreases then increases. the opportunity cost of cars increases.I don't understand how to draw a production possibilities frontier.
- Suppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules Production Possibilities Schedules Geppetto Puzzles 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles (Click to select)) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis puzzles and puppets 30 45 60 75 90 puppetsBased on the figure below, answer the following questions: A В 50 40 D 30 20 10 F 10 20 30 40 50 Food Production What this figure represents. Explain. а. b. How does the above curve illustrate the tradeoff we must make to increase food production? Clothing Production
- Construct a Production Possibilities Curve in Excel based on the following Production possibilities Schedule: Missiles Milk (millions of gallons) 0 4010 34 20 2730 1940 1050 0 What is the "shape" or the "slope" of the frontier or curve? Calculate the opportunity cost of producing the "first" batch of 10 missiles. Calculate the opportunity cost of producing the "last" batch of 10 missiles. What would it mean if the economy was operating at the frontier? What would happen to the frontier if the production technology improves?A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule. Production PossibilitiesProduct A B C D E FSteel 0 1 2 3 4 5Wheat 100 90 75 55 30 0 The opportunity cost of producing the 31st unit of wheat is approximately 25 units of steel. 0 units of steel. 1 unit of steel. 1/25 of a unit of steel.Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets Puzzles Puppets 90 75 10 8 60 15 12 16 45 20 8 24 30 25 32 40 030 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and puppets Geppetto: puzzles and puppets
- The table below list the different combinations of surfboards and tables that can be produced with a fixed quantity of resources 1. Production Possibilities Frontier Surfboards Tables 140 120 90 50 0 A. Plot the production possibilities frontier B. Show a point X that is both feasible and efficient IA JO B 50 C90 D 120 E 140 C. What is the opportunity cost of moving production from A to B? D. What is the opportunity cost of moving production from E to C? E. Does this PPF display the Law of Increasing Opportunity Cost? ExplainQuestion 21 Please refer to these PPFS for Questions 21-29. Maxine and Daisy are both bakers that make tarts and pies. They have the same resource: 5 lbs of flour/week. These are their weely PPFS. Maxine's Production Possiblities Frontier Daisy's Production Possibilities Frontier terts 20- 个内 20 18- 18 16- 16 14 - 14 12 12 10- 10 4- 4 2+ 3 6 9 12 15 18 21 24 27 30 十→ 3 6 9 12 15 18 21 24 27 30 pies pies Who has an absolute advantage in tarts? Maxine DaisyBoth Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets Puzzles Puppets 80 0 30 0 64 4 24 4 48 8 18 8 32 12 12 12 16 16 6 16 0 20 0 20 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: Geppetto Puppets: Lewis b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and puppets Geppetto: puzzles and puppets Geppetto Lewis Puzzles Puppets Puzzles Puppets 80 64 48 32…
