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4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville's points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Hours Economics Textbooks Piggy Banks |0 1 |60 50 | 85 95 75 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville’s marginal opportunity cost making the 4h Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank

4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville's points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Hours Economics Textbooks Piggy Banks |0 1 |60 50 | 85 95 75 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville’s marginal opportunity cost making the 4h Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section: Chapter Questions
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|4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville’s points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Economics Textbooks Piggy Banks Hours 60 85 95 50 75 2 3 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville's marginal opportunity cost making the 4th Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank
Transcribed Image Text:|4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier plotting Samanthaville’s points of efficiency. Place studying Economics Textbooks on the x-axis and piggy banks on the y-axis. Economics Textbooks Piggy Banks Hours 60 85 95 50 75 2 3 90 4 100 100 a) What are the 5 possible points of efficiency for Samanthaville? Create a production possibilities graphing these 5 points of efficiency. b) Evaluate the following statement: "Samanthaville should spend 2 hours making Economics Textbooks and 2 hours making Piggy Banks." Is this a positive or normative statement? Explain. c) What is Samanthaville's marginal opportunity cost making the 4th Econ Textbook? d) What is Samanthaville's marginal opportunity cost of making the 2nd Piggy Bank
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