Betty and Ann live on a desert island. With a day's labor, Ann can produce 6 fish or 4 coconuts; Betty can produce 3 fish or 1 coconut. Betty's opportunity cost of producing 1 fish is , and she should specialize in the production of O 2/3 coconut per fish; coconuts O 1/3 coconut per fish; fish O 1 coconut per fish; fish O4 coconuts per fish; fish

Betty and Ann live on a desert island. With a day's labor, Ann can produce 6 fish or 4 coconuts; Betty can produce 3 fish or 1 coconut. Betty's opportunity cost of producing 1 fish is , and she should specialize in the production of O 2/3 coconut per fish; coconuts O 1/3 coconut per fish; fish O 1 coconut per fish; fish O4 coconuts per fish; fish

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 4PA

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EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…
Sulan oil. 2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) 300 200 100 0 Active Land also produces only food and suntan oil, and its production possibilities are: Draw the two PPFs 300 250 200 150 LOO Food (pounds per month) 150 100 50 0 50 100 200 Food 300 Sutan o.1 300 250 200- 150. loo 50 Suntan oil (gallons per month) 0 50 100 150 Suntan oil (gallons per month) 0 100 200 300 100 Active land's PPF 200 1,00 Food a. What are the opportunity costs of food and suntan oil in Happy Land? b. Why are the opportunity costs the same at each output level? c. What are the opportunity costs of food and suntan oil in Active Land? I pound of food is ons gations upoil 2 gallons of ot d. If each nation specialized where they have a comparative advantage, and then traded, find the acceptable ranges for trade. 1 pound of food would have to trade between which values of suntan oil? 1 pound of suntan oil would have to…
500 450 400 350- 300 250 Chris's Production Possibilities Frontier Katarina's Production Possibilities Frontier pizzas plazas 150 100- 50 100 150 200 250 300 350 400 meatballs 500 450- 400 350 300 250- 200- 150 100- 50- X a. 400 meatballs, 300 pizzas b. 550 meatballs, 250 pizzas c. 650 meatballs, 50 pizzas d. 500 meatballs, 200 pizzas 50 100 150 200 250 Refer to the Figure. If the production possibilities frontiers shown are each for one day of production, then which of the following combinations of meatballs and pizzas could Chris and Katarina together not produce in a given day?
Suppose earlier they used to decide half of their in producing Apple pies and remaining half in producing Cupcakes. Now they have decided to "specialize" in accordance to their comparative advantages. Then in a work week that consists of 5 work days, the output of Apple pies and cupcakes will increase by the amount of b C Quantity of Apple Pies d 100 40 PPFDavid Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 30 Apple pies and 100 Cupcakes respectively 200 Quantity of Cupcakes 200 Apple pies and 350 Cupcakes respectively PPFAlexis 150 Apple ples and 500 Cupcakes respectively 400 250 Apple pies and 100 Cupcakes respectively
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Pound of Beef Brad 10 12 Theresa 6 10 Refer to Table 3-20. What is Brad's opportunity cost of producing one bushel of wheat? O a. 5/6 pound of beef O b. 6/5 pounds of beef O c. 3/5 pounds of beef O d. 5/3 pounds of beef - Icon Ke
Check my Below is a production possibilities table for consumer goods (automobiles) and capital goods (forkifts) Production Alternatives Type of production Automobiles Forklifts 20 27 21 12 a. Show these data graphically Instructions: 1. Use the drawing tool (PPC, plot 5 points totel) to draw e PPC curve. 2. Once all points have been plotted, click on the line (not individual points) end a tool icon will pop up. You can use this to enter exact co-ordinates for your points es needed.
Question 16 Daisy has the following Production Possibilities Frontier per week. Her resource is 5 Ibs of flour. Note: You will use this PPF to answer the next several questions. tarts 20 14 3. 3 1 3 2 ar » pies Given Daisy's PPF. the following production combo, 9 pies and 8 tarts is O an eficient use of resources. O an inefficient use of resources. O not possible with the given 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.
Figure 3-5 Hosne's Production Possibilities Frontier 10 9- 8 9 s wallets 1 2 3 4 5 6 7 8 4 purses and 8 wallets. O 7 purses and 7 wallets. O 10 purses and 6 wallets. 9 10 purses O 14 purses and 14 wallets. Merve's Production Possibilities Frontier 10 9 8- 3+ 6 5- 4+ Refer to Figure 3-5. If Hosne and Merve each divides her time equally between making purses and making wallets, then total production is 1 wallets 1 2 3 4 5 6 7 8 9 10 purses
Hosne's Production Possibilities Frontier Twallets Icon Key 10- 9 8 1 3 123 8 9 10 parses Merve's Production Possibilities Frontier Twallets 10 1 2 3 4 purses Refer to Figure 3-5. If Hosne and Merve each divides her time equally between making purses and making wallets, then total production is O a. 4 purses and 8 wallets. O b. 7 purses and 7 wallets. O c. 10 purses and 6 wallets. O d. 14 purses and 14 wallets.
What does a production possibilities frontier illustrate?
Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.