Consider a simple economy whose only industry is fishing. In this industry, productivity-the amount of goods and services a worker can produce perhour-is measured by the number of fish one fisherman catches per hour.In the following table, match each example to the productivity determinant it represents.Natural ResourcesTechnologicalKnowledgeHuman CapitalPhysical CapitalExamplesper Workerper Workerper WorkerA route fishing boats can follow to maximizetheir catch at different points in the dayThe skills workers develop through trainingbefore working on and piloting boatsThe boats in the fishing fleetThe fertile waters in which the fish feed andbreed

Consider a simple economy whose only industry is fishing. In this industry, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents. Human Capital Natural Resources Physical Capital Technological Knowledge Examples per Worker per Worker per Worker A route fishing boats can follow to maximize their catch at different points in the day The skills workers develop through training before working on and piloting boats The boats in the fishing fleet The fertile waters in which the fish feed and breed

Consider a simple economy whose only industry is fishing. In this industry, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents. Human Capital Natural Resources Physical Capital Technological Knowledge Examples per Worker per Worker per Worker A route fishing boats can follow to maximize their catch at different points in the day The skills workers develop through training before working on and piloting boats The boats in the fishing fleet The fertile waters in which the fish feed and breed

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

Problem 4QR

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A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they dont like the taste. From an economic perspective, the company should keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.
lexi 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 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 of Cuban sandwiches? Explain your answer.c. Assume that Alexi works 20 hours per week in the business. Assuming Alexi is in business on his own, graph the possible combinations of street tacos and Cuban sandwiches that he could produce in a week. Do the same for Tony.d. If Alexi devoted half of his time (10 out of 20 hours) to making street tacos…
Suppose you have a team of two workers: one is a baker and one is a chef. Explain why thekitchen can produce more meals in a given period of time if each worker specializes in what they do bestthan if each worker tries to do everything from appetizer to dessert.
Consider the following productivity table for Evelyn and Gary, it summarises the amount of time that Evelyn and Gary require to write 1 research paper and 1 exam. Research Exam Раper Gary 2 hours 3 hours Evelyn 6 hours 5 hours The opportunity cost of writing 1 exam paper for Gary and Evelyn is: (Need help? Read chapter 1.3 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part1/ch1/s3) 3/2 research papers for Gary, 5/6 research papers for Evelyn. 2/3 research papers for Gary, 6/5 research papers for Evelyn. O 2/3 research papers for Gary, 5/6 research papers for Evelyn. 3/2 research papers for Gary, 6/5 research papers for Evelyn. None of these.
96 1L1 X Joh Desmos | Graphing Calculator X Course Modules: ALG/ADV-Fal X + e DeltaMath f → e a deltamath.com/app/student/solve/14949200/solveContextInequalitySystemGraphically Jan T0, 8:47:32 PM Watch help video Jack and his children went into a restaurant where they sell hamburgers for $6 each and tacos for $2 each. Jack has $30 to spend and must buy at least 8 hamburgers and tacos altogether. If x represents the number of hamburgers purchased and y represents the number of tacos purchased, write and solve a system of inequalities graphically and determine one possible solution. Inequality 1: y 2 5x + 8 plot switch shade Inequality 2: y sv plot switch shade fi 20. 18 15 14 13 12 1. 8. MacBook 000 F4 000 F3 DD %23 %24
Shen and Valerie are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Shen 20 5 Valerie 50 10 On the following graph, use the blue line (circle symbol) to plot Shen's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Valerie's PPF. 200 180 Shen's PPF 180 140 120 Valerie's PPF 100 80 60 40 20 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Shen's opportunity cost of producing 1 bushel of rye is | bushels of corn, whereas Valerie's opportunity cost of producing 1 bushel of rye is | bushels of corn. Because Shen has a opportunity cost of producing rye than…
The production possibility frontier is a graph that shows Select one: a. how much goods a society can consume at various average price levels. b. all combinations of goods that a society can produce if it uses all its resources efficiently. c. all combinations of goods that a society can consume if it uses all its resources efficiently. d. all combinations of factors that a society can use if there are no idle factors. e. the rate at which a societyʹs output will grow if it uses all resources efficiently.
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] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.
Which economic model reveals the variety of options for what to do with your scarce time? Supply curve Demand curve O Income distribution curve O Production possibilities curve
Beth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour. She spends 6 hours per day studying. **Use the blue line (circle symbol) to draw Beth's production possibilities frontier (PPF) for reading astronomy and sociology. Diagram has Astronomy Pages on the left from 0-200 in increments of 20's On the bottom of the Diagram it lists Sociology Pages numbered the same fom 0-200 in increments of 20. Beth's opportunity cost of reading 60 pages of sociology is ___________ pages of astronomy.
The following table shows Calatonia's production possibilities. If Calatonia dedicates all of its resources to the production of pens, how many pencils will it be able to produce? A B C D E Pencils 600 530 430 250 0 Pens 0 100 200 300 400 pencils Read the related chapter