Figure 2-14 23. Refer to Figure 2-14. Given the technology available for manufacturingdoghouses and dishwashers, this economy does not have enough of the factors ofproduction to support the level of output represented by point C. a. True b. False

It is challenging to offer a firm response in the absence of the particular circumstances of Figure…

Answered: Figure 2-14 23. Refer to Figure 2-14.…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter3: Demand, Supply, And The Market Process

Section: Chapter Questions

Problem 10CQ

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The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertility Corn (bushels) Beef (kg) 10000 8000 6000 900 1200 4000 1400 2000 1475 0. 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 200 bushels of corn and 1475 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef O d. 8000 bushels of corn and 1200 kg of beef O e. 6000 bushels of corn and 1300 kg of beef
What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
100 DRYERS 8 & 22832829 30 20 10 Figure 2-3 C A D 10 20 30 40 50 60 70 80 90 100 WASHERS Refer to Figure 2-3. This economy cannot currently produce 70 washers and 70 dryers because Oa it is not using all of its resources. O b. consumers don't want that many washers and dryers Ocit does not have the resources and technology to produce that level of output O d. it is not using the most efficient production process.
MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $2,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the Ilumber for $4,000to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ MNLumber $ $ $ MNFurniture $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions? 2$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of these transactions? GDP…
muffins 20 15 10 5 0 Select one: 2 6 bread a. 2 units of bread b. The gain in muffin production of 2 units c. The gain in muffin production of 5 units 8 00 d. The loss in muffin production of 10 units e. A paradoxical loss in muffin production Figure 1: Production Possibility Frontier Refer to the figure above, which shows the production possibility for a bakery. If the bakery wants to move its production of bread from 8 units to 6, the opportunity cost of increasing bread production is: C 10 12
MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,000 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $2,500to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $60 each.Instructions: Enter your responses as whole numbers.a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ $ MNLumber $ $ $ MNFurniture $ $ $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions?$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of…
Antarctica produces only party ice and frozen fish. The table shows the marginal benefit and marginal cost schedules for frozen fish. If Antarctica produces 37 frozen fish, the marginal benefit from frozen fish frozen fish. To achieve allocative efficiency, Antarctica must O A. is less than; decrease O B. exceeds; decrease O C. O D. exceeds; increase is less than; increase C the marginal cost of the quantity of frozen fish produced. Frozen fish (per month) 33 34 35 36 37 38 Marginal cost (packs of ice per pack of fish) Marginal benefit 53 6 5 4 3 2 3 4 20 35
_______ A system where individuals own and operate themajority of businesses
Atlantis produces only coral beads and exotic shells. The table shows the marginal benefit and marginal cost schedules for exotic shells. If Atlantis produces 43 exotic shells, the marginal benefit from exotic shells To achieve allocative efficiency, Atlantis must O A. is less than; increase OB. exceeds; increase O C. is less than; decrease O D. exceeds; decrease the marginal cost of exotic shells. the quantity of exotic shells produced. 1 Exotic shells (per month) 39 40 1 42 43 4 41 44 Marginal benefit (beads per shell) 11 9 7 5 Marginal cost 4 1 1 2 3 5 17 29
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…
3.with the following data M = 1800 Px = 7 Py = 10 Q = x.y determine producer equilibrium graph with hypothetical 1. Checking the results with the two methods. if Px varies to 14, determine the new equilibrium and check the result (do not graph) Determine Q1 and Q2 Economic analysis. 4. FF FV PT 100 113 128 13 12 14 15 15 17 16 17 17 16 18 13 Determine PTP PVP PMG phases. Graph and indicate the phases of production. Economic analysis on the efficiency and inefficiency scenario of the company during production.

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Figure 2-14 23. Refer to Figure 2-14. Given the technology available for manufacturing doghouses and dishwashers, this economy does not have enough of the factors of production to support the level of output represented by point C. a. True b. False