Refer to Daisy's PPF. Assume Daisy got a pie making machine that allowed her to make 21 pies per week with the same 5 lbs of flour. Describe her new PPF curve. Would Daisy's PPF shift (move on both axes) or pivot (move on only one axis)? (Write "shift" or "pivot") Her new PPF would cross the tarts axis at tarts. Her new PPF would cross the pies axis at pies.
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- Crystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels and baskets. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. BASKETS Choice (Tea towels) A B C D E 30 25 20 15 10 5 Hours Crafting 0 0 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF). 2 (Baskets) (Tea towels) 0 2 4 6 8 3 4 TEA TOWELS 5 4 3 6 2 1 0 Produced 7 (Baskets) 0 10 16 19 8 20 Initial PPF New PPFUse the table with data for Maria and Jose to answer the question. Table: Maria and Jose Produce Strawberry Jam Jose charges $8 per jar. Maria charges $8 per Maria earns $200, and | Maria earns $50, and Jose earns $180. Jose charges $4 per jar. Jose earns $280. jar. Maria charges $4 per jar. If Jose charges $8, Maria should charge Maria earns $300, and Maria earns $180, and Jose earns $40. Jose earns $150. If Jose charges $4, Maria should charge $8; $8 $4; $4 $8; $4 O $4; $8Susan is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Drums) (Boats) (Drums) A 8 0 4 0 B 6 2 3 11 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Susan's initial production possibilities frontier (PPF). Suppose Susan is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is how many drums per day? Now, suppose Susan is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is how many boats per day? From the previous analysis, you can determine that as Susan increases her production of boats. Will her opportunity cost of producing one more boat…
- Sharon is a skilled toy maker who is able to produce both trains and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trains) (Balls) (Trains) (Balls) A 8 0 4 0 B 6 2 3 11 C 4 4 2 15 D 2 6 1 18 E 0 8 0 19 On the following graph, use the blue points (circle symbol) to plot Sharon's initial production possibilities frontier (PPF). Suppose Sharon is currently using combination D, producing one train per day. Her opportunity cost of producing a second train per day is _______. Now, suppose Sharon is currently using combination C, producing two trains per day. Her opportunity cost of producing a third train per day is _______. From the previous analysis, you can determine that as Sharon increases her production of trains, her opportunity cost of producing one more train _______.…Sharon is a skilled toy maker who is able to produce both trains and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trains) (Balls) (Trains) (Balls) A 8 0 4 0 B 6 2 3 11 C 4 4 2 15 D 2 6 1 18 E 0 8 0 19 On the following graph, use the blue points (circle symbol) to plot Sharon's initial production possibilities frontier (PPF). Suppose Sharon buys a new tool that enables her to produce twice as many trains per hour as before, but it doesn't affect her ability to produce balls. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more trains per hour, Sharon's opportunity cost of producing balls is ____________ it was previously.Susan is a skilled toy maker who is able to produce both trains and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trains) (Drums) (Trains) (Drums) A 8 0 4 0 B 6 2 3 8 C 4 4 2 14 D 2 6 1 16 E 0 8 0 17 On the following graph, use the blue points (circle symbol) to plot Susan's initial production possibilities frontier (PPF). Then use the green points (triangle symbol) to plot Susan's new (PPF) Suppose Susan is currently using combination D, producing one train per day. Her opportunity cost of producing a second train per day is per day. Now, suppose Susan is currently using combination C, producing two trains per day. Her opportunity cost of producing a third train per day is per day. From the previous analysis, you can determine that as Susan increases her…
- Alyssa is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Hours Producing Produced Choice (Вoats) (Kites) (Вoats) (Kites) A 8 4 B 6 2 3 8 4 4 2 14 D 2 6 1 16 E 8 17 On the following graph, use the blue points (circle symbol) to plot Alyssa's initial production possibilities frontier (PPF). 30 25 Initial PPF A 20 New PPF 15 10 5 1. 2 3 5 6 7 8 BOATS KITESPaolo is a skilled toy maker who is able to produce both boats and puzzles. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Вoats) (Puzzles) (Вoats) (Puzzles) A 8 4 6 10 4 4 16 D 2 6 1. 18 8 19 On the following graph, use the blue points (circle symbol) to plot Paolo's initial production possibilities frontier (PPF). 30 25 Initial PPF New PPF 15 10 5 2 3 4 7 8 BOATS Suppose Paolo is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day – per day. \, 2, 16, 18 Puzzles is Now, suppose Paolo is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per day is v per day. From the previous analysis, you can determine that as Paolo increases his production of boats, his opportunity cost of producing one more clecreease lncrease, constant boat PUZZLES 1.....6.5 (0) Shirley Sixpack, as you will recall, thinks that two 8-ounce ca of beer are exactly as good as one 16-ounce can of beer. Suppose th these are the only sizes of beer available to her and that she has $30 spend on beer. Suppose that an 8-ounce beer costs $.75 and a 16-our beer costs $1. On the graph below, draw Shirley's budget line in blue in and draw some of her indifference curves in red. 8-ounce cans 40 30 20 10 10 20 30 40 16-ounce cans (a) At these prices, which size can will she buy, or will she buy some of each? (b) Suppose that the price of 16-ounce beers remains $1 and the price of 8-ounce beers falls to 8.55. Will she buy more 8-ounce beers?- (c) What if the price of 8-ounce beers falls to $.40? How many 8-ounce beers will she buy then?. (d) If the price of 16-ounce beers is s1 each and if Shirley chooses some 8-ounce beers and some 16-ounce beers, what must be the price of 8-ounce beers?. (e) Now let us try to describe Shirley's demand function for 16-ounce beers as a…
- Sam is a skilled toy maker who is able to produce both cars and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Cars) (Balls) (Cars) (Balls) A 8 0 4 0 B 6 2 3 8 C 4 4 2 14 D 2 6 1 16 E 0 8 0 17 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSCARS Suppose Sam is currently using combination D, producing one car per day. His opportunity cost of producing a second car per day is per day. Now, suppose Sam is currently using combination C, producing two cars per day. His opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Sam increases his production of cars, his opportunity cost of producing one more car .…1. An individual's budget Suppose Bob has a yearly budget of $120 to spend on oat milk and peanut butter. Oat milk is priced at $2 per quart, and peanut butter is priced at $6 per jar. If Bob spends his entire $120 on oat milk, he can buy jars of peanut butter. Use the blue line (circle symbol) to plot Bob's budget constraint on the following graph. Next, use the orange point (square symbol) to shade the area that represents combinations of oat milk and peanut butter that are affordable for Bob. Finally, place the black point (plus symbol) on the point on Bob's budget constraint that corresponds to a scenario in which Bob spends $60 on each good. Note: Dashed drop lines will automatically extend to both axes. PEANUT BUTTER (Jars) 120 110 100 90 80 70 60 50 40 30 20 10 0 0 10 20 30 + 40 50 60 70 OAT MILK (Quarts) quarts of oat milk. If he spends his entire $120 on peanut butter, he can buy + + 80 90 + H 100 110 120 BC, ($120) ☐ Affordable Region $60 on Each BC₂ ($240) ?Frances is a skilled toy maker who is able to produce both trucks and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trucks) (Drums) (Trucks) (Drums) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 18 E 0 8 0 19 Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is _______. Now, suppose Frances is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day is ________ per day. From the previous analysis, you can determine that as Frances increases her production of trucks, her opportunity cost of producing one more truck _______. Because she can now make more trucks per hour, Frances's opportunity cost of producing drums is…