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- Diego and Darnell are roommates. They spend much of their time studying, but they have some time for the favorite activiies which is making pizza or brewing root beer. Diego takes 4 hours to brew one gallon of root beer and 2 hours to make one pizza. Darnell takes 6 hours to brew one gallon of root beer and 4 hours to make one pizza. a. Put to gether a production opportunities chart for Diego and Darnell in brewing one gallon of root beer and in making one pizza. Who has the absolute advantage in each type of production? b. Then use the chart to make another chart with opportunies cost for Diego and for Darnell of brewing one gallon of root beer (in terms of how many pizza's each of them would not being making. Who has the comparative advantage in each type of production. c. Use your opportunities cost chart to determine who should trade pizza in exchange for root beer? d. The price of pizza can be expressed in terms of gallons of root beer (not being made). Can you determine how much…Consider the production possibilities frontier in the figure shown. The opportunity cost of cars when moving from point B to point C: Cigars 4004 300 200 100 O a Ob OC Od 10 B C 20 30 D 40 Cars is greater than the opportunity cost of cars when moving from point A to point B. None of these statements are true. is less than the opportunity cost of cars when moving from point A to point. 8. is greater than the opportunity cost of cars when moving between any other two points.The graph shows Wendell's PPE Wendell's opportunity cost of playing one hour of squash as he spends more time playing squash 養 O A. increases, because each additional hour he spends playing squash results in a greater decrease in his calculus grade O B. decreases, if he gets more benefit from playing squash than from studying calculus O C. is constant, if he gets as much benefit from playing squash as he does from studying calculus O D. increases, because a tradeoff exists between playing squash and studying calculus
- e table below presents some combinations of math homework questions and exam questions that Professor Sanchez and her teaching assistant, Maria Gonzalez can write in a week, Professor Sanchez Teaching Assistant Homework Homework Exam questions Exam questions questions questions 20 40 10 15 10 30 20 10 20 20 30 30 10 40 40 Given the production possibilities of Professor Sanchez, what is the opportunity cost of writing an additional exam guestiont Select one A.3 homework questions 6.2 homework questions C4 homework questions d 1 homework question to searchAlexi 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…What would be another example of a system in the real world serve could serve as a metaphor for micro and macroeconomics?
- What is scarcity? Can you think of two causes of scarcity?. Diego and Darnell are roommates. They spend mostof their time studying (of course), but they leavesome time for their favorite activities: making pizzaand brewing root beer. Diego takes 4 hours to brewa gallon of root beer and 2 hours to make a pizza.Darnell takes 6 hours to brew a gallon of root beerand 4 hours to make a pizza.a. What is each roommate’s opportunity cost ofmaking a pizza? Who has the absolute advantagein making pizza? Who has the comparativeadvantage in making pizza?b. If Diego and Darnell trade foods with each other,who will trade away pizza in exchange for rootbeer?c. The price of pizza can be expressed in terms ofgallons of root beer. What is the highest price atwhich pizza can be traded that would make bothroommates better off? What is the lowest price?Explain.Jamie Finch is crafting the business model for her fashion design firm She just completed the section that describes how har fem plans to compete relative to her rivals Just completed portion of her business model template The J OA Ocore sty Opplan 5 OD. legy OE operation A X and " 3 E S D S 4 C 333 R F N 5 V 44 T G ^ 6 MacBook Pro B DAE Y H & 7 # N U J 8 1 M 1 9 K A O 0 L F command P Time Remaining 00:55:15 M in option ( 1 ? H TH 1 1 Next a delete returr
- go.view.usg.edu/ Question If the production of wheat increases from point B to point A, what is the opportunity cost? Reflect in ePortfolio Tons of Wheat 100 90 75 45 25 A 20 B 75 80 F 90 D 100Along a bowed-out production possibilities frontier, as more of one good is produced, O a. the opportunity cost of producing both goods must remain constant O b. technology remains constant O c. the opportunity cost of producing that good decreases O d. efficiency decreses O e. the opportunity cost of producing that good remains constant1.Under what conditions is the production possi bilities frontier linear rather than bowed out? 2.Explain how absolute advantage and compara-tive advantage differ. 3.Give an example in which one person has anabsolute advantage in doing something butanother person has a comparative advantage. 4.Is basoute advantage or comparative advantage more important for trade? Explain yourreasoning using the example in your answer toQuestion 3..If two parties trade based on comparativeavantage an ot gain, in wat range mustthe price of the trade lie?.Will a nation tend to export or import goods forwhich it has a comparative advantage?
