Each day, Ted can wax 6 cars or wash 12 cars, and Ishana can wax 3 cars or wash 9 cars. What is each person's opportunity cost of washing a car? Instructions: Enter your responses rounded to two decimal places. Ted's opportunity cost of washing one car is wax jobs. Ishana's opportunity cost of washing one car is wax jobs. Who has a comparative advantage in washing cars? multiple choice Neither Ted

Each day, Ted can wax 6 cars or wash 12 cars, and Ishana can wax 3 cars or wash 9 cars. What is each person's opportunity cost of washing a car? Instructions: Enter your responses rounded to two decimal places. Ted's opportunity cost of washing one car is wax jobs. Ishana's opportunity cost of washing one car is wax jobs. Who has a comparative advantage in washing cars? multiple choice Neither Ted

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 8SQ

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Each day, Ted can wax 9 cars or wash 12 cars, and Tom can wax 5 cars or wash 15 cars. What is each man's opportunity cost of washing a car? Instructions: Enter your responses rounded to two decimal places. Ted's opportunity cost of washing one car is ? wax jobs. Tom's opportunity cost of washing one car is ? wax jobs. Who has a comparative advantage in washing cars? Ted Tom
Ted can wax a car in 25 minutes or wash a car in 75 minutes. Ishana can wax a car in 20 minutes or wash a car in 40 minutes. What is each person's opportunity cost of washing a car? Instructions: Enter your responses rounded to one decimal place. Ted's opportunity cost of washing one car is wax jobs. Ishana's opportunity cost of washing one car is Who has a comparative advantage in washing cars? wax jobs.
Amy and Bill are fixing up their house by painting walls and installing electrical outlets. In one hour, Amy can paint 8 walls, or install 6 outlets. In one hour, Bill can paint 5 walls, or install 5 outlets a. If Amy painted 8 walls in the first hour of work, and then switched to doing 6 outlets in the second hour of work, what was the opportunity cost of each of those outlets? Instructions: Round your answers to two decimal places. For the third hour, if she switches back to painting 8 walls, what was the opportunity cost of each of those walls? b. If Bill painted 5 walls in the first hour of work, and then switched to doing 5 outlets in the second hour of work, what was the opportunity cost of each of those outlets? Instructions: Answer in whole numbers. For the third hour, if he switches back to painting 5 walls, what was the opportunity cost of each of those walls?
Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts in a day . What is Joel's opportunity cost washing one shirt?
Keep the Highest / 1 4. Shifts in production possibilities Suppose Spain produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and locomotives, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 420 350 PPF 280 210 140 70 PPF 40 80 120 160 200 240 ALFALFA (Millions of bushels) LOCOMOTIVES (Tho us ands).
( a) why is the slop of PPF downward? (b) why does the PPF look concave to the origin? (c) What is positive economic analysis?
Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrififice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9000 pizzas. Relate this information to the following statement: “Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.’”
Drawing a production possibilities frontier (PPF) Instructions: Consider an economy than only produces two goods - Blueberries and Batteries. Step 1: Draw a production possibilities frontier (PPF) for this economy. Label blueberries on the vertical axis and batteries on the horizontal axis. Label one point that is "efficient", one point that is "inefficient", and one point that is "unattainable". Step 2. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a technological change that increased the production of batteries only. (Hint: The intercept for blueberries will not change.) Clearly label the new PPF. Step 3. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a drought that destroyed some of the blueberry harvest. (Hint: The intercept for batteries will not change.) Clearly label the new…
This question is a file-upload question. Work your answer in a piece of paper, take a picture with your phone and upload the file. Using the table below answer the following: Points Soda Pizza A 10 В 1 6 3 a) Draw a PPF map (put soda in the vertical axis and pizza in the horizontal axis), showing all the points on the PPF. b) What is the opportunity cost of an extra pizza when you are on segment AB? What about when you are at segment CD? (i.e., how many sodas you have to give up in order to get an extra pizza? SHOW YOUR WORK!) c) What is your PPF's shape? Is it a straight line or does it have a bowed outward shape? Justify! d) Suppose that there is a new technology that affects ONLY the production of soda. Illustrate this effect on your PPF map.
Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1hour.a) Draw the PPF lines for Elif and Ahmet.b) If each spends 30 minutes of each hour for producing pies and 30 minutes for producing cakes, how many pies and cakes does each produce?c) What is the opportunity cost of producing pies for Elif? What is the opportunity cost of producing pies for Ahmet?d) What is the opportunity cost of producing cakes for Elif? What is the opportunity cost of producing cakes for Ahmet?e) Who has a comparative advantage in producing pies and who has a comparative advantage in producing cakes?f) On the PPF lines, show what Elif produces and what Ahmet produces when they specialize.g) Suppose that they set the exchange price as 1 Pie = 3 Cakes. If they specialize and trade, show an exchange situation that is beneficial for both (compared to the situation you found at part (b))?h) What is the minimum and maximum exchange price they could have determined for an exchange…
In Kessy’s old kitchen, he could bake 10 cookies or mix 15 glasses of lemonade in a day. Now he has a bigger oven and kitchen. Draw Kessy’s initial PPF assuming constant opportunity cost between cookies and lemonade. Label it PPF1. [For this question, let cookies be illustrated on the horizontal axis.] Given PPF1, what is the opportunity cost of producing more cookies? In other words, how much lemonade must Kessy sacrifice to produce, say, one more cookie? Draw Kessy’s new PPF (label it PPF2) after he receives the new appliances.
Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9,000 pizzas. Relate this information to the following statement: “Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.’”