Need help answering these questions On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF).PILLOWS302520510501234KNIT CAPS5678Initial PPFNew PPF?Suppose Van is currently using combination D, producing one knit cap per day. His opportunity cost of producing a second knit cap per day isper day.Now, suppose Van is currently using combination C, producing two knit caps per day. His opportunity cost of producing a third knit cap per day isper day.From the previous analysis, you can determine that as Van increases his production of knit caps, his opportunity cost of producing one more knit cap.Suppose Van buys a new tool that enables him to produce twice as many knit caps per hour as before, but it doesn't affect his ability to producepillows. Use the green points (triangle symbol) to plot his new PPF on the previous graph.Because he can now make more knit caps per hour, Van's opportunity cost of producing pillows isit was previously. 17. Opportunity cost and production possibilitiesVan is a talented artist who sells hand-crafted goods on his website. Van currently crafts and sells both knit caps and pillows. He spends 8 hours a dayworking on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good.ChoicePILLOWSABсDE3025201510On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF).50Hours Crafting(Knit caps)18642023(Pillows) (Knit caps)024684KNIT CAPS5Produced432106(Pillows)01116192078?Initial PPF41New PPFSuppose Van is currently using combination D, producing one knit cap per day. His opportunity cost of producing a second knit cap per day isper day.Now, suppose Van is currently using combination C, producing two knit caps per day. His opportunity cost of producing a third knit cap per day isper day.

Opportunity cost refers to the sacrifice of the second best alternative when one particular…

On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF). PILLOWS 30 25 20 10 5 0 0 1 + 2 3 4 KNIT CAPS 5 6 + 7 8 O Initial PPF 4 New PPF Suppose Van is currently using combination D, producing one knit cap per day. His opportunity cost of producing a second knit cap per day is ▼per day. Now, suppose Van is currently using combination C, producing two knit caps per day. His opportunity cost of producing a third knit cap per day per day. From the previous analysis, you can determine that as Van increases his production of knit caps, his opportunity cost of producing one more kn Suppose Van buys a new tool that enables him to produce twice as many knit caps per hour as before, but it doesn't affect his ability to produce pillows. Use the green points (triangle symbol) to plot his new PPF on the previous graph.

On the following graph, use the blue points (circle symbol) to plot Van's initial production possibilities frontier (PPF). PILLOWS 30 25 20 10 5 0 0 1 + 2 3 4 KNIT CAPS 5 6 + 7 8 O Initial PPF 4 New PPF Suppose Van is currently using combination D, producing one knit cap per day. His opportunity cost of producing a second knit cap per day is ▼per day. Now, suppose Van is currently using combination C, producing two knit caps per day. His opportunity cost of producing a third knit cap per day per day. From the previous analysis, you can determine that as Van increases his production of knit caps, his opportunity cost of producing one more kn Suppose Van buys a new tool that enables him to produce twice as many knit caps per hour as before, but it doesn't affect his ability to produce pillows. Use the green points (triangle symbol) to plot his new PPF on the previous graph.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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