Suppose Hilary is currently using combination D, producing one car per day. Her opportunity cost of producing a second car per day is ______ per day. Now, suppose Hilary is currently using combination C, producing two cars per day. Her opportunity cost of producing a third car per day is ______ per day. From the previous analysis, you can determine that as Hilary increases her production of cars, her opportunity cost of producing one more car _________ . Suppose Hilary buys a new tool that enables her to produce twice as many cars per hour as before, but it doesn't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more cars per hour, Hilary's opportunity cost of producing puzzles is higher than/lower than/or same as it was previously.

Suppose Hilary is currently using combination D, producing one car per day. Her opportunity cost of producing a second car per day is per day. Now, suppose Hilary is currently using combination C, producing two cars per day. Her opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Hilary increases her production of cars, her opportunity cost of producing one more car _____ . Suppose Hilary buys a new tool that enables her to produce twice as many cars per hour as before, but it doesn't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more cars per hour, Hilary's opportunity cost of producing puzzles is higher than/lower than/or same as it was previously.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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A ng.cengage.com + 5 Welcome to Johnston Community College * Mind Tap - Cengage Learning b Answered: 4. Shifts in production possibilities.. | bartle. G shifts in production possibilities - Google Search Nevaeh v CENGAGE MINDTAP Q Search this course Homework (Ch 02) Edison 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. A-Z Hours Producing Produced Choice (Boats) (Puzzles) (Вoats) (Puzzles) A 8 4 B 2. 10 4 4 16 2 6 1. 19 8 20 On the following graph, use the blue points (circle symbol) to plot Edison's initial production possibilities frontier (PPF). (? 30 At 25 Initial PPF 20 O New PPF 15 10 PUZZLES
4. Opportunity cost and production possibilities Cho is a skilled toy maker who is able to produce both boats and puzzles. 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 (Boats) (Puzzles) (Вoats) (Puzzles) 8 6 2 3 10 4 4. 16 D 2 1 19 E 8 20 On the following graph, use the blue points (circle symbol) to plot Cho's initial production possibilities frontier (PPF). (? 30 25 Initial PPF
5. Opportunity cost and production possibilities Dmitri is a skilled toy maker who is able to produce both cars 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 (Cars) (Puzzles) (Cars) (Puzzles) 0 4 0 10 14 17 18 PUZZLES A B C D E 8 R On the following graph, use the blue points (circle symbol) to plot Dmitri's initial production possibilities frontier (PPF). 88 8642O B 8266 CARS 4 3210 Inital PPF New PPF ?
5. Opportunity cost and production possibilities Juanita is a skilled toy maker who is able to produce both trucks and puzzles. 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 (Trucks) (Puzzles) (Trucks) (Puzzles) 8 4 3 10 B 4 4 16 C 1 19 8 20 On the following graph, use the blue points (circle symbol) to plot Juanita's initial production possibilities frontier (PPF). U DE
do I have the graph right? plus how do I answer the questions
1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?
5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks and kites. 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 (Trucks) (Kites) (Trucks) (Kites) A 8 0 4 0 B 6 2 3 10 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 Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…
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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…
Beth is a skilled toy maker who is able to produce both boats 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 (Boats) (Balls) (Boats) (Balls) A 8 0 4 0 B 6 2 3 12 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Beth's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSBOATS Suppose Beth is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Beth is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Beth increases her production of boats, her opportunity cost of producing one…