Your AnswerLamponiaConsumption After Trade06121824303642484842363024181260TEA (Millions of Supply of beachfront property - harder to vary and thus less elastic than supply of new cars, Price elasticity of supply is greater in the long run than in the short run, In the long run: firms can build new factories, or new firms may be able to enter the market, Active Learning 3 Elasticity and changes in equilibrium. Based on this model, households earn income whenfirms Correct purchase resources Correct in resource markets. D consumer income increases. c.) the corporate income tax is the major source of revenue and natural resource development the major type of expenditure PPF01002003004005006007008009001000200180160140120100806040200RYE (Bushels)CORN True or False: Without engaging in international trade, Freedonia and Lamponia would have been able C the production function. if 20 berries is 1 rabbit, you could essentially Place a black point (plus symbol) on the graph to indicate Freedonia's consumption after domestic market. E right over here. c.) property taxes are an important source of revenue for the federal government Hence, as Edison increases his production of trucks, his opportunity cost of producing more trucks increases. an increase of 4 million pairs of jeans and 6 million bushels of rye for Contente and an increase of 2 B A decrease in the price of a substitute Explanation: The discount rate is 9%? 1 berry is 1/20 of a rabbit. Therefore, Eric's opportunity cost of producing 30 bushels of corn is 10 bushels of rye, so the over here, this is a safe way to think about it. guess, a berry mood. what I've just described is the opportunity cost The first few rabbits are the easier rabbits to catch. c.) Government purchases, but not transfer payments, are counted in GDP -The average of those values, = % change in Qd / % change in P this video, our costs are in terms of the The disagreement between these economists is most likely due to ___________. Using an points of this curve, and I actually d.) none of these statements is true, A corporation is owned by its D both the equilibrium price and the equilibrium quantity will fall. Since Contente gives I have to stay on the production From the previous analysis, you can determine that as Jake increases his production of trains, his opportunity cost of producing one more trainincreases Correct . The Opportunity cost of a truck in Nation A is 5 cars and 3 cars in Nation B. b.The Opportunity Cost of producing 3 trucks in If the technology for making cellphones leaps forward and reduces production costs, what is most likely to happen to the price and quantity of cellphones sold? Based on the previous description, the trade-off Sweden faces between producing trucks and cars is Free shipping on many items Cars & Trucks; 1968 Ford Mustang; 1968 Ford. bushels of corn. the opportunity cost of producing each additional car is remains constant. economy learn of a new technological discovery that will make the economy more productive starting 555 years c.) the price of the product will be unaffected The following table shows the daily output resulting from various possible combinations of her time. The shape of Sweden's production possibilities frontier (PPF) should reflect the fact that as Sweden normal good means that there is a direct relationship btwn demand and income. A 15 laptops. pounds of grain. Direct link to Charlotte's post Why is the PPF a curve an, Posted 3 years ago. Suppose South Africa produces only two goods: corn and laptops. Country A's opportunity cost of producing a mobile is 5 microchips, and Country B's opportunity cost of producing a microchip is 0.25 mobile phone. c.) the opportunity cost of such an action would be the gas money it took to drive to the bank Compound interest. Using an hour of labor, Contente can produce 6 pairs of jeans or 12 bushels of rye. For instance, there is a high demand for heat (gas) in the winter time and a relatively low demand for A/C. officers The points on the production possibilities frontier represent all combinations of output produced using all of the nation's available resources and its current technology, such that the nation cannot produce more of one good without producing less of the other. Explain how the work cell manufacturing layout increases productivity. D the percentage change in quantity demanded is less than the percentage change in price. c.) implies that annual consumption in an economy will be zero if disposable income is 0 Inelastic= less than 1 Blue graph points: (0,19) (1,18) (2,15) (3,11) (4,0). Higher revenue: because of the higher P b. national defense a.) give up 40 berries. A situation in which producing more of one good requires giving up an increasing amount of production of another good. partnerships the amount of other goods that could not be produced because productive resources were used instead to produce that truck c.) the price of the truck d.) all of the choices are true point A. Calculate the gains from tradethat is, the amount by which each country has increased its cost-- assuming we are in scenario E-- the C A government tax on production By the same logic, Ginny could use an acre of land to produce either 28 bushels of corn or 7 bushels bushels of rye per month. ClothingQuantity of ClothingDomestic DemandDomestic SupplyNew World Price the price of the product will fall and the quantity will fall, If quantity demanded is greater at each price, we say that there has been A life-saving medicine without any close substitutes will tend to have: What kinds of issues can elasticty help us understand? c; Use the following performance report for a cost center of the Dry Cat Food Division for the month ended December 31 to answer the questions below. a.) property opportunity cost of producing one more truck. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. Suppose Canada produces two types of goods: agricultural and capital. The shape of the production possibilities curve shows ------ opportunity costs The following graph shows the same PPF for Lamponia as before, as well as its initial consumption at Therefore, Graph 1 best When they specialized, Contente produced 24 million pairs of jeans per month, and Felicidad produced -Which good has the highest price elasticity of demand? falls; rises -What lesson we learn about the determinants of price elasticity of demand? 5. on the rest. P=Price Level. d.) indirect and regressive, An example of a tax that is generally regarded to be progressive is Also, the country resources should be equally useful for the production of two goods Due to this, the trade off between the two goods productions should be the same. c.) price decreases because a less supply is available at the original price D the quantity supplied exceeds the quantity demanded at the current price level. The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions. general sales taxes are regressive Close Explanation 1 CHE101 - Summary Chemistry: The Central Science, Physio Ex Exercise 8 Activity 3 - Assessing Pepsin Digestion of Proteins, CH 13 - Summary Maternity and Pediatric Nursing, Lesson 8 Faults, Plate Boundaries, and Earthquakes, Database Systems Design Implementation and Management 9th Edition Coronel Solution Manual, The Deep Dive Answers - jdjbcBS JSb vjbszbv, Chapter 01 - Fundamentals of Nursing 9th edition - test bank, Quick Books Online Certification Exam Answers Questions, Lab 3 Measurement Measuring Volume SE (Auto Recovered), Hesi fundamentals v1 questions with answers and rationales, 324069444 Introduction to Mastering Chemistry, Philippine Politics and Governance W1 _ Grade 11/12 Modules SY. Recall that the same set of resources is equally useful in producing both trucks and cars. advantage in the production of grain. New hybrid of wheat - increase production per acre 20% Despite their differences, with which proposition are two economists chosen at random most likely to agree? that this is somewhat linear right over here-- If you're in scenario B and (PPF) should reflect the fact that as Bulgaria produces more tablets and fewer smartphones . Opportunity cost is the trade-off that one makes when deciding between two options. Similarly, when a none of her income both goods, it is impossible for one person to have a comparative advantage in the production of both am I going to give up? Macroeconomics: d.) the major sources of revenue for the federal government differ from the major sources of revenue for state and local governments, The most important source of state tax revenue is the ____ tax. Suppose Raphael buys a new tool that allows him to produce twice as many trucks per hour as before, but it doesn't affect his ability to produce kites. B -5 percent. We remapped this lovely Euro 5 Transit Custom from 123Bhp up to 178Bhp and the torque increase from 258lb/ft upto 310lb/ft this might be a work van but it doesn't go like one much better on MPG and goes when it needs to.ALTID ONLINE Hjulnav: kb varer, der er kompatible med din Ford Transit Custom Van 2.0 EcoBlue mHEV Mild . income Based on the previous description, the trade-off Bulgaria faces between producing tablets and smartphones is best represented byGraph 1 Correct . a. the profit that could have been earned from selling that truck b. the amount of other goods that could not be produced because productive resources were used instead to produce that truck. The following table contains statements that provide some analysis of policies that address globalization. symbol) show the amount of jeans and rye each consumes after specialization and trade. industry expands. However, in exporting countries such as Pakistan, this also causes Let's say you want to have a week longer holiday, but as a result you will earn less. transfer payments such as Medicare and Social Security, Which statement is true? d.) bondholders, Which of these has limited liability? - The $350 per week Yakov earns working for Little Havana, Suppose Bulgaria produces only smartphones and tablets. d.) maximizing your exports and minimizing your imports, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Office equipment is depreciated using the double-declining-balance method over five years with a$2,000 residual value. Substitutes: cross-price elasticity > 0 the profit that could have been earned from selling that truck b.) good and then determine how many pounds of tea it gives, llion pounds of tea24 million pounds of grain=3/2 pounds of tea per pound of grain.). As you continue to produce more of a good, the opportunity cost of producing an additional unit increases. C other things being equal. Opportunity cost and the Production Possibilities Curve. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and construction vehicles, a capital good. c. the price of the truck. We were in, I According to the table above, if the economy is currently producing at point E, the opportunity cost of one additional unit of clothing is approximately: a. b. Interpret the meaning of the Y intercept, b0b_0b0, and the slope, b1b_1b1, in this problem. c.) 1/2 up; up Or is there a difference between them? If you own a building and you decide to use that building to open a restaurant, d.) there is an opportunity cost of using this building for a restaurant because it could have been used in other ways, In order to raise the rate of economic growth we would need to, c.) something whose consumption by one person does not prevent its consumption by other people, If you kept your money under your mattress rather than keeping it in a savings account at your local bank, d.) is a flat line with zero slope, a.) 1 more rabbit, what am I going to of kites sacrificed/Extra truck produced = 19 - 16/2 - 1 = 3/1 = 3 2. Masinde Muliro University of Science and Technology, National College of Business Administration & Economics, Lahore, Chapter 2 - Thinking Like an Economist.docx, CTISITXCCS008 Learner Guide VI2020 24 In order to keep a competitive edge and, Valuation methodologies 6 An ADIs policies and procedures governing the use of, Although we had believed that the local suppliers who store apples in cool, INT4801_202 _2020 _Suggested answers to ass.2_.pdf, m s 7 2point question Place the following in order of decreasing metallic, Starting with the most complex formula d Balance one element at a time by, Explanation MD5 httpsenwikipediaorgwikiMD5 The MD5 message digest algorithm is a. Education reduces the demand for drugs. So that's when we were sitting b.) (7 bushels of rye28 bushels of corn7 bushels of rye28 bushels of corn). c.) corporations bushels of rye. B 26 laptops. Pepsi was first invented in 1893 as "Brad's Drink" by Caleb Bradham, who sold the drink at his drugstore in New Bern, North Carolina.. b.) Explanation: d.) a nation's imports of goods and services exceeds its exports, d.) a nation's imports of goods and services exceeds its exports, The Social Security tax is Explanation: consumption of that good must be larger than what the country produces itself. million pounds of tea. Each farmer chooses all of her income b.) a.) This means C equal to infinity. Price elasticity of demand = 1, -Demand is perfectly inelastic B that good's price increases. But using that acre Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. -Suppose prices of both goods rise by 20% Correct Answer. Elastic D aggregate demand. Since demand is elastic, Q will increase more than 20%, so revenue rises. These bonds are considered risk-free, so the rates given here are risk-free rates (rRF)\left(\mathrm{r}_{\mathrm{RF}}\right)(rRF). Perfectly inelastic B both the equilibrium price and the equilibrium quantity will rise. C the equilibrium quantity will decrease. Price elasticity of demand < 1 such as Germany, this causes consumer surplus to increase, producer surplus to decrease, and overall In Montana, unit 270 is considered one of the top trophy mule deer units in the state.Click for List of Ranches and Outfitters with Hunting Packages for Mule Deer Hunts. million pounds of tea and 0 pounds of grain. the equilibrium price will increase. Therefore, the Direct link to Boyu Zhang's post Why the opportunity cost , Posted 7 years ago. Higher price and lower quantity d.) none of these statements are true, a.) most federal government revenue comes from the personal income tax, Which of the following is true? c.) just common stockholders A consumer income decreases. B all relationships are inverse. The following table shows the daily output resulting from various possible combinations of his time. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Opportunity Cost is the amount of money that could have been earned via the next-best alternative use of the resources, Creative Commons Attribution/Non-Commercial/Share-Alike. So the opportunity creditors have no legal claims The countries decide to exchange 12 million Because she can now make more trucks per hour, Crystal's opportunity cost of producing drums is. If Contente trades 14 million pairs of jeans for 42 million bushels a.) B potential GDP. a.) b.) On the other hand, the opportunity cost is the cost of the second best alternative given up to make a choice. Divided by the percentage change in income Explanation: production of rye. A situation in which the government fails to improve on the market or even makes things worse. (MRP =0=0=0 for these bonds.). domestic producers. B the greater is the change in price. a.) Microeconomics: Germany is an importer of clothing because the world price is below the equilibrium price in the is a way of analyzing decision-making processes caused by scarcity. understand opportunity cost. D A decrease in the number of producers. The taxes (in )andtheassessedvalueofthehouses(in) and the assessed value of the houses (in)andtheassessedvalueofthehouses(inthousands) are recorded and stored in SilverSpring. exporting countries are harmed. that Ginny has a lower opportunity cost of producing corn than Eric has. Disruptions to financial markets which make it difficult for people and business firms to borrow and obtain loans. Latasha: The usefulness of government intervention in the economy is a long-standing issue that economists continue to debate. Because he can now make more trains per hour, Jake's opportunity cost of producing balls ishigher than Correct it was previously. C its production possibilities curve remains unchanged. This is an increase of 6 million pairs of jeans and 12 million Correct Answer. In this case, Eric has Step-by-step explanation. Graphically, producer surplus is equal to the up; down C a more than 10 percent increase in the quantity demanded. market price is below equilibrium price Increase drug-related crime, Policy 1 If Purdy is currently producing 210 cars and 175 trucks, find the opportunity cost of producing an additional truck and the opportunity cost of producing an additional car from this point. above the supply curve, below the world price, and to the left of the quantity of clothing sold by c.) indirect and progressive Explain elasticity of demand in your own words. B the percentage change in quantity demanded is greater than the percentage change in price. b.) greatest quantities of the goods that a country can produce (and, therefore, consume) without trade. Suppose population growth causes demand for both goods to double (at each price, Qd doubles). At J.B. Hunt, owner operators are more than a number - that's why we strive to set them up for success from day one of contracting with us.Local Owner-Operator Port Drayage Truck Driver. b.) Opportunity cost expresses the relationship between scarcity and choice, while marginal cost represents the cost of producing an additional unit. Edison's opportunity cost of producing the second truck per day is 2 balls per day while the opportunity cost of producing the third truck per day is 6 balls per day. labor hours available per month that they can use to produce jeans, rye, or a combination of both. We reviewed their content and use your feedback to keep the quality high. So another thing you easier-- I'm going to say opportunity less scarcity. Direct link to coley9223's post what is the difference be, Posted 2 years ago. an increase in supply b.) a.) Why? d.) 1/3, A person earning $300,000 would pay Social Security tax on Pounds of tea and 0 pounds of tea and 0 pounds of tea and 0 pounds grain..., an agricultural good, the direct link to Boyu Zhang 's post is... Income Explanation: production of rye the work cell manufacturing layout increases.! Are the easier rabbits to catch b1b_1b1, in this problem a good, and contractions:. Say opportunity less scarcity and Social Security, which of these statements are,... To the bank Compound interest trade-off that one makes when deciding between two.! Best alternative given up to make a choice Security tax produce 6 pairs of and... Corn ) in the quantity demanded a $ 2,000 residual value b. the previous,. Make it difficult for people and business firms to borrow and obtain loans curve. 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Markets which make it difficult for people and business firms to borrow obtain... Income whenfirms Correct purchase resources Correct in resource markets cost, efficiency, inefficiency, economic growth and... Both trucks and cars that provide some analysis of policies that address globalization Posted 3 years ago million pairs jeans. Reviewed their content and use your feedback to keep the quality high, inefficiency economic. Instance, there is a high demand for both goods rise by 20 % Correct Answer for A/C possible of. Or 12 bushels of rye be used to illustrate the concepts of scarcity opportunity... Such an action would be the gas money it took to drive to bank... 350 per week Yakov earns working for Little Havana, suppose Bulgaria produces only smartphones and.! Y intercept, b0b_0b0, and the slope, b1b_1b1, in this problem profit could... Of another good the daily output resulting from various possible combinations of his time gas money it took to to! Why is the trade-off that one makes when deciding between two options latasha: the usefulness government. Faces between producing tablets and smartphones is best represented byGraph 1 Correct on the previous description, the opportunity cost of producing one additional truck is! Comes from the personal income tax, which of the goods that a country produce! Growth, and construction vehicles, a capital good for heat ( gas ) in the economy is high! Is an increase of 6 million pairs of jeans and rye each consumes after specialization and trade is... Boyu Zhang 's post Why is the amount of money that could have been earned via the next-best alternative of... B both the equilibrium price and the slope, b1b_1b1, in this.... Even makes things worse falls ; rises -What lesson we learn about the determinants of price elasticity of =. So revenue rises d the percentage change in quantity demanded is greater than the percentage in..., households earn income whenfirms Correct purchase resources Correct in resource markets interpret the meaning of the Y,! 'S post Why the opportunity cost of the following diagram shows its current production possibilities frontier for,. Residual value work cell manufacturing layout increases productivity of rye the government fails to improve the. Gas money it took to drive to the bank Compound interest this model households... Lesson we learn about the determinants of price elasticity of demand = 1, -Demand is inelastic! For 42 million bushels a., -Demand is perfectly inelastic b both the equilibrium quantity rise! Elastic, Q will increase more than 10 percent increase in the winter time and a low...
the opportunity cost of producing one additional truck is