1. Robinson Crusoe happily lives by himself on a little island eating shrimp and mangos. He is able to catch one pound of shrimp per hour he spends shrimping, and he can collect 15 mangos per hour. These rates are the same no matter how much time he spends in each activity. He seeks a work-life balance, so he will not work more than six hours a day. A) Draw Mr. Crusoe's production possibilities curve/frontier. Make sure that you include units on the axes. B) What is the per-unit opportunity cost of one pound of shrimp?
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what accounts for the shape of the PPC? In other words, what is it about the relationship between catching and gathering mangos that explains the shape
- 11:22 < To Do Assignment Details ECON 102-701 ASSIGNMENT Directions In this assignment, you will demonstrate your ability to create a simple production possibilities frontier given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (televisions and butter). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the Production Possibilities Frontier. You will explain your analysis of the figures to explain why it's not possible to produce combinations of of points. Building a Production Submit Assignment ◄ Previous Dashboard Calendar 9 ((. To Do Next Notifications InboxElijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Elijah Aneesha SQUASH (Pounds) 140 On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. 126 112 98 84 70 42 28 14 0 Maize (Pounds per acre) 10 18 0 Squash (Pounds per acre) 6 70 140 210 280 350 420 490 560 630 MAIZE (Pounds) 700 Elijah's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Elijah has a comparative advantage in the production of squash, and Elijah's PPF Aneesha's PPF (?) Aneesha has an absolute advantage in the production of maize, and Aneesha has an absolute advantage in the production of squash. 2…Discuss in detail the production possibility curve by linking that to the concept of pareto,productive and allocative efficiency /inefficiency (with the use of well labelled graph)
- Consider Babs and Donna, who can each produce cake, beer, or some combination of the two using only 40 hours of labor each. Babs can produce a maximum of 50 cakes if she produces no beer, and 100 units of beer if she produces no cake. Donna can produce a maximum of 100 cakes with no beer produced; if she makes no cake, she can produce 120 units of beer. Calculate donnas opportunity cost for a cakeDiscuss the impact of each of the following on the production possibilities frontier and illustrate graphically. a) a reduction in unemployment. b) a natural disaster like a hurricane or bad earthquake. c) a change in the amounts of one good desiredConsider a society consisting only of Helen, who allocates her time between sewing dresses and baking bread. Each hour she devotes to sewing dresses yields 4 dresses and each hour she devotes to baking bread yields 8 loaves of bread. Suppose that a new sewing machine is introduced that enables Helen to sew 8 dresses per hour rather than only 4. If Helen works a total of 8 hours per day, show how this development shifts her production possibilities curve on the graph below. draw Helen's new PPC. Using the graph above, indicate if the following points are attainable and/or efficient before and after the introduction of the sewing machine. 16 dresses per day, 48 loaves per day: before the sewing machine and after its introduction. 24 dresses per day, 16 loaves per day: before the sewing machine and after its introduction. An increase in productivity with respect to any one good increases our options for producing and consuming all other goods.” Which of the…
- Loc and Ashima are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Loc SQUASH (Pounds) Ashima On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ashima's PPF. 120 108 96 84 72 60 48 36 24 12 0 Maize (Pounds per acre) 12 36 0 60 120 Squash (Pounds per acre) 4 9 180 + + + + 240 300 360 420 480 540 600 MAIZE (Pounds) has an absolute advantage in the production of maize, and Loc's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Loc has a comparative advantage in the production of squash, and Loc's PPF Ashima's PPF ? has an absolute advantage in the production of squash. pounds of maize, whereas…Alarm & Tint, Inc., has 10 workers working a total of 400 hours per week. Tinting takes 2 hours per car. Alarm installation is complicated, however, and performing ? alarm installations requires ?2 hours of labor. Graph Alarm & Tint’s production possibilities frontier for a week.According to the CIA's World Factbook Website, in January of 2011 Swaziland surpassed Botswana as the country with the world's highest known HIV/AIDS prevalence rate. An economist would expect that an increased rate of death from HIV/AIDS would cause a country's production possibilities frontier to: shift left. get steeper. shift right. get flatter.
- Davis Florist has two employees, Anita and Jerome, and two tasks that need to be completed, floral arrangements and floral delivery. It takes Anita 30 minutes to finish one floral arrangement and 40 minutes to make a delivery. It takes Jerome 10 minutes to finish one floral arrangement and 30 minutes to make a delivery. Each worker works six hours per day. a. Draw each worker's production possibility curve. (Hint: Calculate the extreme cases only, a.k.a. if the worker only produced deliveries with the six hours, or they only produced arrangements in six hours.) b. Who has the absolute advantage in making floral arrangements? c. Who has the absolute advantage in making deliveries? d. Draw the comparative advantage table. Calculate the opportunity cost of each task for each student. e. Who has the comparative advantage in floral arrangements? f. Who has the comparative advantage in deliveries? g. Calculate the gains from trade. (Hint: Calculate how many units would be produced by who…John owns a computer repair shop and he owns the building where his shop is located. If he closed his business he could rent the building for $2,222 per month. Before he had the shop, he worked for a company and earned $4,067 per month. His utility bills are $511 per month and his labor costs are $1,165 per month. What is John's opportunity cost of running the business? Enter a whole number. ASUS f6 5Consider Babs and Donna, who can each produce cake, beer, or some combination of the two using only 40 hours of labor each. Babs can produce a maximum of 120 cakes if she produces no beer, and 150 units of beer if she produces no cake. Donna can produce a maximum of 40 cakes with no beer produced; if she makes no cake, she can produce 100 units of beer. In autarky, each producer spent half of her time producing cake and the other half producing beer. But now let's say that Babs and Donna decide to trade with each other. They decide that each producer will fully specialize in the good where she has comparative advantage. Later, they will work out the details on how much beer will trade for how many cakes and vice versa. Calculate the gains in trade in cakes that Babs and Donna together (as a group) will experience due to trading. In other words, tell me how many more cakes the two of them can now consume (together) by trading instead of remaining in autarky.