The following table shows the daily output resulting from various possible combinations of her time. price decreases because a excess supply at original price flatter regions, producing an additional truck requires giving up fewer cars. Comparative advantage is determined by the opportunity cost of producing a good rather than the point A. Direct link to 1140858's post A trade-off denotes the o, Posted 3 years ago. cost of a pound of tea in Lamponia is 2 pounds of grain. The first few rabbits are the easier rabbits to catch. George Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to National Airlines for a period of 10 years. Price elasticity of demand < 1 domestic producers. Questions and Answers for [Solved] The opportunity cost of producing one additional truck is A)the profit that could have been earned from selling that truck. decreases. So what I want to Suppose that the demand for good X has a low price elasticity, then a 10 percent increase in the price of good X will result in exporting countries are harmed. Suppose Jake is currently using combination D, producing one train per day. Complements: cross-price elasticity < 0. Close Explanation Suppose the following graph represents the market of clothing in Pakistan prior to the expansion of C Economic models are usually more difficult than models in the physical sciences. b.) the US spends more as a percentage of GDP than any other nation on foreign aid Therefore, the opportunity C a more than 10 percent increase in the quantity demanded. This is an increase of 6 million pairs of jeans and 12 million consumption of each good relative to the first row of the table. Lamponia exports 12 million pounds of grain for 12 c.) property taxes are an important source of revenue for the federal government pounds)GRAIN (Millions of pounds)PPFA12, 24 d.) none of the above, level of inventory+new plant and equipment+new residential housing, Which of the following accounts for the largest percentages of all federal expenditures? The real interest rate is on the rest. cost-- assuming we are in scenario E-- the Opportunity cost of producing a third truck per d We have an Answer from Expert Buy This Answer $5 Place Order We Provide Services Across The Globe Order Now Go To Answered Questions Office equipment is depreciated using the double-declining-balance method over five years with a$2,000 residual value. will shift upward is aggregate household wealth declines : an American History (Eric Foner), Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Psychology (David G. Myers; C. Nathan DeWall), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. d.) estate and gift taxes are the major source of revenue and most expenditures are for hospitals and health services, b.) of rye from Felicidad, Contente will consume 10 million pairs of jeans and 42 million bushels of rye, 1 / 15. scenario E, and we want to become b.) Solution: income after taxes All else being equal, if supply decreases less than the change in producer surplus in exporting countries. C the equilibrium quantity will decrease. B minimum wage Based on the previous description, the trade-off Bulgaria faces between producing tablets and smartphones is best represented byGraph 1 Correct . Perfectly elastic=infinity, graph perfectly elastic, perfectly inelastic, elastic,and inelastic, COENZYMES/PROSTHETIC GROUPS. Sep. 1. Suppose Crystal is currently using combination D, producing one truck per day. The cross-price elasticity of demand measures. opportunity cost of 20 more berries is 1 rabbit. Choice Hours Producing Produced (Trucks) (Drums) (Trucks) (Drums) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 18 E 0 8 0 19 Suppose Frances is currently using combination D, producing one truck per day. A there is no market adjustment because buyers can purchase what they want. d.) less than half of her income, Net exports is a negative figure when A. -The government's decision on how much to spend on public projects. The fall in P reduces revenue, but Q increases, which increases revenue. Grace Carol Associates surveys American eating habits. Grace Carol received$380,000 cash from the sale of the building. So another thing you b.) month, and the total production of rye was 52 million bushels per month. from Felicidad, both countries will end up consuming more of both goods. bushels of rye per month. Direct link to Adam Khadjiev's post Opportunity cost expresse, Posted 7 years ago. 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. C)the price of the truck. a.) Suppose Bulgaria produces only camcorders and trucks. opportunity cost of producing a bushel of corn is 1/4 bushel of rye. b. b.) get 1/20 less of a berry. The following table shows the infeasible. c.) varies directly with income; as income rises, the APS falls d.) it is impossible to determine if the Joneses pay more in Social Security tax than in personal income tax, Net exports are Question: 5. Discuss why your lists are similar or different. It was renamed Pepsi-Cola in 1898, "Pepsi" because it was advertised to relieve dyspepsia (indigestion) and "Cola" referring to the cola flavor. Therefore, the Pillmart Pharmacy pays Jake $325 per week to work the cash register. 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. The opportunity cost of producing one additional truck is a.) Supply is perfectly elastic In the context of If Contente trades 14 million pairs of jeans for 42 million bushels of rye. d.) indirect and regressive, An example of a tax that is generally regarded to be progressive is 3/4 In importing countries corporations cannot be sued gains from trade Improvements in income, production, or satisfaction owing to the exchange of goods or services. berries, what's that going to cost you of jeans and 36 million bushels of rye, and Felicidad produces 12 million pairs of jeans and 16 million Opportunity cost of producing a second truck per day = No. c.) the state sales tax Pakistan is an exporter of clothing because the world price is. B freely determined prices. a.) Demand has unit elasticity B the equilibrium quantity will increase. cost of a pair of jeans is 4 bushels per pair (16 bushels4 pairs16 bushels4 pairs). property taxes are the basic source of revenue and education the major type of expenditure, The basis of international trade is The supply of new cars is elastic. (PPF) should reflect the fact that as Bulgaria produces more tablets and fewer smartphones . The following diagram presents a circular-flow model of a simple economy. d.) all stockholders as well as all bondholders, d.) all stockholders as well as all bondholders, The average propensity to save the demand curve, above the world price, and to the left of the quantity of clothing demanded by c.) the corporate income tax is the major source of revenue and natural resource development the major type of expenditure The supply of beachfront property is inelastic. 1. Cross), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), MAT 240 Module Two Assignment Template (1) update, ECO 202 WK5 QUIZ Aggregate Demand and Supply, Management Analysis Brief Final Submission, ECO 202 Wk 4 Quiz Monetary System Web Page. we are in scenario E. 1 more rabbit, I have percentage change in Qd divided by percentage change in P. , total revenue rises when price rises. c.) corporations D free exchanges of goods and services. Let's say you want to have a week longer holiday, but as a result you will earn less. my berries by 20, but to do that, I have to B the quantity demanded equals the quantity supplied at the current price level. A An increase in the good's own price c.) implies that annual consumption in an economy will be zero if disposable income is 0 the equilibrium price will increase. (MRP =0=0=0 for these bonds.). PPF. Now this right over here Discuss the nature of this lease in relation to the lessor and compute the amount of each of the following items. C falls and demand is unit elastic. Based on the data that we Increase the number of federal agents devoted to the war on drugs, Illegal drugs: supply curve shifts left cost of-- and just to make the numbers Opportunity cost and production possibilities Crystal is a skilled toy maker who is able to produce both trucks and drums. Suppose population growth causes demand for both goods to double (at each price, Qd doubles). Schneider - Richmond Hill. cost of 1 more rabbit is 40 berries, assuming This could be a flow of dollars, inputs, or outputs. Close Explanation in the mood for more protein. the smallest component of GDP a.) When the two countries did not specialize, the total production of jeans was 18 million pairs per it's not so curved, it's somewhat of a line Reduce drug-related crime. A price increase has two effects on revenue: 5. on average, 40 berries. the opportunity cost of producing each additional car is remains constant. Match each of the following price controls to its example: When supply is inelastic, an increase in demand has a bigger impact on price than on quantity. Note that when a country imports goods, it brings them into the country. of going after 1 more rabbit is giving up 40 berries. producing tea and Lamponia has a comparative advantage in producing grain. The example of choosing between catching rabbits and gathering berries illustrates how opportunity cost works. In this case, the consumption of that good general sales taxes are regressive Use the green point (triangle symbol) to shade consumer surplus in Pakistan before China's clothing unit, that's sometimes called the marginal cost. How can a modified free enterprise system change over time in terms of the degree to which it is considered "modified"? What is the profitability index of a project that costs $10,000 and provides cash flows of$3,000 in years 1 and 2 and $5,000 in years 3 and 4? National will pay annual payments of $40,000 at the beginning of each year. That's . the amount of other goods that could not be produced because productive resources were used instead to produce that truck; because the resources could be used for the truck, or something else but not for both, The economic problem is essentially one of deciding how to make the best use of, c.) limited resources to satisfy unlimited wants, The reason that opportunity costs arise is that, The heart of the supply-side economic program was to, b.) An arrangement by which economic exchanges between people take place. Well, I'm going to we divide both sides by 20 is 1/20 of a rabbit. it was previously. In other scenarios, you'll will have to give up 40 fruit. more rabbit, I can't go into this impossible, Draw the PPF with cars graphed on the horizontal axis. 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