Production Beef Wheat point A (pounds) (bushels) and В 2 and 7 and and C 4 4 The table above presents the production possibilities of Farmer Brown. Use these data to calculate Farmer Brown's opportunity cost of additional beef as Farmer Brown moves from point A to B to C to D. Also use the data to calculate Farmer Brown's opportunity cost of additional wheat as Farmer Brown moves from point D to C to B to A. Based on these costs, does Farmer Brown use resources that are more productive in one activity than the other? Explain your answer.

Production Beef Wheat point A (pounds) (bushels) and В 2 and 7 and and C 4 4 The table above presents the production possibilities of Farmer Brown. Use these data to calculate Farmer Brown's opportunity cost of additional beef as Farmer Brown moves from point A to B to C to D. Also use the data to calculate Farmer Brown's opportunity cost of additional wheat as Farmer Brown moves from point D to C to B to A. Based on these costs, does Farmer Brown use resources that are more productive in one activity than the other? Explain your answer.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 19CTQ: Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers...

See similar textbooks

Similar questions

Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…
Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…
Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
3. a. What method is used to ration goods in a market econo- my? How does this rationing method influence the incen- tive of individuals to supply goods, services, and resourc- es to others? b. How are grades rationed in your economics class? How does this rationing method influence student behavior? Suppose the highest grades were rationed to those whom the teacher liked best. How would this method of ration- ing influence student behavior? 12.
nity 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 (Вoats) (Puzzles) (Boats) (Puzzles) A 4. 3 10 C 4. 4. 16 D 2 6. 1 19 8 20
Refer to the table and figure below. Option A Option B Option C Option D Option E Option F 50 Production Options Output of Trucks per Day 50 40 30 20 10 0 Output of Tanks per Day 0 20 30 38 45 50 Production Possibilities Curve
Use the following table to answer the question below. Jake's Production Possibilities Schedule Jane's Production Possibilities Schedule Pounds of Green Pounds of Corn Pounds of Green Pounds of Corn Beans Beans 160 80 10 120 20 60 40 20 80 40 30 40 60 20 40 80 Jake should specialize in the production of which good? neither both corn O green beans
Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadnwhat they are trying to ask me to do
Consider the table, which shows five possible choices of output combinations for Rock's restaurant. What is the opportunity cost of changing from Choice A to Choice D? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с MC5 d e 6 Pizzas 8 Pizzas 11 Salads 9 Salads Can't be calculated Choice ABCDE Number of Pizzas 2 4 6 8 10 Number of Salads 20 18 15 11 6
Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
ert 12 I U ab x, x² Po ords dy Draw Design Layout DA Aa A A W Econ week 4 No Label Saving... V Font 3 v E B 1 2 Units of Variable Input 3 5 8 References Mailings Review E-6-5- == 無無無 E AF $ 4 B-21 ¶ Paragraph 1 . ▬ 2 R 2.5 Lx Text Predictions: On Accessibility: Investigate Price/Unit Total Cost of Input 3 4.5 6 Search 2 % I a. Calculate the total input cost and the marginal input cost. 5 T O Search View Help F5 Normal A 6 b. If the marginal value or marginal revenue products were 4, what would be the profit- maximizing level of input? 3 Marginal Input Cost - Y No Spacing Heading & 887 Styles * 7 F7 *00 99+ 4 5 6 V 8 8 1 << ( F 9 F 1 Editing V W Dictate O Voice K 2 Focus d Wine, Melany Commen Sensitivity Sensitivity @