Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2 4 E H1U12 1. You will create a F'F'G model: recall instructions on a oouuplete graph. Your tasks are to: a. label Consumption Good
2 4 E H1U12 1. You will create a F'F'G model: recall instructions on a oouuplete graph. Your tasks are to: a. label Consumption Good A on the Y axis and Consumption Good B on the X axis. In. give the goods the production unit values of 2. 4. E. B. 1'3. 12 along each axis. 2. Each time production increases by 2 units for Consumption Good t. what happens to production for Consumption Good B? Your answer must include \"increase. decrease. or no change' + the value + the unit word or it is incorrect. Ex: An increase of 5 desks {5 units if unit type not specied}. \f6. When production of Capital Good A increases from 2 to 4, what happens to production of Cor Good B? Your answer must include "increase, decrease, or no change' + the value + the unit is incorrect. 7. Based on this information, what type of Opportunity Cost is this model showing? 8. Explain your answer to Q. 8. Remember to explain the explain. 0. You will create a Convex PPC model; recall instructions for a complete graph. Your tasks are to: a. label the Y-axis and the X-axis accordingly b. give the goods the production unit values of 2, 4, 6, 8, 10, 12 along each axis. 1. Why is the model you've just drawn Convex? Be sure to explain your explain.12. Draw a Concave PPF on a PPC model. Always include a title, axis labels, and curve label. 13. If this country loses resources, use the model above to draw what would happen to the PPF. 14. What could cause this country to lose resources? Give a specific example. 15. Draw a Concave PPF on a PPC model. Always include a title, axis labels, and curve label.16. If this country gains resources, use the model above to draw what would happ 17. What could cause this country to gain resources? Give a specific example. 18. On the model you've just drawn from Q. 15, label U. 19. Name a time (specific) that the U.S. was at 'U.' 20. In terms of resources, why is it impossible to produce beyond the PPF? 21. In terms of resources, what could cause a country to be at "U"? 22. What condition occurs on the PPF for any economy? 23. What condition occurs at "U' for any economy?24. What is the Opportunity Cost for an increase in the production of AirPods from 4,000 to 7,000? Production Units Cans of RedBull 2 3 4 (in 100k] AirPods 10 (in thousands) 25. What is the Opportunity Cost for an increase in the production of bananas from 10 tons to 25 tons? Production Units Oranges 25 20 15 10 5 (in tons) Bananas 5 10 15 20 25 (in tons) 26. Given the information in the table, what is the Opportunity Cost of 7 tons of yams? Show your math. Production Units Yams 7 14 (in tons) Carrots 20 10 (in tons) 27. Given the information in the table, what is the Opportunity Cost of 1 hammer? Show your math. Production Units Hammers 0 2 Tea gallons 15 10 5
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started