MindTap - Cengage Learning //ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=6099182367621061241627569517&elSBN 97803577230 CENGAGE MINDTAP Chapter 02 Homework Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in product markets. Suppose Eleanor earns $675 per week working as a driving instructor for Passing Left. She uses $10 to have a drink at Barry's Bar. Barry's Br pays Damell $475 per week to work as a bartender. Darnell uses $175 to purchase driving lessons from Passing Left. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Darnell earns $475 per week working for Barry's Bar. Eleanor spends $10 to have a drink. Eleanor earns $675 per week working for Passing Left. Factor Market 0 Product Market Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The $175 Darnell spends to purchase driving lessons from Passing Left The $475 per week Darnell earns working for Barry's Bar Eleanor's labor The cocktail Eleanor receives Q Search Grade It Now Save & Continue Continue without saving PRE L ccess Tips ccess Tips MindTap - Cengage Learning https://ng.cengage.com/static/nb/ui/evo/index.html?snapshotld=3807622&id=1992922024&deploymentId=60 Hours Crafting Choice (Knit caps) (Pillows) Produced (Knit caps) (Pillows) A B 0 4 0 B 6 2 3 9 C 4 4 2 15 D 2 E 0 NO 6 1 17 8 0 18 On the following graph, use the blue points (circle symbol) to plot Cho's initial production possibilities frontier (PPF). 30 N OUT cloudy PILLOWS 25 20 10 19 5 2 3 4 5 G KNIT CAPS T B 60 O Initial PPF New PPF (? Suppose Cho is currently using combination D, producing one knit cap per day. Her opportunity cost of producing a second knit cap per day is per day. Now, suppose Cho is currently using combination C, producing two knit caps per day. Her opportunity cost of producing a third knit cap per day is per day. From the previous analysis, you can determine that as Cho increases her production of knit caps, her opportunity cost of producing one more knit Suppose Cho buys a new tool that enables her to produce twice as many knit caps per hour as before, but it doesn't affect her ability to produce pillows. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more knit caps per hour, Cho's opportunity cost of producing pillows is it was previously. Q Search cap Grade It Now Save & Continue Continue without saving PRE L 13 E F C HANDBAGS (Milions) ps://ng.cengage.com/static/nb/ui/evo/index.html?snapshotld=3807622&id=1992922024&deploys Suppose the fictional country of Denali produces only two goods: millet and handbags. The following graph plots Denali's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. to + PPF TE ** 09 + MILLET (Millions of bushels) X4 100 2 Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable DOO 000 Search Save & Continue Continue without saving PRE L