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Last updated over 5 years ago
1 question
1
- It’s a snow day. You decide to spend the day with friends outside. What is one cost and one benefit of this choice?
- What is an opportunity cost of choosing to spend the day outside with friends?
- What is the marginal cost of spending one more hour with friends?
- Create a production possibilities curve for pickles and airplanes. Draw a spot at which resources are efficiently employed (A), one product impossibility (B), and one place where resources are underutilized (C).
- A change in fuel technology allows both pickles and airplanes to be produced more cheaply and efficiently. Draw the change and indicate it with an arrow on your PPC
- Draw a new PPC for the same 2 products and put a dot at a central point of efficiency. There has been a cucumber blight. Show how this might affect our model.
- It’s a snow day. You decide to spend the day with friends outside. What is one cost and one benefit of this choice?
- What is an opportunity cost of choosing to spend the day outside with friends?
- What is the marginal cost of spending one more hour with friends?
- Create a production possibilities curve for pickles and airplanes. Draw a spot at which resources are efficiently employed (A), one product impossibility (B), and one place where resources are underutilized (C).
- A change in fuel technology allows both pickles and airplanes to be produced more cheaply and efficiently. Draw the change and indicate it with an arrow on your PPC
- Draw a new PPC for the same 2 products and put a dot at a central point of efficiency. There has been a cucumber blight. Show how this might affect our model.