Question
In: Economics
Carefully read the following table showing the production data for cars and bicycles: Possibility Cars (hundreds)...
Carefully read the following table showing the production data for cars and bicycles:
| Possibility | Cars (hundreds) | Bicycles (hundreds) |
| A | 15 | 0 |
| B | 11 | 5 |
| C | 8 | 7 |
| D | 5 | 9 |
| E | 0 | 11 |
A. Determine the opportunity cost of additional production at different outputs. you can just list it as possibilities A,B, C, D, and E
B. Determine which particular combination(s) is most efficient.
C. Identify a combination that is inefficient (Free Lunch).
D. What are the components of an attainable allocation?
E. What are the conditions for economic growth, where an economy can produce more cars and bicycles?
give the answer for each question please
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
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Given the production possibility schedule, answer the following questions. Production Possibility Schedule Product &n
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questions.
Production Possibility Schedule
Product
A
B
C
D
E
F
Tanks
0 1
2
3
4
5
Automobiles 1,000 950 850
650 350 0
(a) Graph the PPF for this schedule. What happens to the
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one moves from A to F? What accounts for this?
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produced per day).
Workers
Total Product
(TP)
Average Product
(AP)
Marginal Product (MP)
Value of the Marginal Product
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0
0
-
-
-
1
20
2
60
3
40
4
180
5
46
6
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7
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8
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9
10
10
5
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(round to...
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