COUCHES CHAIRS COUCHES CHAIRS Refer to Figure 3-1. The rate of trade-off between producing chairs and producing couches is constant in O a. Graph (b) only. O b.neither Graph (a) nor Graph (b). Oc. both Graph (a) and graph (b). O d. Graph (a) only.
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- viting this editorial? Alexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sand- wiches that they are able to produce. Alexi up Tony Output Per Hour Street Tacos Cuban Sandwiches 80 100 20 30 a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro- duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer. c. Assume that Alexi works 20 hours per week in the busi- ness. Assuming Alexi is in business on her own, graph the possible combinations of street tacos and Cuban sand- wiches that she could produce in a week. Do the same for Tony. d. If Alexi devoted half of her time…Pls help with below homework. Fred owns his own specialty burger food truck. He's deciding on a price for his new burger called The Best Burger. Fred decides hel use markup pricing, and wants to mark it up 30%. The cost of goods for each burger is $4.50 and he can make up to 110 burgers a day. What wil the price of each burger be using markup pricing? Round to the nearest cent. O $15.00 O $6.43 O $5.85 O $7.65 O $7.07Juanita and Shantala run a business that programs and tests cellular phones. Assume that Juanita and Shantala can switch between programming and testing cellular phones at a constant rate. The following table applies. Minutes Needed to Number of Cellular Phones Programmed or Tested in a 40-Hour Week Program 1 Test 1 Cellular Phones Cellular Phones Cellular Phone Cellular Phone Programmed Tested Juanita 160 1200 Shantala 10 4. 240 600 Shantala has an absolute advantage in O a. programming cellular phones and a comparative advantage in testing cellular phones. O b. testing cellular phones and a comparative advantage in programming cellular phones. O c. testing cellular phones and a comparative advantage in testing cellular phones. O d. programming cellular phones and a comparative advantage in programming cellular phones.
- 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?Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare wilt line same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education? Figure 2.4 Productive and Allocative EfficiencyVicky currently produces corn and beef at point A in the graph. Use the graph to complete the following sentence. Vicky's marginal cost of producing an additional unit of corn is O A. 40 units of beef OB. 40/5 units of beef O C. 5/40 units of beef O D. 6 units of beef O 60- Beef (units) 40 ģ PPF 10 12 Corn (units) >>> Click on the graph to work out the answer. Q
- 2. Consider a fast-food restaurant. The following table shows the maximum price that Alex and Anna will pay for two products: chicken nuggets and fries. Customer c. d. Alex Anna Maximum Price Nuggets $1.50 $2.55 Fries $1.50 $0.45 Bundle Price $3.00 $3.00 Assume that marginal cost of chicken nuggets is $1.00 and marginal cost of fries is $0.50. a. Are Alex and Anna demands negatively or positively correlated? Explain. b. Compare all four possible single-item pricing policies to find the profit-maximizing single-item pricing policy. Solve for profit if the restaurant engages in pure bundling. Assume the restaurant engages in mixed bundling and charges $3 for a bundle, $2.52 for chicken nuggets and $1.50 for fries. Show that the profit obtained under mixed bundling will be higher than under the pure bundling or single-item pricing.The graph at right shows that the marginal response of cost to the production of skates is A. minimized at point B. O B. constant as production increases. O C. greatest at point A. O D. declining as production increases. O E. increasing as production increases. Costs of Production A B Hockey Skates Produced, QGains from Trade - End of Chapter Problem Between 2016 and 2017, Nintendo produced 2.3 million NES Classic Edition mini consoles that sold out almost immediately as they arrived at stores. The retail price of the mini console was $59.99. However, if you were to check eBay at the time, you would see that people were buying the units for $250 each from scalpers. a. The price of $250 tells scalpers O they should continue to buy the console at the store and resell it on eBay for a higher price. they should keep the consoles they have already purchased and hang onto to them, as they will be considered antiques someday. they should no longer buy and resell the consoles because the price on eBay is too high to make a profit. b. Upon observing that the only way to obtain the gaming console is to buy it on eBay for $250, a consumer might do which of the following? Select all that apply. Consider buying another type of gaming console that is cheaper. Approach a family member about sharing the…
- l alfa 8-19 am 1. Which of the following remains constant as output increases? * O a. TFC O b. TVC O c. TC d. All of the above Ruepue is $45Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.5. Darnell owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more, Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $1 Cost of second bottle: $4 Cost of third bottle: $7 Cost of fourth bottle: $9 From this information, complete the following table by denving Darne/'s supply schedule. Price Quantity Supplied More than $9 $7 to $9 $4 to $7 $1 to $4 $1 or less
