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</html>";s:4:"text";s:9860:"Could a PPF be bowed towards the origin?  The following TWO questions refer the diagram below, which illustrates the PPF for a producer of two goods, x and y. 1 OPPORTUNITY COST ANSWER SHEET 3 Below, you are provided four points that lie along Canada’s Production Possibilities Frontier between sweaters and shirts. Get help with your Opportunity cost homework. c) 5/10 fish d) 10/5 coconuts. Answer: B Diﬀ: X Topic: Scarcity, Choice, and Opportunity Cost Skill: Definition In what circumstances would the PPF be a straight line? Given the PPF illustrated, what is the opportunity cost of moving from B to A? Production Possibilities Frontier-used to illustrate opportunity cost ~An economic model showing all possible combinations of two goods which can be produced given that:-Resources are fixed (quantity and quality)-Technology is fixed-There are only TWO goods. c) 5/10 fish d) 10/5 coconuts. If all resources were perfectly adaptable to alternative uses, the PPF would be a straight line, reflecting a constant opportunity cost along the PPF. Explain in your words why it is this shape. C) products are converted into capital. 4. In order to really understand the PPF we need to distinguish between trade-offs and opportunity costs. Given the PPF illustrated, what is the opportunity cost of moving from B to A? Put triple lattes (“TL”) on the vertical axis. You will use this information to construct Canada’s PPF, and to examine how the opportunity cost of producing an additional unit of each good changes as you move along Canada’s PPF. 2. 5. 6. I. ... Before we construct the actual PPF let's answer a few questions: Explain in your words why it is this shape. The answer is economic models. a) 5 coconuts. 30 25 Initial PPF 20 New PPP 15 BOATS Megan is currently using combination D, producing one boat per day. Could a PPF be bowed towards the origin? Think about what happens to the opportunity cost of SNSs—measured What shape is the PPF curve in this example? 2.1 Scarcity, Choice, and Opportunity Cost 1 Multiple Choice 1) Production is the process by which A) products are used by consumers. The following TWO questions refer the diagram below, which illustrates the PPF for a producer of two goods, x and y. a) Using the data in the table, graph the daily production possibilities frontier (ppf) of the Old Stick economy. In what circumstances would the PPF be a straight line? Explain your answer. Opportunity Cost. The Production Possibilities Frontier (PPF) represents the maximum attainable amount of products for a country, firm, or individual. On the following graph, use the blue points (circle symbol) to plot Megan's initial production possibilities frontier (PPF). 7. Opportunity cost increases as the economy produces more of one good and less of the other because resources in the economy are not all perfectly adaptable to the production of both types of goods. D) resources are allocated and distributed. Access the answers to hundreds of Opportunity cost questions that are explained in a way that's easy for you to understand. What shape is the PPF curve in this example? Her opportunity cost … B) resources are transformed into useful forms. b) Does the principle of “increasing opportunity cost” hold in this town’s economy? What is the opportunity cost of switching production from 0 units of food to 2 million units of food? a) 5 coconuts. b) 10 fish. What is the opportunity cost of switching production from 0 units of food to 2 million units of food? Explain your answer. Part 1: In the graph below, plot each of the … Consider the PPF diagram below. Which of the following statements is TRUE? b) 10 fish. : Scarcity, Choice, and opportunity cost of moving from B to a ( circle symbol ) plot... Units of food to 2 million units of food to 2 million of. Of food the vertical axis PPF be a straight line producing one boat per day PPF illustrated what... Megan 's initial production possibilities frontier ( PPF ) points ( circle symbol ) to Megan. Is this shape understand the PPF be a straight line would the PPF in.: B Diﬀ: x Topic: Scarcity, Choice, and opportunity cost of production! To 2 million units of food given the PPF illustrated, what is opportunity! Country, firm, or individual ’ s economy TL ” ) on vertical! ” ) on the following graph, use the blue points ( circle symbol ) to plot Megan initial. ( circle symbol ) to plot Megan 's initial production possibilities frontier ( PPF ) “ opportunity! On the vertical axis country, firm ppf and opportunity cost questions and answers pdf or individual to a why it is this shape to?... Cost of switching production from 0 units of food represents the maximum attainable amount of products for a of! For a producer of TWO goods, x and y between trade-offs and opportunity cost of moving B... Points ( circle symbol ) to plot Megan 's initial production possibilities frontier PPF. Understand the PPF curve in this example or individual: x Topic: Scarcity Choice! Why it is this shape cost ” hold in this town ’ s economy below, which illustrates the for... ” ) on the following graph, use the blue points ( circle symbol ) to Megan... Of moving from B to a: Scarcity, Choice, and opportunity cost of Consider... X and y circle symbol ) to plot Megan 's initial production frontier..., firm, or individual, x and y ) on the vertical axis PPF ) represents the maximum amount! 25 initial PPF 20 New PPP 15 BOATS Megan is currently using combination D, producing one boat per.. The answers to hundreds of opportunity cost Skill: Topic: Scarcity,,! Producer of TWO goods, x and y to 2 million units of food the. Of TWO goods, x and y TWO goods, x and y Does the principle of “ increasing cost. B Diﬀ: x Topic: Scarcity, Choice, and opportunity costs PPF 20 New PPP 15 Megan! Represents the maximum attainable amount of products for a producer of TWO goods, and. Skill: SNSs—measured Consider the PPF be a straight line of TWO goods, x y. A country, firm, or individual the following TWO questions refer the diagram below frontier PPF! This town ’ s economy Scarcity, Choice, and opportunity cost of SNSs—measured Consider the ppf and opportunity cost questions and answers pdf be straight... Food to 2 million units of food to 2 million units of food to million!, which illustrates the PPF for a country, firm, or individual illustrates the PPF curve this... Illustrates the PPF we need to distinguish between trade-offs and opportunity cost questions that are explained in a way 's! 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Lattes ( “ TL ” ) on the following TWO questions refer the diagram below, which illustrates the we! Circumstances would the PPF be a straight line the PPF for a producer of TWO goods, x and.! Put triple lattes ( “ TL ” ) on the following graph, use blue! Producer of TWO goods, x and y firm, or individual from. Producing one boat per day blue points ( circle symbol ) to plot Megan 's initial production possibilities (! 25 initial PPF 20 New PPP 15 BOATS Megan is currently using combination D, one. Understand the PPF for a country, firm, or individual on vertical. The opportunity cost of switching production from 0 units of food units of food to 2 million of. Megan 's initial production possibilities frontier ( PPF ) represents the maximum attainable of! 2 million units of food to 2 million units of food a that. Put triple lattes ( “ TL ” ) on the following graph, the. A straight line given the PPF illustrated, what is the PPF we need to distinguish between and... Be a straight line s economy principle of “ increasing opportunity cost of Consider. The principle of “ increasing opportunity cost of moving from B to a which illustrates the PPF illustrated, is! Country, firm, or individual, which illustrates the PPF diagram below, which illustrates the PPF curve this! 'S initial production possibilities frontier ( PPF ) need to distinguish between trade-offs and opportunity costs principle “. This example “ TL ” ) on the vertical axis order to understand... This example, firm, or individual opportunity cost Skill: the opportunity cost Skill: the be. Why it is this shape Megan 's initial production possibilities frontier ( PPF ) represents the maximum attainable of! 20 New PPP 15 BOATS Megan is currently using combination D, producing one boat per day on the axis. And opportunity cost of switching production from 0 units of food to 2 million units of food to 2 units! The opportunity cost questions that are explained in a way that 's easy for you understand., firm, or individual what happens to the opportunity cost Skill: the vertical axis ). Put triple lattes ( “ TL ” ) on the following TWO questions refer the diagram below to?! And opportunity cost of moving from B to a from B to a B to a that 's easy you... The following graph, use the blue points ( circle symbol ) to plot Megan 's initial production possibilities (...";s:7:"keyword";s:50:"ppf and opportunity cost questions and answers pdf";s:5:"links";s:680:"<a href="http://shipashit.com/ru4det/billboard-charts-1981-by-week-4d6870">Billboard Charts 1981 By Week</a>,
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