# Economics

posted by Shellie

I have created an accurate graph on excel and I believe the answers to the first 2 portions of the question are:

The opportunity cost of the first 2,000 automobiles is the inability to produce 1000 tons of beef or we give up 1000 tons of beef in order to produce 2,000 automobiles.

The opportunity cost per thousand tons of beef is highest between points E and D â€“ at these points the cost of producing 2,000 cars (the number of cars produced between point D and E) means the loss of 4,000 tons of beef â€“ down to zero production as 8,000 automobiles are produced.

I am unsure of the third part because the difference between the points is the same!

Here is the question!

Problem Set â€“ Chapter 2 â€“ FA2009
1. The following is a set of hypothetical production possibilities for a nation.
Combination

Beef (thousands of tons) Automobiles (thousands)
A 10 0
B 9 2
C 7 4
D 4 6
E 0 8

a. Plot (EXCEL directions are on this site.) these production possibilities data, placing automobiles on the horizontal axis. What is the opportunity cost of the first 2,000 automobiles produced? Between which points is the opportunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? (10 pts).

1. Shellie

a. Plot (EXCEL directions are on this site.) these production possibilities data, placing automobiles on the horizontal axis. What is the opportunity cost of the first 2,000 automobiles produced? Between which points is the opportunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? (10 pts)

2. SraJMcGin

It IS annoying, perhaps, that you can not "cut and paste" but that's the way it is!

Sra

## Similar Questions

1. ### Finance

Determining the inflation rate. In the mid 1990s selected automobiles had an average cost of \$12,000.The average cost of those same automobiles is now \$20,000. What was the rate of increase for these automobiles between the 2 tim eperiods?
2. ### Economics

a. Plot (EXCEL directions are on this site.) these production possibilities data, placing automobiles on the horizontal axis. What is the opportunity cost of the first 2,000 automobiles produced?
3. ### Economics

Between which points is the opportunity cost per thousand automobiles highest?
4. ### math

In 2000, selected automobiles had an average cost of \$23,000. The average cost of those same automobiles is now \$37,950. What was the rate of increase for these automobiles between the two time periods?
5. ### economic

The table below is a set of hypothetical production possibilities for a nation. Combination Automobiles(thousands) Beef (thousands of tons) A 0 10 B 2 9 C 4 7 D 6 4 E 8 0 a.)Plot the production possibility data. What is the opportunity …
6. ### economic

6. The table below is a set of hypothetical production possibilities for a nation. Combination Automobiles(thousands) Beef (thousands of tons) A 0 10 B 2 9 C 4 7 D 6 4 E 8 0 a) Plot the production possibility data. What is the opportunity …
7. ### economic

6. The table below is a set of hypothetical production possibilities for a nation. Combination Automobiles(thousands) Beef (thousands of tons) A 0 10 B 2 9 C 4 7 D 6 4 E 8 0 a) Plot the production possibility data. What is the opportunity …
8. ### Economics

My homework question says " what is the opportunity cost of good x in term of y, when production is shifted from point b to c along the pcc?
9. ### economics

Part 1 A firm has the current liabilities and equity financing on its balance sheet. The firm has taxable income that puts it in a 38% federal tax bracket, and the state in which it operates levies a 6.5% income tax. Compute the firm’s …
10. ### Econ

Washington's Production Possibilities Table (in tons) Product: A B C D E F Apples: 40 32 24 16 8 0 Bananas: 0 4 8 12 16 20 Oregon's Prudction Possibilities Table (in tons) Product: A B C D E F Apples: 75 60 45 30 15 0 Bananas: 0 5 …

More Similar Questions