Question

Use the information from your production possibilities schedule to create your production possibilities curve by filling in the following graph

Assignment: Determining Production Possibilities 


You are getting ready to open The Shoe Hut, but you need to need to determine whether you have the absolute or comparative advantage in the production of specific items. This will help you determine which product is the best for specialization. 


Your production possibilities are as follows: 

• You have the resources to produce up to 15 running shoe inserts. 

• You have the resources to produce up to 10 hiking boot inserts. 

• For every 2 hiking boot inserts produced, you give up the production of 3 running shoe inserts 


Your production possibilities schedule will help you determine: 

• your opportunity costs. 

• your best options for production. 


Scroll to the next page to complete your production possibilities schedule.


1. Using the information that you learned about your ability to produce running shoe inserts and hiking boot inserts, complete your production possibilities schedule.

image.png


2. Use the information from your production possibilities schedule to create your production possibilities curve by filling in the following graph. Use text boxes to insert text, and use lines and circles from the shapes function to illustrate your production possibilities. Be sure to mark points A through F on the graph. 

image.png


25 3
Add a comment Improve this question Transcribed image text
✔ Recommended Answer
Answer #1

i)

Since 2 hiking boot inserts should be given up to produce additional 3 running shoe inserts. PPF schedule can be depicted as under:

Combination Running shoes inserts Hiking boot inserts
A 15 0
B 0 10
C 12 2
D 9 4
E 6 6
F 3 8

b)

Quantity of running shoe insets Produced PPF Bio, o 0 2 4 6 16 2 4 6 8 10 12 14 Quantity of hiking boot inserts produced

> I love you

Jianna Tue, May 25, 2021 1:42 PM

Add a comment
Answer #2

   HOPE THIS HELPS!                                                                                                                           Based on the information you used to create your schedule and curve, which product would you recommend the Shoe Hut focus on, and why? Provide details that support your answer. (5 points)


It would be preferable for me to produce running shoe inserts because the production of running shoe inserts has a lower opportunity cost than the production of hiking boot inserts would have.  The production of running shoe inserts requires fewer resources, which could also mean greater profits for me and I don’t have to waste money on buying a huge amount of resources. 


Based on the data within your schedule and curve, are you using your resources efficiently? Support your answer using the data presented. (5 points)


I am using my resources efficiently, instead of using more than or all the hiking boots I am producing 2 of them each time the opportunity cost I have to give up is 3.  I am actually producing more when I use fewer resources and as a result of that, i also gain greater profits.  instead on the other hand if I was using more resources I would produce a fewer amount and receive fewer profits.


source: my answer
answered by: stephygotthatjesus

> I LOBE YOU

Jianna Tue, May 25, 2021 1:42 PM

> Is this the right answer?

Coryn Pike Sun, Jan 23, 2022 11:05 AM

Add a comment
Know the answer?
Add Answer to:
Use the information from your production possibilities schedule to create your production possibilities curve by filling in the following graph
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 1.4 Creating and Interpreting a Production Possibilities Curve Your task: using the data below, construct the...

    1.4 Creating and Interpreting a Production Possibilities Curve Your task: using the data below, construct the production possibilities curve for the hypothetical country of Michigania The country produces only two products: caps and balls (yes, they love sports in Michigania). Next, answer the questions that follow Production Possibility Number of caps (In milion) Number of balls (n millions 35 50 65 sO 68 54 35 You can draw this by hand, or you can use Word Art to label the...

  • With a graph (Use the following table, which shows a farm's production possibilities, for Problems 8...

    With a graph (Use the following table, which shows a farm's production possibilities, for Problems 8 and 9. Chicken Soybean bushels 500 (pounds pcr ycar) pcr ycar and 400 and 300 200 d 500 8. If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year? Explain your answer 9, If the farm adopted a new chickens, explain how the farm's opportunity cost of producing...

  • Complete the following questions: use specific examples to support your answers. If exports increase and imports...

    Complete the following questions: use specific examples to support your answers. If exports increase and imports decrease in the U.S., what happens to the trade deficit? Will this help or hurt the U.S.? In what ways is a bigger trade deficit a problem for the country? What good is the deficit? Hint: Use the currency market supply and demand to determine the exchange rate. In what ways is the trade between countries increasing? Is trade good or bad for U.S.?...

  • 1. Based on the following information for the state of Montana, a. Draw the Production Possibilities...

    1. Based on the following information for the state of Montana, a. Draw the Production Possibilities Curve. b. Determine the opportunity costs for a move from A to B; B to C; and C to D. CHOICE OIL / barrels WHEAT / bushels A 15000 0 B 12000 10000 C 7500 20000 D 0 25000 a.) b.) A to B: _____________       B to C: __________________   C to D: _________________ 2. State whether the following issues are macroeconomic or microeconomic in...

  • You will create a 10-slide powerpoint presentation speaking to the following:  What is the relationship of technology and organizational effectiveness, structure, and culture. Your powerpoint slides...

    You will create a 10-slide powerpoint presentation speaking to the following:  What is the relationship of technology and organizational effectiveness, structure, and culture. Your powerpoint slides will have images: no text or bulleted points. You will add your report narrative to the notes section. Your images should relate to your narrative and your narrative should be complete in addressing the topic. (Hint: write your narrative first then search Google Images, or your favorite image library, for your images) The...

  • 38. Which of the following is considered by econom a money b. ideas c. needs d....

    38. Which of the following is considered by econom a money b. ideas c. needs d. food e. physical resources ists to be the most fundamentally scarce? 39. How does scarcity affect the range of possible choices that decision makers face? a. It narrows the choice to a single option. b. It narrows the range of choices. c. It increases the possible methods for solving problems. d. It clarifies the choices by highlighting the best solutions e. It simplifies the...

  • Hi, I am requesting your help. Some of those that I am not sure if I...

    Hi, I am requesting your help. Some of those that I am not sure if I am right? Thank you, Michelle ________________________________ You work at Ford Motor Company and are responsible for determining weekly production capacity for the Juarez, Mexico assembly plant. There are 21 days left in the production month. Your sales manager just informed you that 4,725 vehicles need to be produced in the upcoming days to meet projected sales demand in the United States 21. Your production...

  • im trying to figure out the equation to determine the shipping cost. AaBbCcD AaBbCD AaBbCr AaBbCct A 1 Normal 1 No Spac... Heading1 Heading 2 Paragraph Styles Consider the following data that y...

    im trying to figure out the equation to determine the shipping cost. AaBbCcD AaBbCD AaBbCr AaBbCct A 1 Normal 1 No Spac... Heading1 Heading 2 Paragraph Styles Consider the following data that you have obtained regarding the shipping of the item. Number of Blenders 10 20 50 100 200 Shipping Cost (dollars) 38 70 154 254 304 Determine the equation of a quadratic function that best fits the above data. This will be your shipping a. cost function C(x). Use...

  • You are to prepare a tax return using the following information. You will need to use...

    You are to prepare a tax return using the following information. You will need to use Form 1040, Schedule B if applicable, you determine (Read requirements in text). John Brown, age 53, (social security number 554-78-4556) is single and is supporting his 18 year old son, David (social security number 444-55-7777). David is a student at MirMonte High School. They live in a rented home at 1245 West 5Th Street, Coalinga, CA. John is employed as a engineer and received...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT