Production possibility curve for time

Assignment Help Microeconomics
Reference no: EM1371699

Draw the production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today. Also indicate a combination that is unavailable for anyone. Make sure you use excel for the graph.

Reference no: EM1371699

Questions Cloud

Global trade association and american gas association : Write down a five paragraph introduction detailing the purposes and activities of the organization. Consider whether there're any groups opposed to them and why.
What are economies of scale : What are Economies of Scale? Why is it Significant to understand this concept? How can one's knowledge of Economies of Scale contribute to decision making processes in organizations?
Production-cost analysis in short and long run : Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
Define strategic management and planning : Define strategic management and planning. Explain why a strategic plan would be important to the success of this business. Explain the four functions of management relative to creating and implementing a strategic plan.
Production possibility curve for time : Draw the production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today.
Show complexity theory framework : Describe and discuss, within a complexity theory framework, how small changes in a system can lead to large, or even radical transformational changes in an organization.
How management role differs from working side-by-side : Explain how the management role differs from working side-by-side with the same people in a production role and how could Joe's episode have been avoided?
How can anger can influence the negotiation process : Negotiation: anger, five sources of power, freeze wages - How can anger can influence the negotiation process
Description of process costing : Compute the physical units of production. Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production.

Reviews

Write a Review

Microeconomics Questions & Answers

  Demand supply-equilibrium wage

The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words

  Monopolistic competition and collusion

Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.

  Concepts of scarcity and opportunity costs

Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.

  Investigations of antitrust behavior

The Microsoft antitrust trial (United States vs. Microsoft) has been one of the biggest investigations of antitrust behavior since the turn of the century. You are supporting the Government, research and present a cohesive argument to the other si..

  Examining output and price relationship

Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.

  Describe law of diminishing returns

What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?

  Determining amount of profit and loss

Johnston production is the price taker which utilizes this cost structure in the short run:

  Price elasticity of demand-soft rock cafe

What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.

  Cost function-average fixed cost-variable cost function

You appoint an intern from Southern University to help you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3Q2.

  Determining principles of demand and supply

On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?

  Security and encryption

Discuss how Internet security measures can actually create opportunities for criminals to steal, rather than prevent them.

  Profit-maximization long-run supply curve

Using the firms marginal cost curve, compute the profit-maximization long-run supply curve for typical retailer. Compute the average total cost curve for the typical gasoline retailer, and determine that average total cost are less than price at the..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd