.Figure 1.1 shows the production possibilities for a city deciding how to allocate resources between police stations and hospitals. According to the figure, which production possibility requires more resources than the city has as its disposal? A B D Hospitals Point A Point B Point C Police Stations
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- The figure shows the production possibilities frontier for Mario's, a pizza and pasta producer. Draw a point at which the firm achieves production efficiency. Label it Efficient. Draw a point that is attainable but inefficient. Label it Inefficient. ... What does it mean to say that production is inefficient? When production is inefficient, OA. all resources are assigned to tasks for which theyare the best match OB. there is a tradeoff betweenpizza and pasta OC. the firm can produce more pastaonly by producing lesspizza D. the firm can produce more pastawithout producinglesspizza 100- 90- 80- 70- 60- 50- 40- 30- Pasta dishes (per hour) 20- 10- 0- 2 0 PPF 10 12 5 4 6 8 Pizzas (per hour) >>> Draw only the objects specified in the question.Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?
- The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutantsPoint A B C D E Production of X Production of Y 0 40 3 36 6 28 9 16 12 0 The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a production point that is inefficient? OA. 10 units of good X and 16 units of good Y OB. 3 units of good X and 35 units of good Y OC. 0 units of good X and 40 units of good Y O D. 6 units of good X and 28 units of good YThe first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants cars. In an hour, Larry can either mow one lawn orwash one car; Moe can either mow one lawn or washtwo cars; and Curly can either mow two lawns orwash one car.a. Calculate how much of each service is producedin the following scenarios, which we label A, B,C, and D:• All three spend all their time mowing lawns. (A)• All three spend all their time washing cars. (B)• All three spend half their time on each activity. (C)• Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. (D)b. Graph the production possibilities frontier for thiseconomy.…
- Sat Oct 30 2:46 PM Bookmarks Window Help History + 88 Safari File Edit View ng.cengage.com Sean is buying pizza and salad. b Answered: Now suppose Andre... X MindTap - Cengage Learning Bb Homework Assignments – Fou... Home - cuchicago.edu Concordia-Chicago | Concordi... Q Search this course « CENGAGE MINDTAP Maria v Refresh Your Math & Graphing Skills A My Home 40.00 4 10 Courses 40.00 8 A-Z Catalog and Study Tools Rental Options Use the black line (plus symbols) to plot the line illustrating the combinations of salad and pizza that Andrew can purchase with a budget of $40.00. College Success Tips Career Success Tips 30 RECOMMENDED FOR YOU 28 26 Initial Budget THE 24 COST 22 OF 20 bongo LIVING New Budget 18 Living Expenses: Key to Your 16 MORTGAGE SCHOOL FEES. 10364.00 ELECTRICITY BANK LOAN. INSURANCE 7000.00 .8745.00 Well-Being 14 1324.0 9423 12 10 ? Help 8 Give Feedback 4 2 + 8 10 12 14 16 18 20 22 24 26 28 30 4 SALAD (Bowls) ОСТ étv W W 30 280 PIZZA (Slices) 2.There are three fishermen, and each day they individually decide howmany boats to send out to catch fish in the local lake. A fisherman can sendout one or two boats, and the daily cost of a boat is $15. The more boatssent out, the more fish are caught. However, since there are only so manyfish to be caught on a given day, the more boats another fisherman sendsout, the fewer fish the remaining fishermen can catch. The accompanyingtable reports the size of a fisherman’s catch, depending on how many boats each fisherman sends out.A fisherman’s current-period payoff is the value of his catch (assumethat each fish sells for a price of 1), less the cost of the boats. For example,if a fisherman sends out two boats and the other two fishermen each sendout one boat, then a fisherman’s payoff is 75 - 30 = 45. The stage game issymmetric, so the table is to be used to determine any fisherman’s payoff.The fishermen play an infinitely repeated game where the stage game hasthem simultaneously choose…Point A B C D E Production of X Production of Y 0 40 36 28 16 0 3 6 9 12 The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a production point that is inefficient? OA. 10 units of good X and 16 units of good Y B. 6 units of good X and 28 units of good Y OC. 3 units of good X and 35 units of good Y OD. 0 units of good X and 40 units of good Y CEED
- 7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.Below is the production possibilities table for consumer goods (washing machine) andcapital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a. Show these data graphically.b. If the economy is at point B, what is the cost of one more washing machine?What is the cost of one more tractor?c. Explain how the production possibilities frontier reflects the law ofincreasing opportunity costs.