2. 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 Cows?

8. A small bakery makes baguettes and muffins. With the resources available (workers, flour, machines) this bakery can produce either 1500 baguettes or 2000 muffins per day. a. What is the opportunity cost of an extra muffin in terms of baguettes? b. Assume that production is currently 1200 muffins and 600 baguettes. If the bakery wanted to expand its muffin production to 1300 muffins per day, how many baguettes would be baked?

Draw and explain a production possibility frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows?

5. China is able to produce turnips and potatoes in combinations represented by the following table. (Each number represents 1,000s of bushes.) Potatoes Production Turnips point a. B C D E b. C. points. 100 and 0 90 and 10 and 20 and 30 and 40 70 40 0 Plot the data on a production possibilities graph, labeling Can China produce a combination of 30 turnips and 24 potatoes? Draw this production point on the graph (label it F) and verbally explain. Demonstrate that China experiences increasing opportunity costs by calculating the opportunity cost of producing another potato at each production point. Explain.

Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or not attainable. Check all that apply. Inefficient Efficient Attainable Not attainable Point A B E F O O (O

3. Is each of the following statements positive or normative? If the statement is positive, write a normative statement about the same topic. If the statement is normative, write a positive statement about the same topic. a.)  For-profit prisons have led to a higher incarceration rate in the United States. b.)  The Washington Commanders should have chosen a cooler mascot. c.)  The use of human subjects in experiments should be subject to less oversight. d.)  If the U.S. privatized Social Security, it would reduce government deficits in the long run. e.)  Students should not be required to take exams.

Which one is false? Explain why that is false. 1. The production possibilities curve is a simple device for summarizing the possible combinations of output that a society can produce if it employs its resources efficiently. 2. One person has a comparative advantage over another in the production of a good if she or he can produce more of that good than the other person. 3. The Cost-Benefit Principle says that a person should take an action if, and only if, the benefit of that action is at least as great as its cost. 4. Market equilibrium occurs when the quantity buyers demand at the market price is exactly the same as the quantity that sellers offer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure

Problem 1: Production Possibilities Frontier Consider an economy that produces bicycles and autos. The production possibilities schedule shown below denotes the points on the production possibilities frontier. Points Amount Bicycles Amount Autos A 10 B 8 D E 5 8 12 14 15 a) Draw the production possibilities frontier in a clearly labelled graph. You can assume the points on the frontier are connected by straight lines. Please put bicycles on the x-axis and autos on the y-axis. b) Is point E more efficient in production than point C? Explain. c) Based on this production possibility frontier, can the economy currently produce 8 bicycles and 10 autos? If not, explain what would need to happen to allow the economy to produce 8 bicycles and 10 autos. d) True/False/Uncertain (and explain): Point B more efficient in allocation than point A. e) Does this production frontier have increasing opportunity costs? Explain, and also explain why it is common for production frontiers to have increasing…

1. What goods and services should be produced to meet consumers' needs? In what quan- tity? When should they be produced? 2. How should goods and services be produced? Who should produce them, and what re- sources, including technology, should be combined to produce them? 3. Who should receive the goods and services produced? How should they be allocated among consumers?

Based on the figure attached, please answer below questions What this figure represents. Explain.  How does the above curve illustrate the tradeoff we must make to increase food production