a) Draw a diagram to illustrate the economy's production possibilities curve.b) Use values from the table or the diagram to explain the concept ofopportunity cost.c) On your diagram, add a point "F" that is inside the curve. Describe how theeconomy is using its resources at point F.d] On your diagram, add a point "G" that is beyond the curve. Explain why thispoint is currently not attainable.e) Explain what would have to happen for the economy to reach point G.2. Using a (new) PPC diagram, explain what would happen if an economyexperienced a devastating natural disaster. Be sure to explain your reasoning

a) Diagram of the Economy's Production Possibilities Curve (PPC)The PPC is a graphical…

Answered: a) Draw a diagram to illustrate the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph shows the production possibilities curve for an economy that produces Consumption goods and Capital goods. Use the graph to answer the following questions A) How do you describe what is happening as the economy moves from point P to point L? (discuss it in terms of economic efficiency) B) Which combination - K or M - can lead to faster economic growth in the future? How do you know? Explain your answer. C) If the economy is currently operation at point L, what is the opportunity cost of producing 10 more Capital goods (Moving from combination L to combination M)?
4. Shifts in production possibilities Suppose the fictional country of Olympia produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rye, an agricultural good, and microprocessors, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of microprocessors. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. ? MICROPROCESSORS (Thousands) 400 400 320 240 160 80 100 270 PPF W م PPF
What does Production Possibilities Frontier (PPF) stand for? Give an example of a simple two good economy and draw its PPF. Explain your choice of the curve (linear, bow-shaped, etc.).
The graph to the right depicts an economy, Home, that produces both flowers and soybeans. Flowers are the labor intensive good and soybeans are the land intensive good. Home presently exports flowers. The graph also indicates Home's optimal point of production, X. Suppose that Home has acquired more land in which it can now produce 12 units of soybeans if all land were devoted toward its production. Using the three-point curved line drawing tool, draw the new production possibilities frontier that indicates this biased growth of land in Home. Properly label this curve. Carefully follow the instructions above and only draw the required object. The growth biased toward land causes OA. export-biased growth. O B. a decrease in the relative price of flowers. OC. a rightward shift of the relative supply curve. O D. import-biased growth. 16- 15- 14- 13- 12- 11- 10- 9- 7- 6- 5- Growth of a Factor Soybean output VV TT 7 8 9 10 11 12 13 14 15 16 Flower output €
CHOOSE THE ANSWER FOR EACH QUESTION, FROM THIS LIST a)Reduction in resources b) Pivot outwards along the computer axis c)Unused Resources d)Increased production given resources e)Pivot outwards along the car axis f)PPF shift outwards g)Produce outside PPF h)Produce inside PPF i)PPF shifts inwards j)Increase in resources
Suppose that the US economy produces agricultural products (A) and manufactured products (M). Explain and graphically illustrate the impact of each of the following events on the economy’s production possibilities curve (draw a new PPF for each, placing M on the vertical axis). a. Scientists develop a new fertilizer that will increase the productivity of land on which agricultural products are grown. b. The price of manufactured goods increases. c. Russian attacks on Ukraine devastate the Ukrainian wheat crop, increasing their demand for American wheat. d. The government increases taxes on manufactured goods.
Can the Production Possibilities Curve shift left? If not, explain why. If it can, explain what might cause this to happen.
Q. 4 The goal of this assignment is to think about the Productions Possibilities Frontier model and use it to describe a trade-off that you personally have experienced. You will have to identify two simultaneously produced economic outputs (goods, services, benefits, etc.) and the relationship between them. You will need to draw a graph and give information about the graph you made. Each point on the graph is a unique production point representing an amount of health care and military (H and M). We know that the set of production points possible is limited, given our limited resources in society. We can't have infinite amounts of H and M, so naturally, our representation of a productive economy must have a boundary where we have reached our productive capacity.
If, next year, the production possibilities curve passes through point W on which point on this year’s production possibility curve (PPC) is it not possible for the economy to be operating? A) 100,144 B) 175,0 C) 80,144 D) 0,210
1)Which of the following is consistent with a point below an economy's production possibilities frontier (PPF)? a)The economy is operating efficiently. b)The production of one good can only be increased if the production of another good is reduced. c)None of the above. d)There are unemployed resources.
Help! The question is to Explain how the following situation would affect a nation's production possibilities curve. A category 5 hurricane destroys over 40% of the nation's productivity. The two questions are What happens to PPF and an explanation. The options for both are in the drop down.
Question 2 A NEED HELP PLEASE

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