### Educational Module: Understanding Efficiency and Attainability#### Multiple Choice QuestionBased on the following options, select the most accurate description of the given scenario. 1. O Attainable2. O Efficient3. O Not Attainable4. O Not Efficient ### Production Possibility Frontier DiagramThis diagram represents a Production Possibility Frontier (PPF), illustrating the trade-off between two goods: corn and green beans. Both axes are labeled, with "Corn" on the vertical axis and "Green Beans" on the horizontal axis. Each axis is scaled from 0 to 80 units.#### Graph Details:- **Points on the Axes:** - At the top of the vertical 'Corn' axis, we have a full allocation to corn, which is 80 pounds of corn. - At the far right end of the horizontal 'Green Beans' axis, we have a full allocation to green beans, which is 80 pounds of green beans.- **PPF Curve:** - The line connecting the two points (80 on the Corn axis and 80 on the Green Beans axis) represents the PPF. This line is a downward-sloping straight line, suggesting a trade-off where increasing production of one good reduces production of the other due to limited resources. - Within the boundary delineated by the PPF, the graph is divided into two regions labeled "A" and "B." The "A" region is situated below the line, and the "B" region is above the line. - **Combinations:** - Any point on the line (PPF) indicates an efficient allocation of resources between corn and green beans. - Points inside area "A" are considered attainable but inefficient because resources are underutilized. - Points in region "B" are unattainable with current resources.#### Example Point:- Below the diagram, there is a textual note stating: "The combination of 65 pounds of corn and 65 pounds of green beans is…" This combination would fall within region "B" (above the PPF), indicating that it is unattainable with the given resources.#### Educational Insights:- **Opportunity Cost:** The PPF demonstrates the concept of opportunity cost, which is the cost of one good in terms of foregone production of the other good.- **Efficiency:** Points along the PPF line show productive efficiency, where any increase in the production of one good would lead to a decrease in the production of the other good.- **Inefficiency and Infeasibility:** Points inside the PPF represent inefficiency (not using all resources), while points outside the PPF represent infeasibility with current resources

A Production Possibilities Frontier (PPF) is a graphical representation that depicts the various…

Answered: Corn 80 A B 80 The combination of 65…

Business

Economics

Corn 80 A B 80 The combination of 65 pounds of corn and 65 pounds of green beans is Green Beans

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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