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

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: Given,

Q: A point inside a production possibilities frontier?

A: Production Possibility Frontier: It refers to the graphical representation of various possible…

Q: Give typing answer with explanation and conclusion  A country can produce 38 quail eggs and 62…

A: Opportunity cost refers to the loss which is incurred when next best alternative is given up. In…

Q: What is the circular flow diagram, and what does it demonstrate?

A: ((Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Does the slope of the production possibilities frontier become smoother as more and more producers…

A: Production Possibility Frontier is defined as a graphical representation of all the combination of…

Q: Identify from the situation positive and normative economics and give your reasons.

A: Positive and normative economics are the two disciplines of modern economics.Positive economics…

Q: Why did ancient Rome advocate natural economy and oppose commodity economy? Explain in detail

A: Economy: An economy is a system of interconnected activities in production and consumption that…

Q: In a market economy, what determines what is produced?          producers seeking…

A: The question is asking about the factors that determine what goods and services are produced in a…

Q: a. The minimum wage creates unemployment among young and unskilled workers.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: textbook question I dont understand in my economics class.   show a positive change in the world…

A: Aggregate demand is total expenditure incurred by all the sectors of the economy at given time…

Q: a. Draw and explain a production possibilities frontier for an economy that produces cheese and…

A: Production possibility frontier (PPF) shows that with the combination of two factors of production,…

Q: I don't understand how to draw a production possibilities frontier.

A: The production possibility frontier (PPF) shows the combinations of output that the economy can…

Q: What is the production possibilities frontier? Explain the basics of the simple tool and illustrate…

A: The production possibility curve or production possibility frontier is a curve that shows whether…

Q: D). Draw a Production Possibilities Frontier for two goods: airplanes and soybeans. Choose the…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Graph a production possibilities frontier and illustrate the concepts of trade-off and opportunity…

A: Production possibility curve or frontier shows the two goods possible combination which can be…

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut…

A: Production possibilities frontier is derived from different combinations of two goods that can be…

Q: raw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: Production possibility frontier refers to the maximum possible combination of output of goods or…

Q: Is there a change in the resources available to society? explain why.

A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…

Q: What exactly is a market economy? and a discussion of the benefits and drawbacks of a free market

A: The means by which a specific government or society organizes and distributes all the available…

Q: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…

A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…

Q: “Market forces should be allowed to allocate resources”. Is this a positive or normative  statement?

A: When talking about economic statements, it can be said that these statements are classified as…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Kyoko can read 30 pages of astronomy in an hour. She can also read 20 pages of philosophy in an…

A: A production possibilities frontier (PPF) is a graphical representation of the possible combinations…

Q: What is green economics.    Explain in more than 150 words.

A: A approach of economics known as "green economics" aims to simultaneously satisfy the needs of…

Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies.…

A: PPF (production possibility frontier) shows the different combinations of two goods which can be…

Q: Draw a production possibilities frontier diagram for a farm able to produce corn or soybeans. What…

A: Production possibility curve is used to present various combination of two goods that can be…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.