Answered: Every point on the production…

Every point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demand

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: 2. Collective consumption goods are a. goods that can be consumed by additional consumers without…

A: In economics, a collective consumption good (also known to be a social good or public good) good…

Q: The economizing problem is essentially one of deciding how to make the best use of limited resources…

A: An economic dilemma is defined as a challenge of decision-making that arises from a scarcity of…

Q: Which of the following is related to Microeconomics? [A] The size of national economy [B]…

A: The current inquiry requires a comprehension of the key distinctions between microeconomics and…

Q: Draw the production function graph illustration the three stages (diminishing returns) in the…

A: Incrementing returns, falling returns and negative returns are the three stages of production. The…

Q: Consider the factors of production that go intoa fast-food restaurant. Give an example of…

A: Factors of production are regarded as the building blocks as they are essential for the production…

Q: Dawson and Buffy live on the Isle of Prime. The only two activities they do are to gather stakes and…

A: Comparative advantage refers to an economy's ability to produce a particular good or service at a…

Q: Every point on the production possibilities curve represents? a. a greater increase in supply b. an…

A: The Production Possibilities Curve is a model used to show the tradeoffs related with designating…

Q: What do we assume to be the goal a typical firm in the production model pursues? A. Maximized…

A: A market consists of many firms and consumers. Firms are supplier of goods and services. Consumers…

Q: What is the main goal of a firm in a market economy? (a) To maximize social welfare (b) To minimize…

A: The main goal of a firm in a market economy is typically considered to be:(b) To minimize costs.In a…

Q: The production possibilities model is illustrated with a negatively sloped line because a. of…

A: PPC: Graphical representation of the combination of two goods that can be produced in the economy in…

Q: Which of the following is example of external economies of scale? Discount on purchases of raw

A: To find : Example of external economies of scale.

Q: The production possibilities curve represents the maximum combination of goos and services that can…

A: In business analysis, the production possibility curve (PPC) represents the possible quantities…

Q: hat is the difference between technology and technological change? A. Technology is the…

A: Technology refers to the processes a firm uses to turn inputs into outputs of goods and services. On…

Q: In one or two sentences, define of each of the following terms and briefly explain their economic…

A: Opportunity cost can be defined as the next best alternative that given up when a decision has to be…

Q: Quantity Picked in One Hour Pounds of Apples Pounds of Strawberries Jake 4. Jill 10 10 Suppose Jake…

A: Answer: It is given that currently, Jake can pick a maximum of 4 pounds of strawberries or 8 pounds…

Q: Which of the following is not an assumption that underlies an economy's production possibilities…

A: The production possibilities curve (PPC) is the downward sloping curve which is concave to the…

Q: A: How can explain the micro economics in this advanced age? B: Define the term production?

A: Answer for A part:

Q: 1. Classify the following as microeconomics or macroeconomics and provide a justification for your…

A: Microeconomics is one of the branch of economics which studies the decisions of firms, businesses…

Q: Define production and What are the factors of production and what are their reward payments?

A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…

Q: Which of the following is a cause of diminishing marginal productivity? a.In the long run, labor…

A: Marginal Productivity Marginal productivity or marginal product is the additional output, return,…

Q: Select all that apply A production function can include many inputs. Which of the following are the…

A: The inputs such as capital, labor and land are used to produce and output in the market is known as…

Q: a point inside a societys production possibilties curve represents? a. an output combination that…

A: The production possibilities curve represents the trade-off that occurs between the different…

Q: The concept of production possibility frontier explains that a. any point within the curve is a…

A: Production possibilities frontier or the PPF is a graphical representation of the combination of…

Q: What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A…

A: A final good is a commodity which is used or used by the end user. The successful (product) needs no…

Q: is the only factor of production that needs to be produced. Human resource Capital O Natural…

A: In the realm of economic production, the factor that necessitates deliberate production is human…

Q: # Microeconomics Which of these does NOT contribute to economies of scale? complementary production…

A: economies of scale refers that production increases and long run average total cost is decreasing .…

Q: In the production process, both the average product and marginal product of the variable- input rise…

A: The statement that "In the In the production process both the average product and marginal product…

Q: A curve that shows the maximum amount of any two products that can be produced in an economy from a…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: A firm's total opportunity cost of production is the sum of the cost of using resources a. bought in…

A: A firm's opportunity cost is the cost foregone in terms of the next best alternative to the present…

Q: According to the CIA's World Factbook Website, in January of 2011 Swaziland surpassed Botswana as…

A: Production possibility frontier (PPF) depicts the combination of two goods that an economy can…

Q: The answer to, "What goods are to be produced?" deals with: who gets the goods. Ohow tastes and…

A: The economic problems of "What goods are to be produced", "How to produce", and "For whom to…

Q: Claire and Don are farmers who produce beef and corn. In a year, Claire can produce 40 tons of beef…

A: The selection of production depends on the…

Q: A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but…

A: PPF represents various combination of two goods that can be produced within given resources.

Q: As an economist it is important to know that resources are scarce. Explain what u understand that…

A: Time, money, labour, equipment, land, and raw materials are all limited resources. There are never…

Q: Consider a manufacturing firm using human capital at home to produce two inputs, 'R & D' and…

A: The PPF curve highlights the different combination of goods that the producer can look to produce…

Q: Any point inside the production possibilities curve indicates. O A. the presence of technological…

A: PPC: It is used to measure production efficiency based on the available resources.

Q: 1. Explain the Theory of Production in Microeconomics. 2. Differentiate labor-intensive and…

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

Q: A production possibilities curve that is a straight line represents the case of Group of answer…

A: The Production Possibilities Curve (PPC) is a graphical representation of the trade-offs and…

Q: Harry produces 3 balloon rides and 2 boat rides an hour. Harry could produce more balloon rides…

A: Production possibility curve shows the different combinations of two goods that can be produced with…

Q: Utopia produces only two products: cheese and wine. The production levels are shown in the table…

A: A production possibility table depicts the combination of two goods that can be produced by using a…

Q: If Home’s relative productivity in cheese is higher than it is in wine, what does it imply? Explain.

A: The amount of output divided by the volume of inputs is generally referred to as productivity. In…

Q: Sketch a typical LRATC and show all the important areas and points on it and show where the firm…

A: Long-Run Total Cost (LRATC): What Is It? When all inputs are regarded to be variable, and the scale…

Question

Every point on the production possibilities curve represents?

a. a greater increase in supply

b. an efficient use of rescources

c. an inefficient use of resources

d. a greater increase in demand

Definition Definition Curve that represents the various combinations of production possibilities of two commodities when resources or factors of production are given.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

In economics, what is the law of diminishing marginal returns? A. The tendency of firms to minimize production costs B. The observation that as additional units of a variable input are added to fixed inputs, the additional output diminishes C. The relationship between inflation and unemployment D. The impact of government regulation on business operations
part 2 and 3
T4
ِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?
2 Quantity of Books Suppose the solid line in the graph above illustrates Michael's budget line. Which of the following statements are correct regarding Michael's budget line: Michaela could afford to buy 8 movie tickets and 1 book. if Michaela's income is $40, the price of movie tickets must be $4. if Michaela's income is $80, the price of books must be $80. if Michaela's income is $80, the price of movie tickets must be $12. None of these options are correct. Quantity of Movie Tickets
The fundamental problem in economics is that resources are limited; yet needs, wants, and desires are unlimited. This is summed up by the concept of a. money. b. power. c. greed. d. scarcity. e. investment.
Need answer ASAP... Ismael worked for Abdul until he was able to buy a piece of land where he can develop as agri-tourism farm. The factor of production he uses is _____. a. entrepreneur b. labor c. capital d. land
Many economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. Entrepeneurship
Economics study guide questions
fill in missing word The _______ economy is a way of organizing activity based on returning all resources involved in the production of goods and services back into productive used with the goal of eliminating waste and reducing material inputs.
Economists refer to the inputs that firms use to produce goods and services as a. derived factors. b. derived resources. c. factors of production d. instruments of revenue.
6 workers and 4 machines are required to produce 2 computers. 2 workers and 2 machines are required to produce 2 units of tomato. A. Find the labor and capital requirement per one computer and 1 unit of tomato? B. Which industry is a labor intensive? Capital intensive?