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- The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)2. Consider an economy that produces only two goods: asparagus and candy canes. The following table describes the quantities of each good that can be produced: Candy Canes 60 40 20 0 Asparagus 0 10 20 30 (a) Plot the production possibilities frontier for this economy. Be sure to label both axes and each intercept. (b) Does this PPF follow the law of increasing opportunity cost? Why or why not? (c) A major pandemic arises that wipes out one third of the population. Illustrate and explain how this would affect the PPF from part (a).
- Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good B3. Efficiency in the production possibilities model Suppose the fictional country of Olympia produces only two goods: millet and microprocessors. The following graph plots Olympia's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. MICROPROCESSORS (Millions) 100 80 40 20 O 0 PPF +T 20 +< A 40 + E B * D 60 MILLET (Millions of bushels) хс 80 100 (?)a. What method is used to ration goods in a market economy?How does this rationing method influence the incentiveof individuals to supply goods, services, and resourcesto others?b. How are grades rationed in your economics class? Howdoes this rationing method influence student behavior?Suppose the highest grades were rationed to those whomthe teacher liked best. How would this method of rationinginfluence student behavior?
- a. Can point D be produced? Why?. b. What variable might shift the curve PPC1 to PPC2? What would cause the curves to meet at 40,000 quantities of butter produced? What does point E represent? C. d. Explain the movement from point A to B for the production of these two goods ?The budget constraint model and the production possibilities frontier (PPF) model both illustrate (select ALL that apply): O allocative efficiency O productive effieciency O a curved line to represent both the budget constraint and the PPF the tradeoffs in choosing more of one good at the cost of less of the other O comparative advantage O constraints on what we can have due to scarce resourcesvidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
- Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?Consider the figure at the right, which represents the production possibilities boundary for pizzas and guns. The combination(s) of pizzas and guns at O A. points A and C are just attainable but inefficient. O B. points A and C are less efficient than point B. O C. point B is efficient but unattainable. O D. point B is attainable but inefficient. O E. points A and C are unattainable. Quantity of Pizza Quantity of Guns C
