If a producer is producing at point z and wants to move to point X, then what is the trade-off?

Q: |depicts society as organized around two classes fighting over limited resources.

A: Conflict    depicts society has organized around two classes fighting over limited resources.

Q: Using the Heckscher-Ohlin model, if a nation can shift its factors of production from the production…

A: The Hecksher Ohlin theorem states that a country exports a labor/capital intensive good if it is…

Q: Being able to make an item at a lower cost than anyone else can make it is an advantage? True or…

A: To make any item at lower cost is always a plus point in the market.

Q: Write a synthesis about this, "The Cost of Production"

A: The process of combining a variety of material and immaterial inputs (plans, know-how) to create a…

Q: How does subjective value make "gains from trade" possible?

A: The subjective value can be considered to be as the significance a singular provides for a decent,…

Q: What is relationships between general competitive equilibrium, pareto efficiency and equity in an…

A: Pareto efficiency, or pareto optimality, is an economic state wherever resources can't be…

Q: where

A: Resource implies to all the materials accessible in our environment which are technologically…

Q: Trade-offs can always be considered in terms of opportunity costs.  True  False

A: Trade-off implies the exchange of one thing to get another. And the opportunity cost implies the…

Q: Indicate True (T) or False (F) for the following questions, and explain your answer in 50 words "If…

A: International trade is the commercial transactions between countries that take place. Consumer…

Q: A farmer works on a plot of land owned by a landlord. The figure below illustrates the feasible…

A: As there are multiple parts, first three would be answered. To get the answers to the rest of the…

Q: Why the producer prefers stage 2 in production process.

A: Solution: A rational producer always prefers to operate in phase 2 of Law of Variable Proportion…

Q: Explain the concept of Pareto efficiency and discuss how it can be achieved through trade.

A: Pareto"s efficiency is defined as the economic situation when the circumstances of one individual…

Q: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: What is the Opportunity cost to this student for the additional amount of study time on economics…

A: The opportunity cost refers to the opportunity that has been foregone to select the best…

Q: In a market economy?

A: In a market economy, prices of goods and services and allocation of resources are determined by…

Q: What are some examples of a command economy? Market Economy?

A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…

Q: What are the three categories of paradigms?

A: A paradigm is a comprehensive belief system, world view or framework that guides research and…

Q: If 50 customers are all willing to pay $30 for an album that sells for $25, how much total value is…

A: Introduction: Revenue is the money made by a company's work. Revenue can be calculated in a number…

Q: Why are production and competitiveness important in today's economies?

A: Production increases competitiveness and competitiveness increases overall GDP in the economy.

Q: Which statement of the following is true ?

A: The cost functions like AC,TC,AVC,AFC depicts the functional relationship between output and…

Q: Which of the following is CORRECT? Select one: a. If a firm is technologically efficient, it is…

A: To be efficient, you have to have to bear the cost of the process. What could be a root cause of…

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: What are the advantages of a market economy as compared to a command economy

A: Market economy is a type of economy in which the private businesses control economic matters.…

Q: Why do most economies in the world today operate somewhere in between a market economy and a command…

A: A free-market economy means the economy where the market is run by the forces of demand and supply.…

Q: What are Direct Materials?

A: Direct materials are the physical items that are used in the manufacturing process to produce the…

Q: What would be the solution?

A: TFC = TC at 0 level of Output TC = TVC + TFC AVC = TVC/Output

Q: The company that you manage has invested $5 million in developing a new product, but the development…

A: Sunk Cost: It refers to the cost that has already been incurred and can’t be recovered back and…

Q: What is the opportunity cost of increasing the number of movies produced?

A: Opportunity cost refers to the given up benefits to obtain some other benefits.

Q: If your price is greater than MC, will you continue increasing your production? Why or why not?

A: The marginal cost represents the change in the total cost of production that results in one new unit…

Q: What is the purpose of co-operative statics in economics? On which basis cooperative statics is…

A:

Q: What defines market equilibrium? How about market disequilibrium? What are the contrasting…

A: Market equilibrium is attained when demand in market is equal to the supply in market. The…

Q: Explain two ways how the market sometimes fails to produce the optimal mix output?

A: Economics refer to the study of allocation of scarce resources in the most optimal ways, when the…

Q: Question 2. Consider a firm that can use commodity one to produce commodity 2 according to the…

A: Functions that exhibit constant returns to scale are homogeneous functions. Homogeneous functions…

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: A large, hardworking population was important for Mercantilism. Why?

A: Mercantilism was a practice of trade practiced in  in the 16th till 18th century. This practiced in…

Q: Theft redistributes resources in a way that violates Pareto optimality. The account of efficiency…

A: Pareto optimality: It refers to that situation in which the people who are consuming different items…

Q: Opportunity cost can be measured as the: Select one: a. Increase in the quantity produced of one…

A: Production possibility frontier depicts the combination of two goods that a nation can produce by…