If the law of diminishing returns did not hold, we can produce a the food the world needs in one small patch of land." Do you agree, disagree, or agree in part? Think of land as the only fixed factor and fertilizer as the only variable factor. How much food could you grow in the patch of land if the marginal product of fertilizer were constant regardless of the amount used per unit of land?

If the law of diminishing returns did not hold, we can produce a the food the world needs in one small patch of land." Do you agree, disagree, or agree in part? Think of land as the only fixed factor and fertilizer as the only variable factor. How much food could you grow in the patch of land if the marginal product of fertilizer were constant regardless of the amount used per unit of land?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 3SCQ: Could a nation be producing in a way that is allocatively efficient, but productively inefficient?

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in The Wonderful Wizard of Or and his other books about the Land of Or. L Frank Baum observed that people's wants were modest encugh, most goods would not be scarce. According to Baum, this was the case in Oz "There were no poor people in the Land of Or, because there was no such hing as money Each person was given freely by his neighbors whatever he required for his use, which is as much as anyone may reasonably desine. Seme ed he lands and raisnd great crops of grain, which was divided equaly among the whole population, so that all had enough There were many talors and dressmakers and shoemakers and te ke, who made thinge that any whe desind them might wear. Likewiee there were jewelers who made omaments for the person, which pleased and beauited the people, and these omaments also were free to those who asked for them. Each man and woman, no mater what he or she produced for the good of the community, was suppled by the neightbors with food and elothing and a house and fumiture and…
Could a nation be producing in a way that is allocatively efficient, but productively inefficient?
EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…
MANCOSA Use the following production possibility curve (PPC) of the Land of Oz to answer the question. The Land of Oz can only produce yellow bricks or tin. What should happen for the unattainable point, point D, to become attainable? Tin (t) 9 000 7 000 A PPC, B 16 mil Yellow bricks O A. Decrease in the minimum wage. O B. Decrease in economic growth. O C. Increased taxes for brick makers and tin producers. O D. Emigration of workers out of the country. PPC₂ 19 mil 4