If the production possibilities frontier can be expressed as 4X2+y2=16, then the point X=√3; Y+2 is a)inside the production possibilities frontier b)outside the production possibilities frontier c)in the wrong quadrant to be on the graph d)on the production possibilities frontier

If the production possibilities frontier can be expressed as 4X2+y2=16, then the point X=√3; Y+2 is a)inside the production possibilities frontier b)outside the production possibilities frontier c)in the wrong quadrant to be on the graph d)on the production possibilities frontier

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.1P

See similar textbooks

Related questions

Q: When moving along the production possibilities frontier, opportunity cost is measured as the Select…

A: When moving along the production possibility curve,decrease in quantity of one good is divided by…

Q: Identify the scarcity definition of economics from the following. a. the distribution of surplus…

A: Economics focuses on how the economies work, basically, the consumption, production and distribution…

Q: If the state of Texas has a lower opportunity cost for producing beef compared to Alaska, then...

A: Opportunity cost refers to the potential benefit that the consumer misses out when he chooses a…

Q: Which of the following happens to us because of scarcity? Question 2 options: We…

A: Scarcity refers that the shortage which is the core problem in the economy , which means that unable…

Q: What is a production possibilities frontier? How can we show efficiency on a productions…

A: PPF is the representation of the total output capacity of an economy given all the resources which…

Q: Which of the following are statements illustrate opportunity cost? Select ONLY THOSE THAT APPLY.…

A: "Opportunity cost refers to what is sacrificed when the other thing is chosen over another."

Q: Explain how each of the following situations would affect a nation's production possibilities curve.…

A: The new law is ensuring the all employee to have 16 weeks paid vacation each year, it was given that…

Q: A production possibilities frontier is shown below (Z, "Home Goods," on the vertical axis; H,…

A: All the points that lie on a PPF have productive efficiency. A PPF shows combinations of…

Q: Consider a Production Possibility Frontier that bows outward. Suppose the production of one good…

A: If a Production Possibility Frontier bows outward, this implies the law of increasing opportunity…

Q: When two countries decide to specialize and exchange, both countries will be able to consume a. at…

A: The decision to specialization and engages in trade by two countries would better off both of them…

Q: Which of the following are the assumptions of the production possibility curve? a. Two goods are…

A: When analyzing the relationship between input and output resources using production possibility…

Q: Consider your decision to read this textbook on economics. Identify which of the four core…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Which of the following statements is NOT true regarding the production function and the production…

A: THESE OPTIONS ARE WRONG B) The production possibilities frontier (PPF) is a financial model used…

Q: If an economy cannot produce more of one good without producing less of another good, this implies…

A: A consumer makes an economic decision between alternatives because resources are scarce and wants…

Q: The below table shows production points on Sweet-Tooth Land's production possibilities frontier.…

A: A production possibility curve, or PPC for short, is a graphical representation of the various…

Q: use of chemical fertilizers, which increases agricultural production greatly, damages water quality…

A: Production possibility curve (PPC) shows combination of two goods that are in fact choices that are…

Q: If an economy is operating at a point inside the production possibilities curve? a. its resources…

A: The PPC is the production possibility curve that illustrates the different combinations of two…

Q: Which of the following is illustrated by a production possibilities curve that is "bowed out" or…

A: The production possibility curve can be understood as a model that shows the trade-off in which we…

Q: Which of the following choices correctly illustrates how changes in opportunity costs affect supply?…

A: At the marketplace, opportunity cost is the cost when an individual chooses an alternative with some…

Q: Scarcity is represented on the production possibilities frontier by the amount of the good on the…

A: Scarcity is represented on a production possibility frontier graph by the fact that there are…

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: What happens when production is inside the production possibilities curve? The production is not…

A: Production possibilities curves represent the possible production of the goods and services with…

Q: Given a production possibilities curve for investment goods and consumption goods, which of the…

A: The "production possibility frontier" (PPF) depicts the various products and services that can be…

Q: Production possibilities represent the various combinations of two goods that can be produced given…

A: PRODUCTION possibility curve means combinations of two goods that can be produced with given level…

Q: Suppose there is rovement in medical technology that enables more healthcare with the same amount of…

A: The PPC is the production possibility curve which illustrates the different combinations of two…

Q: What is the difference between positive and normative analysis? Which of the following statements…

A: The positive analysis is an analysis that can be tested and developed. These statements are…

Q: The most efficient point of production along the production possibilities frontier is .) Group of…

A: Below are the mentioned inefficient points: * Point "E" shows the unattainable point. * Point "G"…

Q: Explain how (if at all) each of the following events affects the location of a country’sproduction…

A: As per the honor code, we are allowed to attempt only first three sub-parts of the question. If you…

Q: If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3…

A: Given, PPF: 4X2+ Y2 = 16 X = √3, Y = 2

Q: The production possibilities curve illustrates the notion of opportunity cost because A. as more of…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

Q: Suppose your friend ask you to go watching a movie while you are studying for an examination. what…

A: Answer: Opportunity cost is the cost that arises due to the sacrifice of the benefit that could have…

Q: Point x on a linear production possibilities curve represents a combination of 50 watches and 20…

A: A production possibility frontier indicates the production capacity of an economy. The model assumes…

Q: Which of the following may lead to an outward shift of the production possibilities curve? a.…

A: The production possibilities curve “is a frontier between all combinations of products that can be…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Given Total labor = 12 units Labor required to produce 1 gun = 6 units Labor required to produce 1…

Q: The production possibilities curve can best be described as representing the economics principle of…

A: In economics, the production possibility curve is one of the effective economic measure to be used…

Q: Which concept is NOT illustrated by the production possibilities frontier? A. tradeoffs B.…

A: The production possibility frontier (PPF) is a bend that represents the potential amounts that can…

Q: Which of the following would be most likely to shift the production possibilities curve to the…

A: The production possibilities curve(PPC) depicts the mix of consumer and capital products that a…

Q: Which of the following would most likely shift the production possibilities curve inward?…

Q: If a family spends its entire budget in a given time frame, the family can afford either 95 cans of…

A: Opportunity cost is the second best alternative cost. Also Opportunity cost is the summation of…

Q: Explain how this relates to economic resources and production possibilities, considering…

A: Semiconductor which is used to produce from fast-food containers to stuffed animals and many…

Q: Which of the following would shift an economy's production possibilities curve to the left?

A: PPC curve shift right wards means growth of resources and if it moves left then it means decline in…

Q: Use the PPF to answer the following questions: (a) At point F, how many sweaters are being…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The production possibilities curve illustrates the basic principle that: Question 70 options:…

A: if all the resources of an economy are fully used, more of one item could be produced only if less…

Q: Evidence accumulates that the use of fertilizers, which increases agricultural production greatly,…

A: As it is said, more the use of chemical fertilizers, more there would be agricultural production and…

Question

If the production possibilities frontier can be expressed as 4X²+y²=16, then the point X=√3; Y+2 is

a)inside the production possibilities frontier

b)outside the production possibilities frontier

c)in the wrong quadrant to be on the graph

d)on the production possibilities frontier

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

If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3 (square root of 3, Y=2 is located a) inside the production possibilities frontier b) 0utside the production possibilities frontier c) in the wrong quadrant to be on the graph d) on the production possibilities frontier View comments (1)
Shifts in production possibilities Suppose South Africa produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and locomotives, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.
Given the above production possibilities frontier, what is the opportunity cost of moving from point a to point b? C) 3 pairs of socks A) zero D) 2 sweaters B) 3/2 pairs of socks per sweater
Refer to Figure 3-3. If the production possibilities frontier shown for Bob is for 100 hours of production, then how long does it take Bob to make one burrito?
Consider the production possibilities frontier (PPF) that shows the trade-off between the production of cotton and the production of soybeans depicted in the figure to the right. Use the three-point curved line drawing tool to show the effect that improved fertilizers would have on the initial production possibilities frontier by drawing a new production possibilities frontier. Properly label this curve. Carefully follow the instructions above, and only draw the required objects. FRAN
The production possibilities frontier (PPF) is a simplified economic model that illustrates the different combinations of two products that an economy can produce given the resources it has available. Assume the country of Turkey can produce only apples or oranges and answer each of the following questions A if a flood destroyed 20% of the farmland used to grow apples and oranges, which direction will Turkey's PPF shift /your answer should be "outwards" or "inwards") and why? B. Turkey decides to begin increasing, the production of oranges. Explain the implications of this using the term "opportunity cost" C An advancement in organic pesticide has allowed for less fruit to be damaged by pests. Explain how this change would alter the PPF.
Mary enjoys spending her free time with her friends at the mall and solving problems from her microeconomics text. She has 16 hours per week of free time. Diagram Mary's time constraint. If 3/4 1(F where F is her time spent with friends at the mall and P is 3(P)/4 MUF = 4F and MUp = 4 P her time spent working problems, how much time should Mary spend at each activity?
a) Explain exchange efficiency and production efficiency and give the main condition for each type of these efficiencies.b) Do you think Pareto Efficiency is enough to explain Pareto Efficiency? If yes, why, if not, why not? Discuss.
What is the opportunity cost of obtaining more of one good, as it relates to the production possibilities frontier? the amount of the other good that must be given up the market price of the additional amount produced the amount of resources that must be devoted to its production the number of dollars that must be spent to produce it
What is opportunity cost? Explain the Law of Increasing Opportunity Costs with a numerical table and a graph as well.
Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The manager of an automobile assembly plant is considering whether to produce cars or sport utility vehicles (SUVs) next month. Assume that the quantities of labor and other materials required would be the same for either type of production. 2. A young man who went to work as a nurses’ aide after graduating from high school leaves his job to go to college, where he will obtain training as a registered nurse.
Use the PPF to answer the following questions: (a) At point F, how many sweaters are being produced? How many hard drives? (b) Label points A-H as either efficient, inefficient, or unattainable. (c) Can we determine if point F is productively efficient? If so, is it productively efficient? (d) Can we determine if point F is allocatively efficient? If so, is it allocatively efficient?