Mya and Donovan produce two goods in an 8 hour day. Mya can produce 10 capital or 55 consumables and Donovan can produce 75 capital or 60 consumables. What is the opportunity cost for capital
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Mya and Donovan produce two goods in an 8 hour day. Mya can produce 10 capital or 55 consumables and Donovan can produce 75 capital or 60 consumables. What is the
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- mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and Donovan can produce 75 capital or 60 consumables. What is the opportunity cost for capital?Why does a production possibilities frontier have to be downward sloping and have a bowed out shape? The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.Does an increase in the opportunity cost mean that you have to give up more to obtain something else? What does an increase the the opportunity cost mean?
- Suppose Ireland produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a long drought that reduces the amount of water available for farmers to use for irrigation. 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. 120 100 PPF 80 20 PPE 60 120 180 240 300 360 CORN (Millions of bushels) INDUSTRIAL ROBOTS (Thousands)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.Which point(s) are efficient? Briefly explain why. B Points A, B, C, and D because they are attainable. Points B, C, and D because this is where maximum output is produced with available resources. Point A because it is inside the production possibilities frontier. Point E because it is where the most capital and consumption goods combined are produced. A D Point B because it is where the most resources are used to produce capital goods. Which point(s) are inefficient? Briefly explain why. PPF O A. Points B, C, and D because they are on the production possibilities frontier. O B. Points B, C, D, and E because they are unattainable. Consumption goods O C. Points A, B, C, and D because they are attainable. O D. Point E because it is unattainable. OE. Point A because production there is not using all available resources. At which point is the country's future growth rate likely to be the highest? Briefly explain why. O A. Point E because it is where the production possibilities frontier…
- Suppose the United Kingdom produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and airplanes, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. 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. 360 300 PPF 240 180 PLANES (Thousands) CSuppose Canada produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities curve (PPC) for wheat, an agricultural good, and industrial robots, a capital good. Drag the production possibilities curve (PPC) on the graph to show the effects of a breakout of a pandemic 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. (?) INDUSTRIAL ROBOTS (Thousands) 420 350 280 210 140 70 0 40 PPC 80 120 160 WHEAT (Millions of bushels) 200 240 68 PPCSuppose the fictional country of Biscayne produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for sorghum, an agricultural good, and electric scooters, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of electric scooters. 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. ELECTRIC SCOOTERS (Thousands) 180 150 120 90 30 0 30 60 90 PPF 120 SORGHUM (Millions of bushels) 150 180 бо PPF ?
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