Question 4 Productive efficiency is recognized in which case ? all choices inside the PPF all choices on the PPF and outside the PPF O all of the choices on a PPF all choices outside the PPF
Q: Question 3 - Part 2 Explain how each of the following situations would affect a nation's production…
A: part 1: There will be a rightward shift in PPF. Explaination:- Because technological innovation will…
Q: Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1 hour. a)…
A:
Q: QUESTION 5 If an economy is in autarky (self-sufficient), then the production possibilities frontier…
A: Production possibilities frontier shows all that combinations of two goods which can be produced…
Q: factor which cause PPF curve shift to the right
A: Change in the availability of resources results in the shift of PPC.
Q: DRYERS 8 8 8 8 8 8
A: We know that, Oppertunity cost is the next best alternative cost use of a resources.
Q: a. Draw a PPF map (put soda in the vertical axis and pizza in the horizontal axis), showing all the…
A: Answer: 1:
Q: 1. Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley.…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: efine what is meant by market economy and identify its three required features
A: Market Economy refers to the economy where market demand and market supply are the major elements…
Q: . Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From…
A: Country B can produce 50 t-shirts and 0 sneakers and 0 t-shirts and 50 sneakers.
Q: Carrot Apple 0 10 1 9 2 7 3 4 4 0 Using the table above, draw the PPF for Happyland.
A: The production possibility frontier (PPF) is a locus of different combination of two goods or…
Q: a) why is the slop of PPF downward? (b) why does the PPF look concave to the origin? (c) What is…
A: The production possibilities frontier represents the combinations of goods and services that a…
Q: QUESTION 2 Consider the Production possibility frontier model. Efficiency means that the economy…
A:
Q: Exhibit 2-3 Capital Goods (thousands of units) D B PPF2 PPF 1 Consumer Goods (thousands of units)…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: With the aid of a diagram, draw a production possibility Frontier (PPF) for an economy producing…
A: PPF: Creation probability curve is the chart which demonstrates the different creation prospects of…
Q: Marie has a weekly budget of $24. Pie's are $12 each. Magazines are $4 each. What is Marie's…
A: The opportunity cost is the monetary value of the next best alternative that is foregone while…
Q: Show what happens to the production possibilities frontier (PPF) if the society develops a new…
A: A Production Possibility Frontier is defined as a curve that illustrates the amounts of two goods…
Q: Opportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink…
A: Economics is the study of the efficient allocation of resources in the economy. Resources are scarce…
Q: Explain how each of the following situations would affect the nation’s production and possibilities…
A: A production possibility frontier shows the various combination of two goods that can be produced by…
Q: Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to devote to…
A: Slope of the PPF depends on opportunity cost. If opportunity cost remains constant, the PPF will be…
Q: . Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From…
A: The production possibility frontier shows the maximum amount of two goods that an economy is able to…
Q: As an economy grows, A) its PPF shifts outward. B) the opportunity cost of production will approach…
A: Answer: If an economy grows it means its production of goods and services has increased. An increase…
Q: Refer to the following production possibilities table for consumer goods (automobiles) and capital…
A: Answer a) fixed resources mean there are limited and scarce resources and full employment means all…
Q: How does the slope of a budget line illustrate opportunity costs and trade-offs? How does a budget…
A: Let us suppose an economy produces only two goods - X and Y. Opportunity cost, in simple economic…
Q: What is the opportunity cost of Y for PPF 1? a) ½ of X b) 2 of X c) 1/3 of X…
A: In microeconomics theory, opportunity cost is the loss or the benefit that could have been enjoyed…
Q: ... ecan produce all combinations A. inside the PPF but not on the PPF or outside the PPE B. on the…
A: (1) An economy Can produce any combination of goods which lie either inside the PPF or on the PPF.…
Q: . Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From…
A: The production possibilities frontier (PPF) refers to the a downward sloping curve which is concave…
Q: 10. The opportunity cost of making cupcakes is lowest at which point? a A 6. 8 d. A and C 11. The…
A: ANSWER IS GIVEN BELOW
Q: Graph A Graph B Graph C Graph D Which of the above 4 graphs best represents the change in the PPF if…
A: When a government places tax on the firms, it will increase the cost of production because firm has…
Q: Suppose that society could produce the following combinations of pizzas and books: Alternative…
A: As per guidelines, we will answer the first three subpart questions. a. PPF curve of pizzas and…
Q: At one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point along the…
A: Given that at one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point…
Q: 6. (Production Possibilities) Suppose an economy uses two resources (labor and capital) to produce…
A: The fall in the supply of capital = 10% The increase in labor supply = 10%
Q: Question 26 Please refer to Maxine's & Daisy's PPFs Which good should Daisy specialize in? Group…
A: Absolute Advantage states that a person or country should produce that good in which it specializes.…
Q: Determine whether each statement is true, false, or uncertain and explain why. i. The resources at…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Explain how each of the following situations would affect a nation's production possibilities curve.…
A: The production possibility curve is a graphical representation of a combination of two goods that…
Q: Which of the above 4 graphs best represents the change in the PPF if a tornado destroys part of the…
A: In an economy, PPF is a Graphical economic analysis of the total output produced with the available…
Q: 1. Assume you are on an iceland, where you can produce different combinations of coconuts and fish…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…
A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…
Q: Which of the following is consistent with a point below an economy's production possibilities…
A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…
Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. What is Marie’s…
A: A budget constraint is faced by an individual and represents the different possible combinations of…
Q: Based on PPF , if producer moves from B to C if producer have the following choices of production…
A: Here we calculate the opportunity cost of the PPC when it shift B to C and choose the correct…
Q: The PPF illustrates the principles of constrained choice, opportunity cost, and scarcity. Consider a…
A: The curve that depicts various combinations of goods that could be produced using the given…
do explain shortly.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 1. Working with Numbers and Graphs Q1 Suppose the marginal costs of reading are constant at $5 per hour, while the marginal benefits of reading decline (over time) as more reading is performed. In particular, suppose the following table contains the marginal benefit associated with various levels of hours spent reading. Time Spent Reading Marginal Benefits (Hours) (Dollars per hour) 8 3 12 Assume the marginal-benefit curve is a straight line through the two points described in the table. MARGINAL COST, MARGINAL BENEFIT ($ per hour of reading per week) On the following graph, use the blue points (circle symbol) to plot the marginal-benefit curve for reading. Next, use the orange points (square symbol) to plot the marginal-cost curve for reading. Finally, use the black point (plus symbol) to indicate the point corresponding to the efficient amount of reading (that is, the point at which the net benefits of reading are maximized). 00 32 N 0 2 3 + 6 9 12 15 18 21 READING (Hours per week)…Time is an important resource in our everyday life. Each day has 24 hours within which all activities must be accomplished. Using your notion of the concepts of scarcity, choice, scale of preference and opportunity cost, illustrate a typical daily routine and explain how time may be allocated among competing alternativesStephen and Rebecca both enjoy drinking coffee. The marginal benefit that each places on the coffee they drink is given in the following table: Number of cups of coffee First cup Second cup Third cup Marginal Marginal Benefit Benefit for for Rebecca ($) 10 a) $9 b) $7 8 Fourth cup Fifth cup 2 c) $5 d) $3 6 4 Stephen ($) 15 12 9 6 On a recent day on campus Rebecca purchased a cup of coffee and Stephen purchased three cups of coffee. What price for a cup of coffee would be consistent with this behaviour? 3
- Which of the following is a TRUE statement? Explain why. 1. If for a PPF, there is allocative efficiency then there must also be production officiency2. If for a PPF, there is productive efficiency then there must also be allocative efficiencyEconoline Company produces only two goods and they operate with limited resources. The production manager decides to conduct an analysis of its production possibilities to determine the best use of its limited resources. They create a Production Possibility Frontier (PPF) diagram to represent the maximum combinations of good X and good Y that can be produced with their available resources. As the output of Good Y increases along the frontier, which of the following changes involves the largest opportunity cost? Good Y 20 15 10 5 0 a) 0 to 5 units b) 5 to 10 units c) 10 to 15 units d) 15 to 20 units a Good X dIn the economy, is there only one efficient combination of goods?
- Why social optimal output more beneficial to society?Since resources are scarce it is important to use them efficiently define efficiency in economics5) which of the following is not a determinant of a consumer's demand for a commodity? a) Price b) Income c) Taste and Preference d) Technology 1)If a price of the bun is $2 identity the corresponding quantity demanded 6) Assume that fims in an industry observe a15% increase in the productivity of labor, but to get there they had to increase the cost of labor by 10%. What should be expected to happen in the a) 5 b) 10 c) 15 d) 0 output market as aresult of this development? a) The Supply should incresse. b) The Demand should decressed. C) The Supply should decrease. d) The supply should remain unchanged. 2) Suppose that a decresse in the price of X results in less of good Y sold. This would mean that Xand Y are a) Normal Goods. b) Unrelated Goods. c) Substitute Goods. 7)By definition, an inferior good is a a) Good for which demand decreases when income increase. Want that is not expressed by demand. c) Normal substitute good. d) Good for which demand decresses when its price rises. d)…
- Define marginal benefit. Show the efficient point using a marginal cost/benefit diagram.Envelopes (per hour) 200 160 Deb's PPF 120 Pete's PPF 80 40 40 80 120 160 200 Packets (per hour) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. Which of the following statements is correct? Deb has an absolute advantage in both assembling packets and stuffing A) envelopes. B) Deb has a comparative advantage in stuffing envelopes. Deb has a comparative advantage in both assembling packets and stuffing C) envelopes. Pete has an absolute advantage in both assembling packets and stuffing D) envelopes.The scenarios each illustrate the principle of economics. Match each scenarios with the principle that best fits it You are currently in a labeling module. Turn off browse mode or quick nav, Tab to items, Space or Enter to pick up, Tab to move, Space or Enter to drop. On Black Friday, there are huge sales for electronics at many retail stores. David must decide between buying a camera at one store and buying a flat-screen TV at another store and buying one means he will lose the ability to purchase the other.An educational software company wants to expand the number of economics questions that it offers and is considering hiring another economist. It compares how much adding another worker will improve the product with the additional cost.To entice students to keep themselves up to date with economic current events, an instructor offers extra credit to students for participating in an online discussion forum, and this sparks a lively debate about environmental policy.…