Suppose that society decided to reduce consumption and increase investment. Briefly explain what groups in society would benefit from this change?
Q: (also known as the production possibilities curve) for alfalfa, an agricultural good, and cars, a…
A: A production possibility curve (PPC) shows the maximum possible output combinations of two goods or…
Q: Suppose the fictional country of Acadia produces two types of goods: agricultural and capital. The…
A: Production possibility curve refers to the graph which shows the different combinations of two goods…
Q: What are the four attributes that are discussed in Porter's diamond? Briefly explain each attribute.
A: The Porter's Diamond model is commonly known as the Porter Diamond Theory of National Advantage…
Q: Briefly explain how an economy could shift production from an inefficient point of production (such…
A: The Production Possibility Frontier (PPF) refers to a graphical representation of the different…
Q: Suppose Canada produces two types of goods: agricultural and capital. The following diagram shows…
A: The production possibility frontier, or production possibility curve, is abbreviated as PPF. It is a…
Q: 3
A: We know that Production possibility curve is the curve which shows all possible combinations of two…
Q: Suppose the United Kingdom produces two types of goods: agricultural and capital. The following…
A: PPF shows different combinations of two goods that can be produced with the given level of resources…
Q: Hubert and Kate are farmers. Each one owns a 20-acre plot of land. The following table shows the…
A: Answer in step 2.
Q: Suppose Ireland produces two types of goods: agricultural and capital. The following diagram shows…
A: Production possibility frontier (PPF) shows the combination of two goods that a nation can produce…
Q: Guns Guns A 45,000 A F 45,000 30,000 30,000 H C 15,000 15,000 E D Butter Butter 5,000,000 11,000,000…
A: The production possibility frontier (PPF) shows the combination of two goods and services which can…
Q: Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the…
A: Production possibility frontier shows various combinations of two commodities produced from a given…
Q: Brian and Crystal are farmers. Each one owns an 18-acre plot of land. The following table shows the…
A: Brian and Crystal are farmers. Each one owns an 18-acre plot of land. From the table given, Brian…
Q: # 10 An example of efficiency in economics is Select one: Satisfying wants with…
A: Efficiency in economics refers to how effectively a system or economy uses its resources to produce…
Q: Gilberto and Juanita are farmers. Each one owns a 12-acre plot of land. The following table shows…
A: The country produces that good in which it has a ‘comparative advantage’ in producing that good. The…
Q: The following excerpt is from a letter sent to a financial advice columnist: "My wife and I are…
A: A mortgage is one kind of financing that is regularly used for buying real estate. To purchase the…
Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…
A: The sunk costs are the expenditure incurred by a firm or business that is non-recoverable or on…
Q: What do you mean by the production possibilities of an economy
A: Production possibilities of an economy refer to different combinations of goods and services which…
Q: The following graph shows the production possibilities frontier (PPF) of an economy that produces…
A: Production Possibilities Frontier The PPF is a graph that represents all the different combinations…
Q: None
A: Locate the endpoints of the current PPF curve on the graph. These endpoints represent the maximum…
Q: Classify the following as microeconomics or macroeconomics and provide a justification for your…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Homework (Ch 03) Attempts: Keep the Highest: 3/4 2. Gains from trade Consider two neighboring island…
A: Opportunity Cost refers to the next best alternative of production foregone for producing a…
Q: Suppose you and your brother go out for dinner. Your brother orders a cheeseburger and fries. When…
A: Marginal utility can be defined as an additional satisfaction gained by a consumer in consuming one…
Q: What will happen when multidomestic occur?
A: Multi-domestic occurs when a company follows a strategy of fitting its product in each country where…
Q: Ruby loves dividing her free time between going to the movies and reading. She has 20 hours per week…
A: Given: Amount per week=60 Cost of going of movies=6 Cost of books=15
Q: Use the graph below to answer the question. Capital goods B C Point B Point D Point E Point A CO…
A: A graph that shows the most effective way to produce a pair of goods is called the production…
Q: Briefly describe efficiency in production?
A: Efficiency: It means the ability to produce the desired product with a minimum of expense or…
Q: Suppose the fictional country of Everglades produces two types of goods: agricultural and capital.…
A: Production possibilities frontier shows different combinations of two goods that can be produced…
Q: One of the proposals that arose in a previous year's federal budget plan was to reduce the amount of…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…
A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…
Q: Kevin and Maria are farmers. Each one owns a 20-acre plot of land. The following table shows the…
A: Each of them owns 20 acres of land. Kevin can produce either 40*20 =800 bushels of Alfalfa or 8*20…
Q: what does the absence of scarcity in an economy reflect in a graph?
A: In the absence of scarcity, the production of one good does not reduce the availability of resources…
Q: АСTIVITY: 20- Consider a student who received $20 for his or her birthday. How could the funds be…
A: Production possibility curve illustrates the possible combination of two products that can be…
Q: Suppose the fictional country of Everglades produces two types of goods: agricultural and capital.…
A: Production possibility frontier depicts the combination of two goods that can be produced using the…
Q: iven the following graph, calculate how many cakes we would need to give up to produce one cookie…
A: here we calculate how many cakes we would need to give up to produce one cookie by the following…
Q: Women's empowerment movement eyes 40% of government spending accreditation .Last year the South…
A: Desclaimer:- as you posted multiple questions we are solving the first one only. 40 % spending on…
Q: 1.12 Read the following extract and answer the question that follows. Women's empowerment movement…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The term scarcity in economics refers to the fact that??
A: Economics is the branch of social science that deals with the production, distribution, and…
Q: The following graph shows the production
A: Answer 1. A. At point P, the economy is producing at an inefficient level since all the resources…
Q: What is Malthusian Theory? Is there any graph that can show the weaknesses and the strengths of…
A: The population might grow by multiples, doubling every twenty-five years, according to Malthusian…
Q: 4. Shifts in production possibilities Suppose the fictional country of Olympia produces two types of…
A: PPF is the production possibility frontier.PPF shows the production possibility of two goods in an…
Q: Shen and Valerie are farmers. Each one owns a 20-acre plot of land. The following table shows the…
A: The given table is showing the quantity of corn and rye produced by Shen and Valerie using of an…
Suppose that society decided to reduce consumption and increase investment.
Briefly explain what groups in society would benefit from this change?
Step by step
Solved in 2 steps
- Bob and Cho are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Bob 10 5 Cho 40 8 On the following graph, use the blue line (circle symbol) to plot Bob's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Cho's PPF. 200 Bob's PPF 180 160 F3 0+ F4 H r F5 M F7 1 F8 # F9 CI F10Briefly explain the term incremental innovations. Which companies in terms of the size (small, medium, large size) have more economic incentives to produce these?** || 85% Microeconomics > Page 2 of 5 2. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows? 3. Consider the following events: Scientists reveal that consumption of oranges. decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees more productive. Illustrate and explain what effect these changes have on the equilibrium price and quantity of oranges. 4. Imagine that you are a nonsmoker sharing a room with a smoker. According to the Coase theorem, what determines whether your roommate smokes in the room? Is this outcome efficient? How do you and your roommate reach this solution? 5. Charlie loves watching Teletubbies on his local public TV station, but he never sends any money to support the station during its fundraising drives. (a) What name do economists have for people like Charlie? (b) How can the government…
- need help with macroeconomic question 23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…Define economics, macroeconomics, and microeconomics. Discuss whether the other-things-constant assumption applies to macroeconomics and microeconomics.The graph to the right depicts an economy, Home, that produces both flowers and soybeans. Flowers are the labor intensive good and soybeans are the land intensive good. Home presently exports flowers. The graph also indicates Home's optimal point of production, X. Suppose that Home has acquired more land in which it can now produce 12 units of soybeans if all land were devoted toward its production. Using the three-point curved line drawing tool, draw the new production possibilities frontier that indicates this biased growth of land in Home. Properly label this curve. Carefully follow the instructions above and only draw the required object. The growth biased toward land causes OA. export-biased growth. O B. a decrease in the relative price of flowers. OC. a rightward shift of the relative supply curve. O D. import-biased growth. 16- 15- 14- 13- 12- 11- 10- 9- 7- 6- 5- Growth of a Factor Soybean output VV TT 7 8 9 10 11 12 13 14 15 16 Flower output €
- i need the answer quickly(From last year’s final exam) Using an Edgeworth box, draw the following scenario. Amanda and Genevieve are in a 2-person closed economy where they only consume 2 goods: cheese and oranges. Amanda initially has 10 circles of cheese and 2 oranges and Genevieve initially has 12 oranges and 1 circle of cheese. Genevieve is tired of oranges and would like more cheese. Likewise, Amanda has eaten too much cheese in the past and would prefer more oranges. Assume that they engage in a series of trades and in the end settle on the following deal: Amanda gives Genevieve 4 circles of cheese in exchange for 6 oranges. Make sure to indicate on your graph: i. all of the axes, ii. indifference curves at the initial endowment (assume usual, well-behaved, convex indifference curves), iii. and indifference curves at the final bundle that emerged as an equilibrium through trade.What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?
- Use the data in the following graph to illustrate the law of increasing costs numerically. (Hint: Start at point E and move toward point A.) A 180 C D 150 120 90 60 30 30 60 90 120 150 180 Units of digital cameras Moving from point E toward point A, we give up (Click to select) v players. amounts of digital cameras for each gain of (Click to select) V DVD The opportunity cost of moving from: E to D is (Click to select) v digital cameras; D to C, (Click to select) V digital cameras; C to B, (Click to select) V digital cameras; and B to A, (Click to select) digital cameras. Units of DVD playersSuppose 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 ?The table shows the marginal benefit of pizza and the marginal cost of pizza in terms of soda forgone. How many pizzas are produced when the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza? ... If pizzas are produced, the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza. OA. 100 OB. less than 100 OC. more than 100 OD. any quantity other than 100 Quantity (pizzas per day) 50 100 150 200 250 Marginal benefit Marginal cost (cans of soda per pizza) 32 7 3 2 1 67249 32 44 52