The ________ production points on a production possibilities frontier are the points on and inside the production possibilities frontier. attainable unattainable productively efficient allocatively efficient

The ________ production points on a production possibilities frontier are the points on and inside the production possibilities frontier. attainable unattainable productively efficient allocatively efficient

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Suppose Ireland produces only two goods: barley and tablets. The following graph shows Ireland's…

A: In business examination, the production possibility frontier (PPF) is a bend showing the differing…

Q: A firm that is a natural monopoly can supply the entire market at a lower average total cost than…

A: Natural monopoly Natural monopoly stands for a market where there is a single seller in a market.…

Q: Discuss the impact of each of the following on the production possibilities frontier and illustrate…

A: a) Unemployment refers to when all the available resources in the economy are not utilized…

Q: Explain why the slope of the production possibilities curve becomes steeper as we move along the…

A: The production possibility curve (PPC) refers to a graphical representation of various combinations…

Q: Which of the points are feasible and which are efficient

A: Production possibility frontier represents the different combination of two goods that can be…

Q: Consider farms in Ontario that produce corn or wheat on their land. Small farms have land that is…

A: In macroeconomics, the PPF is the set of points at which a country's economy is allocating its…

Q: Country X has received an injection of additional 50 million dollars to its budget to spend on the…

A: Production possibility frontier: - it is the graphical representation of different combinations of…

Q: Draw a production possibility frontier showing the trade-off between the production of apples and…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: How would you interpret the movement of PPF from PP1 to PP2? chines B E

A: The Production Possibility Frontier(PPF) depicts the maximum potential output of 2 services or items…

Q: Under what circumstances in the Philippines can we operate outside the production possibilities…

A: The production possibilities curve can be explained as a graphic illustration of the most efficient…

Q: QUESTION 30 Which of the following is NOT true of state constitutions in the United States? O All…

A: Which of the following is not true of state constitutions in the United States:- All state…

Q: Week 11 Homework You must submit your assignments as a Microsoft Word document. Microsoft Word is…

A: Comparative advantage:- The ability of a country to produce goods at lower opportunity cost than…

Q: Consider a production possibilities curve. The origin and two points A and B may be connected by one…

A: Scarcity is an economic concept that relates to the reality that there is a finite number of human…

Q: A point inside the production possibilities frontier is___ while a point outside the frontier is…

A: Production possibility frontier shows the combination the Production level of two different goods…

Q: . On the Production Possibilities Curve (PPC), points located outside the curve are: a. Inefficient…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Good b 0 a g bo .f .e h .d Good A Refer to Exhibit 2.2, which shows the production possibilities…

A: PPF is the production possibility frontier.PPF shows the production possibility of two goods in an…

Q: 40.000 C А Robots 5.000 10.000 15.000 In the graph above, if the economy is at point C, it follows…

A: The Production Possibilities Curve (PPC) shows the possible combinations of goods that an economy…

Q: am. 110

A: To draw the production possibility curve, we plot the points given in the table on a graph. The…

Q: Distinguish between Micro and Macroeconomics

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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: What is the production possibilities frontier? Explain the basics of the simple tool and illustrate…

A: The production possibility curve or production possibility frontier is a curve that shows whether…

Q: Production at a point inside the production possibilities frontier is unattainable and inefficient…

A: A production possibilities curve shows the various combinations of two goods that an economy can…

Q: If we wanted to make the statement that a particular point on a production possibility ter was DULIT…

A: A point is said to be productive and efficient if it lies on the production possibility frontier.…

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: Illustrate and explain the Production possibilities frontier (PPF)

A: The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…

Q: Another name for a market economy is O the law of demand. O the law of supply. comparative…

A: The economics as a study is based upon the idea that the resources which are present with the…

Q: The production possibilities frontier (PPF). has a constant opportunity cost exhibits increasing…

A: Correct : reflects output assuming the full use of society's resources

Q: What is the optimal amount of output that should be produced? O A. 8 B. 9 OC.5

A: The optimal level of output is at point where Marginal revenue or price is equal to Marginal cost.…

Q: production possibility curve shows the possible combination of two goods with utilization of…

A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…

Q: This diagram represents the production possibility frontier of a Country. Point A has coordinates (0…

A: PPF is the production possibility frontier. Production possibility frontier shows the production…

Q: Refer to the production possibilities frontier to the right for an economy that produces just two…

A: The production possibility frontier reflects the various combinations of two goods that can be…

Q: Production possibilities frontier illustrates both production efficiency and opportunity…

A: A Production Possibility Frontier or PPF refers to choices that society makes by combination of…

Q: None

A: The Production Possibilities Frontier (PPF): An UnderstandingPPF Curve: Given an economy's resources…

Q: Draw a production possibilities frontier diagram for a farm able to produce corn or soybeans. What…

A: Production possibility curve is used to present various combination of two goods that can be…

Q: 40.000 C 5.000 10.000 15.000 In the above graph, if the economy is currently producing at point C…

A: The curve is the production possibilities frontier which shows different combinations of two goods…

Q: an economy is producing the mix of goods and services that society wants, this is an example of…

A: The allocative efficiency is a reflection of the peoples satisfaction gaining from the fulfilment of…

Q: Distinguish between production efficiency and allocative efficiency. Explain why many production…

A: Production and allocative efficiency are different concepts and have varied characteristics…

Q: The figure above shows a country's production possibility frontier (PPFA). B A PPFA PPF The…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

Definition Definition State in which the marginal benefit to a consumer is equal to the marginal cost of producing a product. Allocative efficiency occurs when all the market participants (buyers and sellers) have all of the knowledge required to make informed decisions regarding consumption and production of goods and services.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

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

answer quickly
Sometimes economies or firms produce inefficiently, which is represented by a point in the production possibilities curve (PPC). This point is considered _____. resourceful efficient underutilization unattainable
Production inefficiency occurs when production ____. is at any attainable point is at a point on the production possibilities frontier is at a point beyond the production possibilities frontier is at a point inside the production possibilities frontier
Last quarter was very stressful because you had difficult classes. You decided to continue to work 10 hours a week and take 3 classes instead of 4, which results in only spending 20 hours a week on school. Where are you producing relative to the Production Possibilities Frontier? (On, Below, or Above) If the goal in economics is to be efficient in your allocation of scarce resources, in this case your time, are you operating at an efficient point? What would you adjust in the future with respect to your hours at your job or the number of classes you take?
The slope of the production possibilities frontier is called
QUESTION 2 The slope of the production possibilities frontier illustrates: The demand for the products shown. The supply of the products shown. The cost of producing the products shown. Absolute advantage. The opportunity cost of producing one product in terms of an alternative product that could be produced.
Identify the point or points for which the following is true: Production of pizza can be increased without sacrificing beer.
Question 17 A graph that shows the maximum attainable combinations of two goods when society efficiently uses its productive resources is called a supply curve. opportunity cost. a production possibilities frontier (PPF). O absolute advantage. a consumer demand curve.
Allocative efficiency takes place at every point along the production possibilities frontier. TRUE OR FALSE
Consider a simple economy which produces two goods; pizzas and tractors. Using the production possibilities boundary and graphs for the pizza and tractor market show and explain how the precise allocatively and productively efficient point on the production possibilities boundary can be determined. Please draw a graph to show, not just write step by step.
Macroeconomics Basics What is a production possibilities frontier (PPF)? Illustrate (DRAW) your answer by drawing a PPF, properly labeled and show an unattainable production combination.
The prairie dog has always been considered a problem for Canadian cattle ranchers. They dig holes that cattle and horses can step in, and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas, prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle. Draw a production possibilities frontier demonstrating a rancher’s production option between cattle production and prairie dog production, showing increasing opportunity cost and what would happen in each of the following situations (using a separate graph for each situation). The government grants new leases to ranchers, giving them 10,000 new hectares of grassland each for grazing. A drought destroys most of the available grass for grazing of cattle, but not prairie dogs since they also eat plant roots.