i am having trouble with this question macroeconmics chapter 5 question 1 **Economic Concepts of Baseball Production Efficiency**---**Scenario:***If 20 million baseballs are sold, ____________, which means that:*---**Options:**- ○ The production of baseballs is currently at the efficient level.- ○ The production of baseballs is currently at an inefficient level, and to reach efficiency less should be produced.- ○ The production of baseballs is currently at an inefficient level, and to reach efficiency more should be produced.- ○ From the data given it is impossible to tell if baseballs are being produced at the efficient level.---*The optimal allocation of resources would result in the production of ___________ baseballs.*---In this section, you can fill in the blanks with the appropriate data to understand whether the current level of production—given as 20 million baseballs—is efficient or not. The data would allow an analysis of whether more or fewer baseballs should be produced to reach an efficient allocation of resources in the market. Select the correct statements based on the given sales data and the optimal production levels to apply the concepts of efficiency in production economics. The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in an economy.### Graph Description:- **Y-axis:** PRICE (Dollars per baseball), ranging from 0 to 18.- **X-axis:** QUANTITY (Millions of baseballs per year), ranging from 0 to 60.- **Marginal Cost Curve:** Represented by a positively sloped orange line (MC), starting from the origin (0,0) and increasing linearly.- **Marginal Benefit Curve:** Represented by a negatively sloped blue line (MB), starting from a high point on the y-axis and decreasing linearly towards the right.### Equilibrium Point:- The intersection point of the Marginal Cost and Marginal Benefit curves, marked with dashed black lines, indicates the efficient level of production where MB equals MC.- This intersection occurs at a PRICE of $10 per baseball and a QUANTITY of 30 million baseballs per year.### Question for Students:- If 50 million baseballs are sold, ________, which means that: - The production of baseballs is currently at an inefficient level, and to reach efficiency more should be produced. - The production of baseballs is currently at an inefficient level, and to reach efficiency less should be produced. - From the data given it is impossible to tell if baseballs are being produced at the efficient level. - The production of baseballs is currently at the efficient level.Students should use the graph and the intersection point information to determine if the production quantity of 50 million baseballs per year is efficient or requires adjustment to reach efficiency.

The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in an economy. 18 Marginal Cost 15 12 Marginal Benefit 05 10 15 20 25 30 35 40 45 50 55 60 QUANTITY (Millions of baseballs per year) IF 50 million baseballs are sold, which means that: The production of baseballs is currently at an inefficient level, and to reach efficiency more should be produced. The production of baseballs is currently at an inefficient level, and to reach efficiency less should be produced. From the data given it is impossible to tell if baseballs are being produced at the efficient level. The production of baseballs is currently at the efficient level. PRICE (Dollars per baseball)

The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in an economy. 18 Marginal Cost 15 12 Marginal Benefit 05 10 15 20 25 30 35 40 45 50 55 60 QUANTITY (Millions of baseballs per year) IF 50 million baseballs are sold, which means that: The production of baseballs is currently at an inefficient level, and to reach efficiency more should be produced. The production of baseballs is currently at an inefficient level, and to reach efficiency less should be produced. From the data given it is impossible to tell if baseballs are being produced at the efficient level. The production of baseballs is currently at the efficient level. PRICE (Dollars per baseball)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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