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- Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?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.Why is it inefficient for an economy to be inside the production possibilities frontier?
- Q. 4 The goal of this assignment is to think about the Productions Possibilities Frontier model and use it to describe a trade-off that you personally have experienced. You will have to identify two simultaneously produced economic outputs (goods, services, benefits, etc.) and the relationship between them. You will need to draw a graph and give information about the graph you made. Each point on the graph is a unique production point representing an amount of health care and military (H and M). We know that the set of production points possible is limited, given our limited resources in society. We can't have infinite amounts of H and M, so naturally, our representation of a productive economy must have a boundary where we have reached our productive capacity.Consider the production possibilities frontier (PPF) that shows the trade-off between the production of cotton and the production of soybeans depicted in the figure to the right. Use the three-point curved line drawing tool to show the effect that improved fertilizers would have on the initial production possibilities frontier by drawing a new production possibilities frontier. Properly label this curve. Carefully follow the instructions above, and only draw the required objects. FRAND). Draw a Production Possibilities Frontier for two goods: airplanes and soybeans. Choose the combination of output you prefer and, accordingly, the slope of your preference. Show three different points on the graph that represent an inefficient, an efficient, and a not feasible outcomes, respectively. E). Define positive and normative statements. Give examples.
- The production possibilities frontier (PPF) is a simplified economic model that illustrates the different combinations of two products that an economy can produce given the resources it has available. Assume the country of Turkey can produce only apples or oranges and answer each of the following questions A if a flood destroyed 20% of the farmland used to grow apples and oranges, which direction will Turkey's PPF shift /your answer should be "outwards" or "inwards") and why? B. Turkey decides to begin increasing, the production of oranges. Explain the implications of this using the term "opportunity cost" C An advancement in organic pesticide has allowed for less fruit to be damaged by pests. Explain how this change would alter the PPF.Explain what is illustrated by the production possibilities frontier. Also, why is a production possibilities frontier typically drawn as a curve, rather than a straight line?Using the graph of a production possibilities frontier (PPF) below, please answer the questions that follow. a.) Which point demonstrates productive efficiency? b.) At which point on the graph is it possible to produce more tangerines without reducing the quantity of bananas that are also produced?
- Suppose a production possibilities frontier includes the following combinations: Cars Washing Machines 0 1,000 100 600 200 0 What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced? What do your answers tell you about opportunity costs?Can you confirm that I am correct with these positive and normative statements: Positive statement: When oil production slows in Texas, employment and tax revenues decline, and budget cuts at the state and local levels often follow. (Craymer has estimated that the state loses $85 million per year for every $1 decrease in oil prices.) Normative statement:If Russia agrees to production cuts and COVID-19 goes dormant in the hot summer months, as some experts expect, Texas’ coffers will have time to recover before lawmakers convene in 2021 to write a new budget. Or would this be a normative statement:Experts said Texas is better positioned to handle an oil price collapse today thanks to a diversified economy. The last collapse in oil prices, in 2014, also forced the industry to cut costs and otherwise become more efficient. But University of Texas at Austin energy resources professor Michael Webber said COVID-19 throws an unprecedented economic variable into the mix.