What is allocative efficiency and how does it relate to the PPC

Q: In the economy of Libro, when 7 million yoga mats are produced each year, the citizens of Libro are…

A: The increased pleasure derived from completing an additional unit of an activity is known as a…

Q: Ben says that "An increase in the tax on beer will raise its price." Holly argues that "Taxes should…

A: There are two types of statements - positive and negative. A positive statement is based on facts…

Q: Leeds Bradford airport is being expanded and this will reduce the effective price of flights for…

A: Price: It refers to the cost of goods and services at which goods and services are available in the…

Q: differences between goods and services?? for economics

A: In economics, products and services are sometimes used interchangeably. Customers are supplied these…

Q: In this figure, which point represents social equilibrium? A) C B A B

A: The unforeseen repercussions or side effects of economic activity that have an impact on parties not…

Q: Why do problems related to allocation of resources in an economy arise?. Explain.

A: The process of choosing how to divide limited resources, such as land, labor, capital, and natural…

Q: 1.Explain the relationship between PPF and supply curve?

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Discuss the concept of Economic Goods.

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

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: Problem statement: → The line labeled D, in the graph to the right shows the number of cups of…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: Discuss a way that your family interacts in the factor market and a way that it interacts in the…

A: A market is a place or system where the buyers and sellers interact with each other, they buy and…

Q: hat is the impact of covid 19 on socioeconomic

A: It can be defined as the concept which helps to examine the social and economic factors that are…

Q: Discuss ONE idea from the course so far that you find most interesting and actually useful in real…

A: Microeconomics is the study of principles of economics that apply to the behavior of individuals…

Q: Brinley says that "gas prices are rising because there aren't enough oil refineries." argues that…

A: Demand is the desire of an individual ability and willingness to pay for a product. The demand is…

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: I don't understand how to draw a production possibilities frontier.

A: The production possibility frontier (PPF) shows the combinations of output that the economy can…

Q: Tim and Alyssa are farmers. Each one owns a 20-acre plot of land. The following table shows the…

A: Given,   Alfalfa Barley   (Bushels per acre) Tim 20 4 Alyssa 28 7

Q: What is PPP, and why is it useful?

A: PPP refers to purchasing power parity.

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

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

Q: The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in…

A: The graph shows the Marginal Benefit (MB) and Marginal Cost (MC) curves for baseballs in an economy.

Q: Hello, I would like help in this graph. Thanks

A: The PPF can be illustrating as follows:

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: Japanese fans of cake, buttered toast and Hollandaise sauce may need to start hoarding soon. The…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this…

A: First of all, aluminum is significantly more tough than plastic, it can withstand longer-term use…

Q: i am needing some help with the last part of this problem (the part underneath the header "trade").…

A:

Q: In Mark Skousen’s article, “What is Economics, Anyway?,” he bemoans the apparent fact that the…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: In this market, the equilibrium price is s per box, and the equilibrium quantity of oranges is…

A: At the equilibrium point, the demand and supply curves intersect each other.  In this market, the…

Q: has an absolute advantage in the production of alfalfa, and has an absolute advantage in the…

A: Production possibility frontier shows the combination of two goods that can be produced with the…

Q: Suppose that there has been a dramatic decrease in demand for “regular meat”. In fact, consumers…

A: Market equilibrium is a state in which the quantity of a good or service supplied is equal to the…

Q: BASKETS 30 25 20 15 O 10 5 0 0 + 1 2 3 4 TEA TOWELS 5 6 7 8 o Initial PPF A New PPF Suppose Crystal…

A: Opportunity cost is the cost of producing good in terms of other good.  Opportunity cost shows the…

Q: Explain the main difference between microeconomics and macroeconomic

A: Economics is split into 2 categories: microeconomics and macroeconomics. microeconomics could be a…

Q: 1.Explain the relationship between PPF and supply curve? 2.A recent news report suggested that…

A: PPF refers to the production possibility frontier which shows the best combination of two goods that…

Q: se a microeconomic model to explain how the market price and quantity would be affected by an…

A: The equilibrium price occurs where the demand and supply are equal. The change in the either demand…

Q: What is efficiency in economics?

A: Economics refers the transactions of various products goods and their services, thus these goods and…

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.