ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- What is
allocative efficiency and how does it relate to the PPC? Explain and represent this phenomenon on a graph on the market for shoe.
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Production Possibility Curve (PPC)
Production Possibility Curve or PPC represents all the combinations of two goods which can be produced in a economy by using the given resources. It relates to the distribution of goods in an optimal manner.
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- i am needing some help with the last part of this problem (the part underneath the header "trade"). i filled out the table with what i got so hopefully it is correct..arrow_forwardElijah and Aneesha are farmers. Each one owns a 16-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Maize Squash (Pounds per acre) (Pounds per acre) Elijah 6 6 Aneesha 20 5 On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. Elijah's PPFAneesha's PPF0801602403204004805606407208001601441281129680644832160SQUASH (Pounds)MAIZE (Pounds)160, 16Y-Intercept: 96X-Intercept: NoneSlope: 0 Aneesha has an absolute advantage in the production of maize, andElijah has an absolute advantage in the production of squash. Elijah's opportunity cost of producing 1 pound of squash is pounds of maize, whereas…arrow_forwardWhat is economics and why is it a relevant subject?arrow_forward
- i need with this one.arrow_forward45 PPF2 i of PPF1 Quantity of Tacos Which of the following most likely caused the shift from PPF1 to PPF2 shown in the diagram? Select one: a. An increase in resources. b. Better technology for both tacos and sushi. C. Better sushi technology. d. Better taco technology. Quantity of Sushiarrow_forwardCrystal is a talented artist who sells hand-crafted goods on her website. Crystal currently crafts and sells both tea towels and baskets. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. BASKETS Choice (Tea towels) A B C D E 30 25 20 15 10 5 Hours Crafting 0 0 8 6 4 2 0 On the following graph, use the blue points (circle symbol) to plot Crystal's initial production possibilities frontier (PPF). 2 (Baskets) (Tea towels) 0 2 4 6 8 3 4 TEA TOWELS 5 4 3 6 2 1 0 Produced 7 (Baskets) 0 10 16 19 8 20 Initial PPF New PPFarrow_forward
- Use the PPF to answer the following questions: D. Hard drives A 525 E. 450 400 350 300 250 200 150 100 50 5 10 15 20 25 30 35 40 45 50 Sweaters (thousands)arrow_forwardplease answer using a supply and demand graph to demonstartearrow_forwardWhat is a market and effective demand in a market?arrow_forward
- Identify which arrow on the diagram corresponds to each example. A Markets for C goods and services B Firms Households E Markets for factors of production F DELarrow_forwardMitchell and Scott can produce either apples or oranges. The table lists the maximum number of each that they can produce per day. Apples Oranges Mitchell 6 30 Scott 12 24 Which of the following combinations of goods is it possible for Mitchell and Scott to consume if they can trade apples and oranges on the world market at a price of $6/kg for apples and $1/kg for oranges? 15kg of apples and 18kg of oranges 15kg of apples and 20kg of oranges 10kg of apples and 50kg of oranges Okg of apples and 108kg of orangesarrow_forwardThe following graph shows the market for orange juice. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in the grey field will change accordingly. PRICE (Dollars per gallon) 12 Graph Input Tool ? Price 2 (Dollars per gallon) Supply 10 Quantity 112 Quantity supplied demanded (Millions of gallons) 22 22 (Millions of gallons) 00 Surplus 0 (Millions of gallons) Shortage (Millions of gallons) 00 90 + Demand 0 0 15 30 45 60 75 90 105 QUANTITY (Millions of gallons) 120 135 The market price of orange juice without government intervention is $ per gallon. Consider legislation that doesn't allow the price of orange juice to be below $9 per gallon and stipulates that the government buy any surplus orange juice produced at that price. In order to raise the price to $9 per gallon, the government would need to buy million gallons of…arrow_forward
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