Principles Of Microeconomics
7th Edition
ISBN: 9781260111088
Author: Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 4P
(a)
To determine
Draw Helen’s
(b)
To determine
The attainable points in Figure 1.
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Students have asked these similar questions
Amanda and Raj are both students working part-time at an insurance company. Amanda can work
only 5 hours a day. Her manager informs her that she needs to review 250 documents and
process 250 insurance claims in the next 10 days. Amanda can either review 30 documents in 1
hour or process 5 insurance claims.
1.) Using the line drawing tool, draw a production possibilities curve for Amanda that represents a
day of work. Label your curve 'Amanda.'
Carefully follow the instructions above and only draw the required object.
The slope of the curve is. (Round your response to two decimal places.)
Her opportunity cost of reviewing one document is claim(s). (Round your response to two
decimal places.)
Number of claims per day
30-
15-
Production Possibilities Curve
0+
0 15 30 45 60 75 90 105120135150165180195210225
Number of documents per day
ANSELMECESSARAS
What does a production possibilities graph show in economics?
how many items can be produced in a specific amount of time
possible production costs
one's final choice
one's top two choices when making a decision
Define the four ecconomic resources (the factor of production).How are they Relevant to the production possibilities curve?
Chapter 2 Solutions
Principles Of Microeconomics
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Similar questions
- c. Graphically illustrate a production possibilities curve for books and ice cream.arrow_forwardConsider the graph. Suppose the economy is currently at a point E on the production possibilities curve producing a units of services and b units of goods. After technological development raises the maximum amount of goods that can be produced by the economy, the economy moves to point E', producing a' and b' units of services and goods respectively. Which of the following situation is possible? Select all that apply. a. At E', a' = a and b' > b b. At E', a' > a and b' = b c. At E', a' > a and b' > b d. At E', a' < a and b' > b e. At E', a' < a and b' < barrow_forwardExplain how (if at all) each of the following events affects the location of a country’s production possibilities curve:a. The quality of education increases.b. The number of unemployed workers increases.c. A new technique improves the effifi ciency of extracting copper from ore.d. A devastating earthquake destroys numerous production facilities.arrow_forward
- Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibilities curve to depict this (which "good" should be placed on each axis) and why your curve would have a particular shape.arrow_forwardTools 4. Shifts in production possibilities Suppose the fictional country of Yosemite produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rice, an agricultural good, and axles, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of axles. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. AXLES (Thousands) 420 350 280 210 140 70 0 PPF 80 120 160 RICE (Millions of bushels) 200 240 PPFarrow_forwardOne of the proposals that arose in a previous year's federal budget plan was to reduce the amount of money that people could set aside in their tax-extempt 401k savings plans.How would this proposal affect the economy's production possibilities frontier?use a graph to illustrate your answer.arrow_forward
- could someone draw a graph on paper please? a. Using one of the graphing tools described in the directions, plot the Production Possibilities Curve for Teavana. b. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 47 Jade Citrus Mint Tea and 35 Spiced Apple Cider. Label this point F. What term best describes this point? c. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 16 Jade Citrus Mint Tea and 20 Spiced Apple Cider. Label this point G. What term best describes this point?arrow_forward5Look at the following production possibilities curve illustrating the possibilities in Sluggerville for producing bats and/or peanuts with the existing level of resources and technology. (a) Show a point U that would indicate unemployed resources in Sluggerville. (b) Draw a new curve B that illustrates the results of improved technology in the production of bats, but no change in the production efficiency of peanuts. (c) Show a point G that would indicate a point that is currently unattainable in the production of peanuts and bats in Sluggerville. Peanuts (metric tons) (s000'00L) siegarrow_forwardGiven that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on an acre, while Simon has 10 acres and can grow 20 bales of hay or 35 bushels of corn per acre. I am trying to come up with the equations to find out the maximum amount of produce they can jointly produce.arrow_forward
- c. Suppose a small country produces only food and clothing. An earthquake destroys many of the clothing factories, but the ability to produce food is unaffected. Use the 3-point-curve drawing tool to draw a new production possibilities boundary on the graph on the right, labeled c, reflecting the change in the clothing factories. Properly label this line. Place end points one on horizontal and one on vertical axes. Carefully follow the instructions above, and only draw the required objects. Tonnes of Clothing Per Year PPBO Tonnes of Food Per Yeararrow_forwardMary enjoys spending her free time with her friends at the mall and solving problems from her microeconomics text. She has 16 hours per week of free time. Diagram Mary's time constraint. If 3/4 1(F where F is her time spent with friends at the mall and P is 3(P)/4 MUF = 4F and MUp = 4 P her time spent working problems, how much time should Mary spend at each activity?arrow_forwardWhich of the following statements about the production possibilities curve is the most accurate? OIt is a curve that shows the quantity of output that will be offered for sale at various prices. It is a graph that shows the various combinations of output it is possible for an economy to produce given its available resources and technology. It is a graph that shows the combinations of output that are most profitable to produce. It is a graph that shows the various combinations of resources that can be used to produce a given level of output.arrow_forward
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