Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 2, Problem 5WNG
To determine
Explain which graph depicts the change in
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In 50 words, tell the reason why PPF do not bow inward.
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What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer.
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PPF shifts outwards
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Chapter 2 Solutions
Economics (MindTap Course List)
Ch. 2.1 - Prob. 1STCh. 2.1 - Prob. 2STCh. 2.1 - Prob. 3STCh. 2.1 - Prob. 4STCh. 2 - Prob. 1QPCh. 2 - Prob. 2QPCh. 2 - Prob. 3QPCh. 2 - Prob. 4QPCh. 2 - Prob. 5QPCh. 2 - Prob. 6QP
Ch. 2 - Prob. 7QPCh. 2 - Prob. 8QPCh. 2 - Prob. 9QPCh. 2 - Prob. 10QPCh. 2 - Prob. 11QPCh. 2 - Prob. 12QPCh. 2 - Prob. 13QPCh. 2 - Prob. 1WNGCh. 2 - Prob. 2WNGCh. 2 - Prob. 3WNGCh. 2 - Prob. 4WNGCh. 2 - Prob. 5WNGCh. 2 - Prob. 6WNGCh. 2 - Prob. 7WNGCh. 2 - Prob. 8WNGCh. 2 - Prob. 9WNGCh. 2 - Prob. 10WNGCh. 2 - Prob. 11WNGCh. 2 - Prob. 12WNG
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- A technological innovation allows the nation to efficiently convert solar energy into electricity What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer. What happens to the PPF? Explain. Choose: PPF shifts outwards Produce inside PPF Produce outside PPF Increased production given resources Increase in resources PPF shifts inwards Unused Resourcesarrow_forwardBetween a straight line PPF and concave PPF, which one is more realistic? Why? Explain with example and graph.arrow_forwardHello, can you help me explain this? Within the PPF framework, explain each of the following: (a) a disagreement between a person who favors more domestic welfare spending and one who favors more national defense spending; (b) an increase in the population; and (c) a technological change that makes resources less specialized.arrow_forward
- A PPF bows outward because?arrow_forwardHubert and Kate are farmers, each one owns a 12 acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer choose whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn (Bushels per acre) Rye (Bushels per acre) Hubert 12 3 Kate 15 5 (a) Plot the PPF curve for Hubert and kate (b) What is Hubert’s opportunity cost of producing 1 bushel of rye? (c) What is the Kate’s opportunity cost of producing 1 bushel of rye?arrow_forwardConsider an economy which uses all its resources to produce national security and consumer goods. Draw a PPF for this economy. Is the PPF convex and concave? Explainarrow_forward
- what accounts for the shape of the PPC? In other words, what is it about the relationship between catching and gathering mangos that explains the shapearrow_forwardThe following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and steel. The black points (plus symbols) represent three possible output levels in a given month. Point A is at (500, 12); B is at (420, 16) and C is at (300, 20). CLOTHING (Millions of pieces) 32 28 24 20 16 12 8 V 0 PPF 100 200 15 B+ +> 300 400 500 STEEL (Millions of tons) 600 700 800 Suppose the economy initially produces 12 million pieces of clothing and 500 million tons of steel, which is represented by point A. The opportunity cost of producing an additional 4 million pieces of clothing (that is, moving production to point B) is [Select] tons of steel. Suppose, instead, that the economy currently produces 420 million tons of steel and 16 million pieces of clothing, which is represented by point B. Now the opportunity cost of producing an additional 4 million pieces of clothing (that is, moving to point C) is [Select] tons of steel. Comparing your answers in the two…arrow_forwardConstruct a PPC curvearrow_forward
- What would it take for a point beyond the PPF to ultimately become attainable? Name an important assumption associated with the PPF. Why are models such as the PPF which require broad assumptions used in economics? Economics - Need details Thank Youarrow_forwardA point which lies under the PPF curve represents what kind of combination of goods?arrow_forwardWhat does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoesarrow_forward
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