Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 2, Problem 6WNG
To determine
Explain which point is unattainable.
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How do choices end up determining what, how, and for whom goods and services are
produced? Graphically explain efficient, inefficient, attainable and unattainable points
in PPF.
need help with drawing a PPF/equilibrium graph for this question.
(a) If PPF₂ in the graph that follows is the relevant PPF, then which points are unattainable? Explain your answer.
(b) If PPF₁ in the preceding figure is the relevant PPF, then which point(s) represent productive efficiency? Explain your answer.
Chapter 2 Solutions
Microeconomics
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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- based on the image and the PPF is point b efficient? why?arrow_forwardUse the PPF to answer the following question: 1. Can we determine if Point F is allocatively efficient?arrow_forwardSuppose an economy uses two resouces (labor and capital) to produce two goods (wheat and cloth). Capital is relatively more useful in producing cloth, and labor is relatively more useful in producing wheat. If the supply of capital falls by 10 persent and the supply of labor increases by 10 percent, how will the PPF for wheat and cloth change?arrow_forward
- A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals. 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_forward( a) why is the slop of PPF downward? (b) why does the PPF look concave to the origin? (c) What is positive economic analysis?arrow_forwardAlex Selkirk's PPF is given below. The outputs represent what he can catch, or produce, in any given day. What is his opportunity cost of catching one Goat? Group of answer choices (5/9) Fish (9/5) Goats (5/9) Goats (9/5) Fish not enough information to answer the questionarrow_forward
- explain one factor which cause PPF curve shift to the rightarrow_forwardThe nation passes a law requiring all employers to give the employees 16 weeks of paid vacation each year. Prior to this law employer were not legally required to give employees any paid vacation time. 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_forwardQ1. What is the difference between Straight line PPF and bowed outward PPF?arrow_forward
- The accompanying graph contains the production. possibilities frontier (PPF) for Rubberland. Rubberland only makes two products, rubber band balls and rubber hoses, and on a given day can produce according to the PPF in the graph. Point A on the PPF represents the combination of the two goods Rubberland currently produces. When a new method of rubber processing is discovered, the productivity of all Rubberland's inputs increases. Please shift the PPF to show this change. Assume that Rubberland does not make more rubber band balls than they originally made at point A but still maximize their productive capabilities. Move point A to their new production point. How many more rubber hoses do they now produce per day than before? 20 more hoses per day Quantity of rubber band balls Incorrect 200 180 160 140 120 100 80 60 40 20 0 0 Rubberland's Production Possibilities 10 20 30 40 50 60 Quantity of rubber hoses PPF 70 80 90 100arrow_forwardWhat is meant by produce outside ppf and produce inside ppfarrow_forwardJack has 4 hours of free time (leisure) per day. Jack has two leisure activities (hobbies) – reading books and watching movies. Apply the PPF model to study and analyze how Jack can allocate his free time. Use the PPF model to explain the concept of scarcity and opportunity cost in this case. Your answer should include a well labeled diagram.arrow_forward
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