Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 2.1, Problem 2Q
To determine
The shape of the
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Which of the following would cause an outward shift of the production possibilities frontier?
Why is the production possibility curve also called as the opportunity cost curve
2) Write a clearly normative economic statement referring to comparative advantage.Explain why is it a normative statement.
Chapter 2 Solutions
Microeconomics
Ch. 2.1 - Prob. 1QCh. 2.1 - Prob. 2QCh. 2.1 - Prob. 3QCh. 2.1 - Prob. 4QCh. 2.1 - Prob. 5QCh. 2.1 - Prob. 6QCh. 2.1 - Prob. 7QCh. 2.1 - Prob. 8QCh. 2.1 - Prob. 9QCh. 2.1 - Prob. 10Q
Ch. 2.A - Prob. 1QECh. 2.A - Prob. 2QECh. 2.A - Prob. 3QECh. 2.A - Prob. 4QECh. 2.A - Prob. 5QECh. 2.A - Prob. 6QECh. 2.A - Prob. 7QECh. 2.A - Prob. 8QECh. 2 - Prob. 1QECh. 2 - Prob. 2QECh. 2 - Prob. 3QECh. 2 - Prob. 4QECh. 2 - Prob. 5QECh. 2 - Prob. 6QECh. 2 - Prob. 7QECh. 2 - Prob. 8QECh. 2 - Prob. 9QECh. 2 - Prob. 10QECh. 2 - Prob. 11QECh. 2 - Prob. 12QECh. 2 - Prob. 1QAPCh. 2 - Prob. 2QAPCh. 2 - Prob. 3QAPCh. 2 - Prob. 4QAPCh. 2 - Prob. 5QAPCh. 2 - Prob. 1IPCh. 2 - Prob. 2IPCh. 2 - Prob. 3IPCh. 2 - Prob. 4IPCh. 2 - Prob. 5IPCh. 2 - Prob. 6IP
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Similar questions
- Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?arrow_forwardDuring the second world war, Germany's factories were decimated. It also suffered many human casulaities, both soldiers and civilians. How did the war affect Germany's production possibility curve?arrow_forwardIf the production possibilities frontier curve is linear and downward-sloping instead of bowed out, that indicatesarrow_forward
- Suppose the fictional country of Katmai produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and microprocessors, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. 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. MICROPROCESSORS (Thousands) 180 150 120 90 60 30 30 o 70 770 140 PPF 210 280 350 420 MILLET (Millions of bushels) PPFarrow_forwardWhy is the Production Possibility Curve (PPC) or Production Possibility Frontier (PPF) concave? What does increasing opportunity costs mean? When we increase production, why does it seem that we have to sacrifice more and more resources?arrow_forwardWith an example, use a production possibility frontier as a straight line, assume that the country has two factors of production, L and K. The payments to the factors are: w = wages (labor) r = rent (capital) Calculate: i) The total cost of production ii) The value of the slopearrow_forward
- The production possibilities frontier (PPF) is a simplified economic model that illustrates the different combinations of two products that an economy can produce given the resources it has available. Assume the country of Turkey can produce only apples or oranges and answer each of the following questions A if a flood destroyed 20% of the farmland used to grow apples and oranges, which direction will Turkey's PPF shift /your answer should be "outwards" or "inwards") and why? B. Turkey decides to begin increasing, the production of oranges. Explain the implications of this using the term "opportunity cost" C An advancement in organic pesticide has allowed for less fruit to be damaged by pests. Explain how this change would alter the PPF.arrow_forwardHow might a consensus on economic goals impact the creation of economic policy? How might a lack of consensus on economic goals impact the creation of economic policy?arrow_forwardPlease help me explain how the economic concept of scarcity links production possibilities curves and comparative advantage. Explain how scarcity is the common foundation for PPCs and comparative advarrow_forward
- Based on the production possibility frontier below, what is the opportunity cost of producing the first 6 TVs (the answer will be in number of cars)(only enter the number)? (The number in the table represent daily production in thousands of units) Cars; 0, 1, 2, 3, 4, 5 TVs: 20, 18, 15, 11, 6, 0arrow_forwardSolve it on paper!arrow_forwardwhat happens when we move between two efficient points in a production possibility curve?arrow_forward
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