Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 2.1, Problem 2RQ
To determine
Identify the role of
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The figure shows the production possibilities frontier for Mario's, a pizza and pasta producer.
Draw a point at which the firm achieves production efficiency. Label it Efficient.
Draw a point that is attainable but inefficient. Label it Inefficient.
...
What does it mean to say that production is inefficient?
When production is inefficient,
OA. all resources are assigned to tasks for which theyare the best match
OB. there is a tradeoff betweenpizza and pasta
OC. the firm can produce more pastaonly by producing lesspizza
D. the firm can produce more pastawithout producinglesspizza
100-
90-
80-
70-
60-
50-
40-
30-
Pasta dishes (per hour)
20-
10-
0-
2
0
PPF
10
12
5
4
6
8
Pizzas (per hour)
>>> Draw only the objects specified in the question.
what is scarcity?
what is coumpound product?
what is demand
what is supply?
Why is it inefficient for an economy to be inside the production possibilities frontier?
Chapter 2 Solutions
Macroeconomics
Ch. 2.1 - Prob. 1RQCh. 2.1 - Prob. 2RQCh. 2.1 - Prob. 3RQCh. 2.1 - Prob. 4RQCh. 2.1 - Prob. 5RQCh. 2.1 - Prob. 6RQCh. 2.2 - Prob. 1RQCh. 2.2 - Prob. 2RQCh. 2.2 - Prob. 3RQCh. 2.2 - Prob. 4RQ
Ch. 2.2 - Prob. 5RQCh. 2.3 - Prob. 1RQCh. 2.3 - Prob. 2RQCh. 2.3 - Prob. 3RQCh. 2.3 - Prob. 4RQCh. 2.3 - Prob. 5RQCh. 2.3 - Prob. 6RQCh. 2.3 - Prob. 7RQCh. 2.4 - Prob. 1RQCh. 2.4 - Prob. 2RQCh. 2.4 - Prob. 3RQCh. 2.4 - Prob. 4RQCh. 2.4 - Prob. 5RQCh. 2.4 - Prob. 6RQCh. 2.4 - Prob. 7RQCh. 2.5 - Prob. 1RQCh. 2.5 - Prob. 2RQCh. 2.5 - Prob. 3RQCh. 2 - Prob. 1SPACh. 2 - Prob. 2SPACh. 2 - Prob. 3SPACh. 2 - Prob. 4SPACh. 2 - Prob. 5SPACh. 2 - Prob. 6SPACh. 2 - Prob. 7SPACh. 2 - Prob. 8SPACh. 2 - Prob. 9SPACh. 2 - Prob. 10SPACh. 2 - Prob. 11APACh. 2 - Prob. 12APACh. 2 - Prob. 13APACh. 2 - Prob. 14APACh. 2 - Prob. 15APACh. 2 - Prob. 16APACh. 2 - Prob. 17APACh. 2 - Prob. 18APACh. 2 - Prob. 19APACh. 2 - Prob. 20APACh. 2 - Prob. 21APACh. 2 - Prob. 22APACh. 2 - Prob. 23APACh. 2 - Prob. 24APACh. 2 - Prob. 25APA
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Similar questions
- What is the difference between the Budget Constraint and Production Possibilities Frontier? How do you calculate the Opportunity Cost under each one?arrow_forwardExplain why societies cannot make a choice above their production possibilities frontier with own resources and should not make a choice below it.arrow_forwardWhat are diminishing marginal returns?arrow_forward
- EM.35 Which of the following is most likely to happen as an economy moves along a production possibility frontier producing more services and fewer goods? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a marginal costs of producing more services will rise, but allocative efficiency may increase. b marginal costs of producing more services will decrease, but allocative efficiency may increase. c marginal costs of producing more services will rise and allocative efficiency will decrease as a result. d marginal costs of producing more services will decrease and the allocative efficiency will increase as a result.arrow_forwardWhere does allocative efficiency occur? where the price of a good is equal to the marginal cost of producing it where the greatest quantity of output is available for sale 1S where the price of a good is greater than the marginal cost of producing it O where the price of a good is less than the marginal cost of producing itarrow_forwardI don't understand how to draw a production possibilities frontier.arrow_forward
- What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?arrow_forwardPoint A B C D E Production chocolate bars 0 10 20 30 40 Production cans of cola 100 90 70 40 0 The above table shows production points on Sweet - Tooth Land's production possibilities frontier. Which of the following is an example of a point that is inefficient? A. 0 chocolate bars and 100 cans of cola OB. 38 chocolate bars and 0 cans of cola OC. 32 chocolate bars and 40 cans of cola OD. 20 chocolate bars and 80 cans of cola MEEDIarrow_forwardWhich of the following is not illustrated by a production possibility frontier (PPF)? Select one: a. the equilibrium price b. scarcity O c. productive efficiency d. necessity for choice e. opportunity costarrow_forward
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