Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 2.1, Problem 6RQ
To determine
Identify the relationship between
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based on the image and the PPF is point b efficient? why?
Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley.
You can allocate however much land you want to each crop.
Draw a Production Possibilities Frontier depicting this situation.
Explain what a Production Possibilities Frontier is and what the diagram represents, including
what points on, below and above the PPF represent.
Explain why the PPF that you have drawn has the shape that it does.
Is it possible to use just the PPF to find the best allocation for the crops? Explain.
( a) why is the slop of PPF downward?
(b) why does the PPF look concave to the origin?
(c) What is positive economic analysis?
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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- Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley. You can allocate however much land you want to each crop. a. Draw a Production Possibilities Frontier depicting this situation. b. Explain what a Production Possibilities Frontier is and what the diagram represents, including what points on, below and above the PPF represent. c. Explain why the PPF that you have drawn has the shape that it does. d. Is it possible to use just the PPF to find the best allocation for the crops? Explain.arrow_forwarda. What is the opportunity cost of producing the first smartphone (point a to b) in terms of the number of hotdogs sacrificed? The cost of the second smartphone (point b to c)? The cost of the third smartphone (point c to d)? b. Explain why PPF is a straight line and why sometimes it is bow-shaped? c. In what ways is your standard of living different from that of your parents or grandparents when they were your age? Why have these changes occurred?arrow_forwardSuppose a production possibilities frontier includes the following combinations: Cars Washing Machines 0 1,000 100 600 200 0 Graph the PPF, assuming that it has no curved segments. What is the cost of producing an additional car when 50 cars are being produced? What is the cost of producing an additional car when 150 cars are being produced? What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced? What do your answers tell you about opportunity costs?arrow_forward
- Jack 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. Please use word file for annwer write and step by read and answer. please sir.arrow_forwardLook at the following production possibilities curve and answer the question. How would you interpret the movement of PPF from PP1 to PP2? Fax Machines 0 A B E O C Photocopiers PP1 PP2 ?arrow_forwardAGE Homework (Ch 03) 2. Comparative and absolute advantage Elijah and Aneesha are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Elijah Aneesha Maize (Pounds per acre) 28 18 Search this cou Squash (Pounds per acre) 7 6arrow_forward
- Assume you have a production possibilities frontier (PPF) bowed out from the origin with healthcare on the Y axis and education on the X axis. What does the PPF represent? How is opportunity cost demonstrated using the PPF?arrow_forwardQ.20 What will be the shape of PPC when marginal opportunity cost is increasing? (a) Concave to the origin (c) Upward sloping (b) Convex to the origin (d) both (a) and (c) (b)arrow_forward
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