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Drawing a production possibilities frontier (PPF)   Instructions:   Consider an economy than only produces two goods - Blueberries and Batteries.     Step 1: Draw a production possibilities frontier (PPF) for this economy. Label blueberries on the vertical axis and batteries on the horizontal axis. Label one point that is "efficient", one point that is "inefficient", and one point that is "unattainable".   Step 2. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a technological change that increased the production of batteries only. (Hint: The intercept for blueberries will not change.) Clearly label the new PPF.   Step 3. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a drought that destroyed some of the blueberry harvest. (Hint: The intercept for batteries will not change.) Clearly label the new…

Consider an economy that produces two goods: X and Y. The following two graphs (A and B) each depict a scenario where the economy starts on the green production possibilities frontier (PPF 1). Each scenario depicts a shift from the first PPF to the second PPF in blue (PPF 2). Use the graphs to answer the question that follows. Graph A PPF PPF 1 2 Graph B ? Y Which graph depicts a technological breakthrough in the production of good Y only? ○ Graph A ○ Graph B PPF2 PPF 1 ?

Consider an economy than only produces two goods - Blueberries and Batteries. Step 1: Draw a production possibilities frontier (PPF) for this economy. Label blueberries on the vertical axis and batteries on the horizontal axis. Label one point that is "efficient", one point that is "inefficient", and one point that is "unattainable". Step 2. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a technological change that increased the production of batteries only. (Hint: The intercept for blueberries will not change.) Clearly label the new PPF. Step 3. Draw another PPF of the economy with the axes labeled. Grab another color pen/pencil/highlighter and show how the PPF would change if there was a drought that destroyed some of the blueberry harvest. (Hint: The intercept for batteries will not change.) Clearly label the new PPF. Step 4: Draw another PPF of the economy with the axes labeled. Grab…

Consider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have 10 hours of time available. They can use thier their time to do one of 2 things: make pancakes or make hamburgers. Bob can make 2 hamburgers in an hour or 1 pancake in an hour. Jake can make 3 pancakes in an hour and 2 hamburgers in an hour. Use this information to answer the following questions:  a) Who has absolute advantage in the production of hamburgers? Who has absolute advantage in the production of pancakes? b) Who has comparative advantage in the production of hamburgers? Who has comparative advantage in the production of pancakes? c) Can Bob and Jake both benefit from trade if the terms of trade are one pancake per hamburger? Why or why not?

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Consider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have 10 hours of time available. They can use their time to do one of 2 things: make pancakes or make hamburgers. Bob can make 2 hamburgers in an hour or 1 pancake in an hour. Jake can make 3 pancakes in an hour and 2 hamburgers in an hour. Use this information to answer the following question:  Who has absolute advantage in the production of hamburgers and who has absolute advantage in the production of pancakes?

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A ng.cengage.com + Welcome to Johnston Community College Bb Support Materials and Text Chapters Two and Three - .. * MindTap - Cengage Learning >> CENGAGE MINDTAP Q Search this course Homework (Ch 02) 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. A-Z Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. 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. (?) 360 300 PPF 240 180 At 120 60 PPF 10 20 30 40 50 60 WHEAT (Millions of bushels) O 9 2 9 O E…

A production possibilities curve (PPC) represents the maximum amount of two goods or services produced by manufacturers in an economy. Draw a correctly labeled PPC for U.S. production of consumer and capital goods. 2. Policymakers enact an investment tax credit for firms that finance technological research and development. Assuming producers of both consumer and capital goods are affected, illustrate on your PPC the long-term effects of this tax credit. 3. Using a correctly labeled graph of the long-run aggregate supply curve, show how the natural rate of output would respond to the tax credit in the long run. Explain.

The following table shows the amount of good A and good B that two countries could produce if they devoted all their resources to that good. Assume both countries have the same quantity of resources and the trade-off between good A and good B remains constant as resources are shifted from one good to another. Answer the questions below and show calculations where appropriate.      Canada India Good A 600 500 Good B 950 1200   Draw a straight-line PPF graph for Canada.  Draw a straight-line PPF graph for India.  Which country has the comparative advantage in good A? In good B? Explain.  What is India’s marginal opportunity cost of producing good A? Good B?  Based on the data given, what is the terms of trade range for good A in terms of units of good B?

I choose IKEA COMPANY Production possibility curve (PPC) Scenario1: a. If your company can make two goods, use a numerical table and list different combinations of two goods your company can make b. Draw a PPC and show the different combinations on the graph. Show the attainable and unattainable output levels on the graph. c. Show the opportunity cost of one good in terms of another. d. What happens to the opportunity cost? (Increases, decreases or remain constant) LAW OF DEMAND Scenario 2 a. If the company decides to eam more profits and hence decide to increase the price of their product, Use a numerical table of price and demand to explain. b. What effect this increase in prices will have on consumers demand? Is it called a change in quantity demand or change in demand? Why? c. Draw and show this effect with the help of a demand curve. ELASTICITY OF DEMAND Scenario 3: a. If your company's product has many substitutes in the market, what happens to the elasticity of your product? If…

During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300. In terms of dollars, what is the opportunity cost of attending summer school? Show your calculation.     What is comparative advantage? Give an example.  Why does it make sense for economies to specialize according to comparative advantage and trade?     What is the production possibilities frontier? What economic concepts are represented in the production possibilities model?

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Homework (Ch 03) Attempts: Keep the Highest: 3/4 2. Gains from trade Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Rye Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 6. 12 Felicidad 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Felicidad uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Contente produces 6 million bushels of Is rye and 36 million pairs of jeans, and Felicidad produces 12 million bushels of rye and 16 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each…

Consider the diagram. Which of the following statements about the PPF are true? a b с Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. d e E is an inefficient production point. Wine A, B, C and D are all efficient production points. F and G are both unattainable production points. A and D are inefficient. All of the above are true. we 0 Bread D