Q: QUESTION 18 You produce two outputs: school-related output änd other output. Everything fits into…
A: The Production Possibilities Frontier (PPF) is a diagram that shows every one of the various mixes…
Q: Exercise 3: Solve the following game of incomplete information Nature H ProbalH)-5/8 ProbalH)-3/8…
A: To find out the SPBNE we will use the best response method where we underline the maximum payoffs…
Q: Football weights The Sears Cup was established in 1993to honor institutions that maintain a…
A: The given table that explains the average team weights from 1973 to 1993 is as follows:
Q: What is economic region of production? Describe with diagram.
A: An economic region of production can be referred to as an area of economic sense in which the…
Q: Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to devote to…
A: The curve that represents possible combinations of two goods that can be produced in an economy…
Q: Finn and Edison are living on an island with no one around to buy anything. They are stranded there…
A: The PPF (production possibility curve) shows all combination of goods which can be produced using…
Q: Qd = D(P, Yo) Q, = S(P, To)
A:
Q: A and B are best friends for almost 20 years already. They live next to each other and hang out with…
A: Answer-
Q: Maria Good X 90 60 Maya Gcod Y 60 40 Geed Y berd Y 30 20 30 60 20 40 60 90
A: As per given details, Maria can produce 90 units of either of goods X and Y at a time under optimum…
Q: (Table: Four persons) The table lists the minutes that it will take four people to wash a car and to…
A: Opportunity cost of washing a car = (Minutes takes to wash a car / Minutes takes to sort & fold…
Q: Just-in-time was inspired by observing: A Farm working harvesting crops B Sewers making garments An…
A:
Q: Oescribe Hhe strotugy 450 words. blue ocean in appioximately
A: Bluethe co Ocean is a term which was originated by two business professors Renee Mauborgne and Chan…
Q: Toyota has started a major expansion of a Texas factory. It has already spent $11 million and has…
A: To find the correct option we have to check which option minimizes the loss or gives more benefit so…
Q: Joy Prefers Football Prefers Volleyball Prefers Football 6,6 10,4 Roy Prefers Volleyball 4,10 8,8 O…
A: Prisoners dilemma refers to a situation in which each firm adopts it's dominant strategy, but each…
Q: Point Pizzas Airplanes A 0 200 B 80…
A: Production possibility curve shows the combination of two goods that can be produced with the given…
Q: Home - » Students MyLab Economics Homework - × P Do Homework - 2-1 MyEconLab: x + Ô…
A:
Q: Gilberto and Juanita are farmers. Each one owns a 12-acre plot of land. The following table shows…
A: The country produces that good in which it has a ‘comparative advantage’ in producing that good. The…
Q: 3- Have you been to China? C) since A) never B) ever D) yet 4- I haven't finished my lunch. A) never…
A: The above shown are the example of simple english grammar.
Q: Mr. Diether and Ms. Christine are both in the show business industry. Mr. Deither is a photographer…
A: From the above question, it is concluded that Ms. Christine has no contribution to Mr. Deither's…
Q: Commodity Unit January February March April May ROOT CROPS Carrots Cassava Com mon Yam Im ported y…
A: Given information 2 goods Chive and Celery are used together and price and quantity is given for…
Q: If you are trying to use a RDD setup to evaluate the effect of health insurance on health, and you…
A: Income: It is cash what an individual or business gets in return for giving work, delivering a…
Q: How were the small business before Covid 19?
A: Corona virus disease 2019 (COVID-19) is a communicable disease caused by a newly discovered corona…
Q: Home - » Students MyLab Economics Homework - P Do Homework - 2-1 MyEconLab: x + Ô…
A:
Q: Commodity Unit January February Маrch Аpril May ROOT CROPS Carrots 97,887 62,325 119,861 76,868…
A: Given, 2 goods Celery and chive are used together, and prices and quantities are provided for the…
Q: 1ould be us
A: Answer Without Insulation= P 96 / sqmWith 2-in Insulation = P30.4/sqm with 89% efficiency which…
Q: George’s household can produce Nachos and Burgers as described by the following PPF: 5N + 7B= 50 The…
A: PPF: It refers to the curve which shows the capacity of the country to produce two goods in an…
Q: There was once a tree on the Campus of Benedict College that students labeled the “Dummy Tree.” This…
A: Answer: Introduction: It is given that if the student spends 4 hours a week under the tree then he…
Q: Question 2 Consider an economy that produces and consumes shoes and houses. In the table below are…
A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: ... oth firms bid $130 million. e firm bids $120 million, the other firm bids $130 million. th firms…
A: The prisoners dilemma is a standard illustration of a game dissected in game hypothesis that shows…
Q: Felicidad Contente Jeans Corn Jeans Corn (Millions of pairs) (Millions of bushels) (Millions of…
A: Having comparative advantage means being able to produce a good at a lower opportunity cost compared…
Q: For all calculations, carry out each step to 6 decimal places, never put into % form. Final answers…
A: Location quotient of transportation=200015400Location quotient of transportation is 0.129870
Q: Potatoes cost Janice $1 per pound, and she has $5.00 that she could possibly spend on potatoes or…
A: Cost refers to the sum of cash a corporation invests on making or producing products or services.
Q: State two concepts that Possessions/Material things can deliver in an individual's life and cite…
A: Material goods are the tangible things for which a man expends all of his blood and sweat; they are…
Q: th choose to hunt either nonintensively or intensively, fill in Pac tions. Van and Carlos's Actions…
A: The ‘common resources’ are scarce in nature. These are ‘rival & ‘non-excludable’.…
Q: Identify the steps in a typical scientific study and conmpare with that involved in economic studies
A: Introduction A science examination as a rule begins with a perception—that is, something that grabs…
Q: c. Graphically illustrate a production possibilities curve for books and ice cream.
A: The PPC curve depicts the numerous types of two commodities that a country can produce given its…
Q: estion 20 of 20 > Vincent and Jean are two cooks who work in a village. Each of them can either bake…
A: For Vincent10 Cakes= 5 Pizzasthus Opportunity cost for Cakes, C = (5/10) P = 0.5 Pand Opportunity…
Q: Ginger and Pepper are planning to garden and paint their house this weekend. They each have SIx…
A: This is clearly the situation of Production possibility frontier and the situation of Pareto…
Q: 1. 1he flowing data was for Phosphate Company, the output (Yi) in 2010 was 2 billion $. in 20011 was…
A: For different years of output we have different years cost associated with output. So the sum of C2i…
Q: 200 180 Sean's PPF 160 140 120 Yvette's PPF 100 80 60 40 20 ALFALFA (Bushels)
A:
Q: Farmer can produce in 24 hours: either 4 pounds meat or 6 pounds potatpoes. What's the combination…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: Potatoes cost Janice .50 per pound, and she has $5 that she can spend on potatoes or other items.…
A: Given information, Total utility is defined as the satisfaction obtained from all units of the…
Q: In moving from combination D to C, the opportunity cost of producing 200 more autos is
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: Portugal England 90 90 80 80 70 70 60 60 CPF 50 50 40 40 30 30 CPF PPF 20 PPF 20 10 10 0 10 20 30 40…
A: Portugal has wine in abundance.Country which has something in abundance,exports that.
Q: George's household can produce Nachos and Burgers as described by the following PPF: 5N + 7B = 50…
A: 5 N + 7 B = 50 If all the resources devoted to the production of Nachos, then B=0 5 N + 7 B = 50 5…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- An economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit of labour can produce either 1unit of X or 4units of Y (or linear combination of the two).A unit of capital can produce either 4units of X or 1unit of Y (or linear combination of the two)there are 100units of each means of production. (i) Draw the production possibility frontier of the economy when the two goods can only be produced by a mixture of both factors. (ii)What will be the opportunity cost of X if the economy produces 50units of X ? (iii) Given that the production technology is linear ,will the opportunity cost of X remain unchanged when we produce 90units of X ? (iv)Briefly explain the difference between the PPC with a constant opportunity cost and the PPC with an increasing opportunity cost as more output of one good is produced. Use a well labeled diagram to explain your answer?Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two. Assume, initially, that there is no possibility of trade between Elliot and Jordy. If Elliot wishes to consume 4 fish per day, what is the maximum number of pineapples that he could consume each day in addition to the 4 fish? Briefly explain your reasoning. If Jordy wishes to consume 2 fish per day, what is the maximum number of pineapples that he could consume each day in addition to the 2 fish? Briefly explain your reasoning. Now assume that trade is possible between Elliot and Jordy. If they want to continue to consume the same number of fish indicated in part (1), how many additional pineapples would they be able to collectively consume each day relative to…In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite endowment of resources by one country. The PPF demonstrates that the production of one commodity may increase only if the production of the other commodity decreases in economy. By using the Production Possibilities Frontier Curve (PPF), explain and illustrates (in 1 graph) the concepts of Inefficient allocation of resources Efficient allocation of resources Unattainable point. Scarcity of resources.
- Suppose Canada produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized—that is, the same set of resources is equally useful in producing both smartphones and tablets. The shape of Canada's production possibilities frontier (PPF) should reflect the fact that as Canada produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone: (a. increases, b. decreases, c. remains constant). The following graphs show two possible PPFs for Canada's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF2). Based on the previous description, the trade-off Canada faces between producing smartphones and tablets is best represented by: (a. Graph 1, b. Graph 2).Draw the following graphs below depicting the following information: Graph 1: Trinbago's PPF Horizontal axis: Wine production Vertical axis: Motor vehicle production The PPF shows the trade-off between producing wine and motor vehicles in Trinbago. It slopes downward due to the opportunity cost of producing one good in terms of the other. Graph 2: Vincyland's PPF Horizontal axis: Wine production Vertical axis: Motor vehicle production The PPF shows the trade-off between producing wine and motor vehicles in Vincyland. It also slopes downward due to the opportunity cost. Graph 3: Comparative Advantage Horizontal axis: Wine production Vertical axis: Motor vehicle production The graph shows the production possibilities for Trinbago and Vincyland and illustrates their comparative advantage based on the slopes of their PPFs. Trinbago will have a comparative advantage in motor vehicle production, while Vincyland will have a comparative advantage in wine production. Graph 4: Trade…The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants cars. In an hour, Larry can either mow one lawn orwash one car; Moe can either mow one lawn or washtwo cars; and Curly can either mow two lawns orwash one car.a. Calculate how much of each service is producedin the following scenarios, which we label A, B,C, and D:• All three spend all their time mowing lawns. (A)• All three spend all their time washing cars. (B)• All three spend half their time on each activity. (C)• Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. (D)b. Graph the production possibilities frontier for thiseconomy.…
- If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3 (square root of 3, Y=2 is located a) inside the production possibilities frontier b) 0utside the production possibilities frontier c) in the wrong quadrant to be on the graph d) on the production possibilities frontier View comments (1)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?The following graph shows the production possibilities frontier (PPF) of an economy that produces drinking water and steel. The black points (plus symbols) represent three possible output levels in a given month. You can select the points to see their exact coordinates. Suppose the economy initially produces 6 million gallons of drinking water and 200,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 2 million gallons of drinking water (that is, moving production to point B) is _________ (options: 24000, 32000, 40000, 48000, 60000). Suppose, instead, that the economy currently produces 168,000 tons of steel and 8 million gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 2 million gallons of drinking water (that is, moving to point C) is ________ (options: 24000, 32000, 40000, 48000, 60000). Comparing your answers in the two previous paragraphs, you can see that the…
- Please graph two hypothetical production possibilities models. In one of the graphs, please construct a frontier with the two variables having a constant rate of change. In the other draw the constraint with the two goods or services having a varied rate of change. What would make the frontier linear or nonlinear?Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica. JAMAICA’S FARM POSSIBILITIES PINEAPPLES MANGOES A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y On PPF curve drawn, identify the following points: Unattainable (label the point U) Attainable and efficient (label the point AE) Attainable and inefficient (label the point AI) What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? What is the economic significance of choosing to harvest…The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants