6.On a production possibilities frontier, production is efficient if the production point isGaseballs200150MENL202ABDALAYMENL20211B100ABDALANADALLAHAENL20211AYMENL2021150GANAABDALLAHAYMENL20211 GANAABDALLAH100200ALLAHFigure 2-6300400BananasALLAHAYMENL20211CANAAYMENL20211ABDALLAHGANAAYMENL20211GANAABDALLAHAYMENL20211ABDALLAHAYMENL20211A inside the frontier.on or inside the frontier.C outside the frontier.D on the frontier.ANADALLAHGANARDALLAHGANABDALLAHGANARDALLAHGANAADALLAH

A production possibility frontier shows the combinations of two goods that can be produced by using…

6.On a production possibilities frontier, produ ction is efficient if the production point is Basebals 200 ENL20211 ABDALL AYMENL20211 150 ABDAL AYMENL2021 100 ANA 50 DALLAH AENL2021 GANA GANA ABDALLAH AYMENL20211 ABDALLAH 100 200 ALLAH Figure 2-6 AYM AYMENL20211 300 400 Bananas ALLAH CANA ABDALLAH AYMENL20211 GANA AYMENL2021 ABDALLAH GANA AYMENL2021 ABDALLAH A A inside the frontier. AYMENL20211 A on or inside the frontier. A C outside the frontier. D on the frontier.

6.On a production possibilities frontier, produ ction is efficient if the production point is Basebals 200 ENL20211 ABDALL AYMENL20211 150 ABDAL AYMENL2021 100 ANA 50 DALLAH AENL2021 GANA GANA ABDALLAH AYMENL20211 ABDALLAH 100 200 ALLAH Figure 2-6 AYM AYMENL20211 300 400 Bananas ALLAH CANA ABDALLAH AYMENL20211 GANA AYMENL2021 ABDALLAH GANA AYMENL2021 ABDALLAH A A inside the frontier. AYMENL20211 A on or inside the frontier. A C outside the frontier. D on the frontier.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 6QR

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Similar questions

Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
What does a production possibilities frontier illustrate?
Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?
Table 1:Production AlternativeTypes of Prod PRODUCTION ALTERNATIVES Types of Production A B C D E CEREAL 0 250 450 650 850 BREAD 130 117 109 89 0 Using the Table 1 abovea. Draw a production possibilities curve for cereal and bread using the data above. b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C).
Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily. What is the maximum amount of lumber Canada could produce daily? What is the maximum amount of fish Canada could produce daily? Draw Canada’s production possibilities frontier.
12. A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts cannot be illustrated in this model? a. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts. b. the tradeoff between production of pants and production of shirts. c. the opportunity cost of shirts in terms of pants. d. the effect of economic growth on production possibilities involving pants and shirts.
1)Which of the following is consistent with a point below an economy's production possibilities frontier (PPF)? a)The economy is operating efficiently. b)The production of one good can only be increased if the production of another good is reduced. c)None of the above. d)There are unemployed resources.
-A) Describe production and the factors that go into producing various goods and services. -B) Describe the opportunity cost an economy incurs to increase the production of one product. Use a production possibilities frontier
Orange(tons) Apple(tons)A 1400 0B 1100 450C 900 900D 600 1200E 250 1600F 0 2000a. Plot the production possibilities curve for the production of orange and apple. Put orange on the horizontal axis. b. What is the opportunity cost of increasing the production of orange from 0 to 250? From 900 to 1100? c. Given this production possibilities curve, is producing 900 orange and 1200 apple possible? d. Is producing 250 orange and 1200 apple? Is it efficient? 2) What is the connection between elasticity and total revenue? 3) State whether each of the following events will result in a movement along the demand curve for Burger King’s Cheeseburger or whether it will cause the curve to shift. If the demand curve shifts, indicate whether it will shift to the left or the right and draw a graph to illustrate the shift.Explaina) The price of McDonald’s Big Mac hamburger decreases.b) Because of a shortage of…
7.Producing goods at minimum possible cost is known as a)productive efficiency b)macroeconomic efficiency c)dynamic effciency d)allocative effciency
vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
3. Opportunity Cost Poornima and Valerie are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Poornima takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza. Valerie takes 8 hours to brew a gallon of root beer and 4 hours to make a pizza. Poornima's opportunity cost of brewing a gallon of root beer is__________ , and Valerie's opportunity cost of brewing a gallon of root beer is_________ . ________ has an absolute advantage in brewing root beer and__________ has a comparative advantage in brewing root beer. If Poornima and Valerie trade foods with each other,________ will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is___________ of root beer, and the lowest price…