(a) State whether 9 units of G are attainable, unattainable, efficient or inefficient State all that applies Select one or more attainable unattainable efficient inefficient
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![Question 3
Person 1 can allocate her 8-hour day between the production
of two goods A and B. Each hour devoted to Good B yields 2
units whereas each hour devoted to Good A produces 4 units.
(a) State whether 9 units of Good B and 12 units of Good A
are attainable, unattainable, efficient or inefficient /State all
that applies]
Select one or more
attainable
unattainable
efficient
inefficient
II](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ee7ea60-078c-4e78-936f-0785ea206748%2Ff4cb4e24-589c-40fa-9f16-07b136dee77e%2Fkdadpwr_processed.jpeg&w=3840&q=75)
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- What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Could a nation be producing in a way that is allocatively efficient, but productively inefficient?Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
- It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?What assumptions about the economy must he true for the invisible hand to work? To what extent are those assumptions valid in line real world?Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting toproduce at point A and that most members of society likemeat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than onedescription.a. Inefficient production of meat and fishb. Productive efficiencyc. An inefficient mix of outputd. Technological advances in the productionof meat and fishe. The law of increasing opportunity costf. An impossible combination of meat and fish
- Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. a) State whether 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies) b) Person 2, can produce3 units of Good B or 4 units of Good A per hour who has the absolute advantage in the production of Good B? c) who has the absolute advantage in the production of Good A? d) Calculate the opportunity cost for Good B for Person 2 e) Calculate the opportunity cost for Good A for person 1 f) who has the comparative advantage in the production of Good B? g) who has the comparative advantage in the production of Good A?Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.Imagine a country XYZ that produces only two goods—chairs and tables. Together, the chairs and tablesindustries use all of the economy’s factors of production. The table below shows the productionpossibilities for XYZ:Production Possibilities for XYZChairs Tables600 0450 150300 250150 325 0 375 use the slope (rise/run) to solve it and describe what happen A. What is the opportunity cost of increasing tables production from 250 tables to 325tables? If I solve it by using slope method (250-325)/(300-150)=-0.5 is it correct? Because we should use slope method (Y2-Y1)/(X2-X1)