please do in your own words no copy from anywhere 2. Suppose that society could produce the followingcombinations of pizzas and books:Alternative Quantity of pizzas Quantity of books50403020100ABCDEFa.b.C.d.e.f.01018242830Draw the production-possibilities frontier (PPF) for pizzaand books, being as exact and neat as possible. (Put books onthe horizontal axis. Assume that the dots define a completecurve.)Is it possible or efficient for this society to produce 25pizzas and 25 books?Is it possible or efficient for this society to produce 42pizzas and 1 book?If society is currently producing alternative B, then theopportunity cost of moving to alternative A (and getting 10more pizzas) isbooks.Is the opportunity cost of producing pizzas higher orlower moving from alternative F to E than moving fromalternative B to A? Why is this likely to be so?Suppose that the technologies used in producing bothpizzas and books improve. Draw one possible newproduction-possibilities frontier in the graph above thatrepresents the results of this change. Indicate the direction ofthe change that occurs with an arrow.

Any economy has limited resources but human wants are unlimited. Hence we use the Production…

a. Draw the production-possibilities frontier (PPF) for pizza and books, being as exact and neat as possible. (Put books on the horizontal axis. Assume that the dots define a complete curve.) b. Is it possible or efficient for this society to produce 25 pizzas and 25 books? C. Is it possible or efficient for this society to produce 42 pizzas and 1 book?

a. Draw the production-possibilities frontier (PPF) for pizza and books, being as exact and neat as possible. (Put books on the horizontal axis. Assume that the dots define a complete curve.) b. Is it possible or efficient for this society to produce 25 pizzas and 25 books? C. Is it possible or efficient for this society to produce 42 pizzas and 1 book?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.3P

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