Q: Please graph two hypothetical production possibilities models. In one of the graphs, please…
A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…
Q: discuss how the production possibility frontier model can be used to illustrate the basic economic…
A: Both businesses and macroeconomic factors make use of the principle of the production possibilities…
Q: Butter The production possibilities frontier has a bowed-out shape because the opportunity cost of…
A: According to the definition of PPF, Point lies above PPF curve- Impossiible to achievePoint lies on…
Q: Kyoko has opened a new startup company in web design. Within the first month of business, the…
A: Firms generally do trade with other firms when they have a lack of resources, to fulfill and satisfy…
Q: Which of the following is NOT an illustration of the notion of opportunity cost A.…
A: Scarcity is a very important concept in economics which explains why consumers and producers have to…
Q: Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica.…
A: Production possibility Frontier: The production possibility frontier or PPF would be the maximum…
Q: Are goods developed by the military like roads, factories and new technology for communications an…
A: The economics as a study is based upon the idea that resources which each economy have are limited…
Q: Jane is a computer programmer for IBM. She decides to quit her job and instead teach computer…
A: Production possibility boundary refers to the locus of a combination of goods and services that the…
Q: Suppose in 2019 to promote food production, the Federal Government of Australia provided high…
A: The production possibility curve is used to analyze the market using supply-side factors. It…
Q: Economics is the study of the allocation of the abundant resources in a country. True False
A: Economics is the study of the allocation of scarce resources in the economy. Households have…
Q: Consider a production possibilities curve. The origin and two points A and B may be connected by one…
A: Scarcity is an economic concept that relates to the reality that there is a finite number of human…
Q: The table below shows the Production possibilities for an economy Production Alternatives Capital…
A: Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it?…
A: Production possibility frontier: - it is the graphical representation of different combinations of…
Q: Exhibit 2-3 Capital Goods (thousands of units) D B PPF2 PPF 1 Consumer Goods (thousands of units)…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…
A: In a market, a producer uses various techniques to understand the purchasing behavior of the people…
Q: Explain the main assumption behind a concave production possibilities frontier.
A: Production Possibility Frontier (PPF) shows the combination of two goods produced with given sets of…
Q: true or false free market economies are generally considered to be efficient and fair
A: # Free market economies are totally driven by the market forces of demand and supply.
Q: Production at a point inside the production possibilities frontier is unattainable and inefficient…
A: A production possibilities curve shows the various combinations of two goods that an economy can…
Q: Do the higher property prices are considered normatively positive or normatively negative?
A: Positive Statements : Positive Statements are those statements in economics which deals with the…
Q: Fill in the blanks: ndicate whether the following statement is a positive or normative statement:…
A: Positive statements are those statements based on facts, actual data. The validity of these…
Q: Under the efficient level of production, the economy is getting all it can from the commonly…
A:
Q: A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but…
A: PPF represents various combination of two goods that can be produced within given resources.
Q: It is clear that productive inefficiency is a waste since resources are used in a way that produces…
A: Allocative effeciency refers to an economic situation that is commonly found in the ideal…
Q: The greatest incentive for conserving scarce resources and using them in the most productive ways…
A: Natural Resources are materials from the Earth that are consumed to help life and address…
Q: 400 A 300 Cars (millions per year) 200 B D 100 100 200 300 400 Grain (millions of tons per year)
A: Production possibility frontier Production possibility frontier (PPF) is the curve which shows all…
Q: If the production possibilities frontier curve is linear and downward-sloping instead of bowed out,…
A: The production possibility frontier (PPF) is a diagramatical illustration of an economic model that…
Q: Suppose a bakery has 14 employees to be designated as bread bakers (B) and cake bakers (C), so…
A: Production possibilities function is the locus of points of values of goods x and y that is the…
Q: On the basis of your observations, which factors of production are scarce in your community? Give…
A: 1. Capital is scarce in my community. I have observed that major goods that are produced in my…
Q: Every society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete…
A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…
Q: Points on a firm's Production Possibility Curve are
A: Production possibility curve is also known as production transformation curve or production…
Q: The ________ production points on a production possibilities frontier are the points on and inside…
A: Production possibility frontier (PPF) refers to the curve that shows the combination of goods which…
Q: The production possibilities frontier (PPF). has a constant opportunity cost exhibits increasing…
A: Correct : reflects output assuming the full use of society's resources
Q: The most efficient point of production along the production possibilities frontier is .) Group of…
A: Below are the mentioned inefficient points: * Point "E" shows the unattainable point. * Point "G"…
Q: Draw a production possibilities model with four points labeled ABCD one inside two on the outside…
A: Production possibilities model with four points labeled ABCD one inside two on the outside the…
Q: Why does the use of market prices not necessarily enable the economy to operate at its production…
A: The market price reflects the demand and supply forces in the market. The production possibility…
Q: efficient production can be carried out anyway on or below the production possibilities frontier.…
A: Just as individuals cannot have everything they need and must instead make choices, society as an…
Q: 2. Use the letters P to label an attainable point. Use the letter T to label an unattainable point.…
A: The production possibility frontier would result in the production of the output which would result…
Q: Using Production Possibilities Curve (PPC), identify the trade-off between public and private goods.…
A: Answer -
Q: What is the axiom of consumer choice that implies that consumers spend all their income in order to…
A: Consumers make decisions by allocating their limited and given income for consuming all possible…
Q: Market failure implies that the market mechanism... a)leads the economy to a point outside the…
A: Market Mechanism refers to a mechanism by which use the money to exchanged by buyers and sellers…
Q: Shield deodorant and Gucci Perfume are products that satisfy Physiological needs. True False…
A: 1. Shield deodorant and Gucci Perfume are products that satisfy Physiological needs. - FALSE
Q: ncy takes place at every point along the production possibilities frontier.
A: The production possibility model shows the trade-offs associated with allocating resources between…
Q: In market economies, firms rarely worry about the availability of inputs to produce their products,…
A: In market economies, buyers of inputs are aware of the fact that sellers are willing to earn…
Q: oducers should produce goods and services that preserve the five fundamentals of daruriyyat.…
A: Allah created the earth, the sky, the oceans and their substance, living and non-living, docile to…
Q: Explain the usefulness of a Production Possibilities Frontier and how it could be applied to an…
A: Production possibility frontier: - it is the graphical representation of different combinations of…
Q: Robinson Crusoe lives on a desert island by himself. Trade allows him to: I. Raise his real income.…
A: Robinson Crusoe lives on a desert island by himself. This means that he his both producer and…
Q: Suggest assumptions of the Production Possibility Frontier
A: The production possibility frontier implies a concave curve that shows the combinations of two goods…
Q: Using an appropriate diagram, explain how the production possibility frontier becomes a model of…
A: Production Possibility Curve (PPC) or Production Possibility Frontier may be defined as a curve…
Q: Good X True or false: The production possibilities frontiers above could represent a scenario where…
A: A production possibility frontier depicts all of the possible combination of two goods which could…
An inefficient use of resources may be illustrated with a production possibility curve as
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- Production at a point inside the production possibilities frontier is unattainable and inefficient attainable and efficient attainable and inefficient unattainable and efficientSometimes economies or firms produce inefficiently, which is represented by a point in the production possibilities curve (PPC). This point is considered _____. resourceful efficient underutilization unattainableT/F/U. Tenure is an appointment awarded to assistant professors after 5 years of probationary hire used to prove their capabilities of research, teaching, and service.If an assistant professor receives tenure, research, teaching, and service activities decrease. In your answer, describe rational self-interest and incentives to explain your reasoning. T/F/U. A country can consume inside of its production possibilities frontier (PPF), but not outside of it. In addition to your explanation, draw a PPF to further support your answer. T/F/U. The price of a dozen eggs has increased from $1.99 to $6.99. The demand for this item decreases. In addition to your explanation, please draw a demand curve model to support your answer. T/F/U. The demand curve model is a function that shows the relationship between price and quantity supplied. T/F/U. Due to several remarkable events-the Russian-Ukraine War, train derailments, the pandemic, etc...the demand for doomsday gear bundles has increased.…
- Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost.Shield deodorant and Gucci Perfume are products that satisfy Physiological needs. True False Which of the following is NOT regarded as one of the 4 Limited resources? Coal Builders Heavy machinery Stationary An economic system is chosen to achieve the highest possible satisfaction of needs using scarce resources. True False The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is also called the Economic Problem. True False PLEASE ASSISTThe ________ production points on a production possibilities frontier are the points on and inside the production possibilities frontier. attainable unattainable productively efficient allocatively efficient
- Allocative efficiency takes place at every point along the production possibilities frontier. TRUE OR FALSEWhich of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the aboveefficient production can be carried out anyway on or below the production possibilities frontier. true false
- What is a production possibility curve and explain points of efficiency, inefficiency, and not attainable.Which of the following are the assumptions of the production possibility curve? a. Two goods are produced by the economy b. Technology and skills available are constant c. All of the options d. Resources available are constant in the economywhat happens when we move between two efficient points in a production possibility curve?