Assume you have a production possibilities frontier (PPF) bowed out from the origin with healthcare on the Y axis and education on the X axis.  What does the PPF represent? How is opportunity cost demonstrated using the PPF?

Q: In production possibility frontier analysis, which mixes of goods are considered efficent by an…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: You got a leaf blower for free at a yard sale. You are thinking of using it to clean leaves in your…

A: opportunity cost is the cost of loss of one opportunity to choose the other alternative. In other…

Q: define a production possibility curve and use such a curve to illustrate scarcity,choice and…

A: The resources in any economy are limited while the wants are unlimited. The subject of economics…

Q: When moving along the production possibilities frontier, opportunity cost is measured as the Select…

A: When moving along the production possibility curve,decrease in quantity of one good is divided by…

Q: clearly demonstrate how intra and inter temporal choice models can make society incur an opportunity…

A: Intra and intertemporal choice models Intertemporal choice is a phrase used in economics to describe…

Q: You have the evening free. You have a choice between going to a concert with a friend or studying…

A: The opportunity cost is called the next best alternative that is given up. In other words, the…

Q: “All problems in economics are about scarcity, that is, about how to use given resources for…

A: Introduction '' all problem in economics are about scarcity, that is, about how to use given…

Q: Imagine a society that produces Capital goods and consumer goods. Draw a production possibilities…

A: Since you have asked multiple sub-parts, first three sub-parts would be answered. If you want the…

Q: ack has 4 hours of free time (leisure) per day.   Jack has two leisure activities (hobbies) –…

A: Production possibility frontier (PPF) for Jack is a curve showing all the combinations of two…

Q: fusing horizons of diverse perspectives and views, what are two-possible positive consequences?

A: The leadership of the entire system is rooted in diversity. The system-wide approach thrives by…

Q: What is an real-life example of a opportunity cost?

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

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: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…

A: Production possibility frontier is the curve that shows different possibility of combination of two…

Q: If your neighbor chooses to go apple-picking, what is the opportunity cost?

A: neighbor has three choices-  1) going hiking (valued at $20) 2) going apple-picking (valued at $30)…

Q: Suppose there are only two people in the world. Each person’s production possibilities frontier also…

A: Suppose there are only 2 people in the world.Each person's production possibilities frontier also…

Q: Your group won $100 from a Tiktok dance challenge. You have a choice between spending the money now…

A: When talking about opportunity cost, it refers to the loss of income or additional cost that occurs…

Q: use of chemical fertilizers, which increases agricultural production greatly, damages water quality…

A: Production possibility curve (PPC) shows combination of two goods that are in fact choices that are…

Q: production possibilities frontier

A: Production possibilities frontier- it is the different variations of 2 goods that can be produced…

Q: Imagine a society that produces military goods and consumer goods, which we will call "guns" and…

A: Production possibility frontier shows all possible points of production of two goods for the…

Q: Draw a production possibilities frontier for guns and butter. Using the concept of opportunity cost,…

A: Since you have asked multiple sub-parts, first three sub-parts would be answered. If you want the…

Q: As the manager at a local florist, you supervise two employees, Anita and Jerome. There are two…

A: since you have asked multiple questions and according to policy we can solve only 1 question and for…

Q: Scarcity is represented on the production possibilities frontier by   the amount of the good on the…

A: Scarcity is represented on a production possibility frontier graph by the fact that there are…

Q: Define opportunity cost. What is your opportunity cost for attending a class at 11:00 am? How does…

A: The potential gains that a person, investor, or organisation loses out on when choosing one choice…

Q: Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks…

A: Production possibility frontier shows the combination of two goods that can be produced with the…

Q: What is the opportunity cost to produce the first 10 Saturn Rings? B. What is the opportunity cost…

A: Note: As per the guidelines we will answer only three subparts. Please resubmit the question again…

Q: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…

A: A production possibility frontier represents the locus of all maximum combinations of two goods or…

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: The production possibility frontier for cheese and milk production. If a disease kills half of the…

Q: The production possibilities curve illustrates the notion of opportunity cost because A. as more of…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

Q: Suppose your friend ask you to go watching a movie while you are studying for an examination. what…

A: Answer: Opportunity cost is the cost that arises due to the sacrifice of the benefit that could have…

Q: Imagine a society that produces Capital goods and consumer goods. a. Draw a production…

A: Production possibility frontier illustrates the possible combinations of two goods that an economy…

Q: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…

A: Total cost includes explicit and implicit costs. Explicit costs are the actual out of the pocket…

Q: If a new type of seed were developed that made it easier to grow a particular crop, how would the…

A: Production possibility curve is a graphical presentation of all the possible combination of two…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Given Total labor = 12 units Labor required to produce 1 gun = 6 units Labor required to produce 1…

Q: The opportunity cost of moving from point E to point B in the picture is what ?

A: The principle of comparative advantage is developed by David Ricardo and according to this concept,…

Q: he first principle of economics discussed in Chapter 1 is that people face trade-offs. Use a…

A: Production Possibility Frontier is basically a curve that shows the various combination of two items…

Q: The first principle of economics is that people face trade-offs. Use a production possibilities…

A: As individuals have unlimited wants and desires and resources available to satisfy those wants and…

Q: Which concept is NOT illustrated by the production possibilities frontier?    A. tradeoffs  B.…

A: The production possibility frontier (PPF) is a bend that represents the potential amounts that can…

Q: production possibilities frontier can shift outward if Select one: a. government increases the…

A: PPF shows the different considerations of two goods that can be produced using the all inputs and…

Q: Suppose that the church offers free tuition to Inanda Seminary High School students with a "B"…

A: The production means inputs are used in such a manner that the output is produced. The output is the…

Q: For each of the following, indicate how you might apply the four core principles of economics (the…

A: Here, given statements are related to principles of economics according to their influence on market…

Q: What would a straight-line production possibilities frontier between grape juice and apple juice on…

A: Opportunity cost is the value of the next best alternative. It arises because the economic agents…

Q: Suppose there is an improvement in medical technology that enables more healthcare to be provided…

A: A curve that depicts the possible quantities of two products that could, in turn, be produced if…

Q: For both parties to gain from trade, the price at which they trade must lie between the two…

A: Opportunity cost (OC) of 2 lawn mowing is 4 car wash for Louie. Therefore, Opportunity cost of 1…

Q: You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35.…

A: Opportunity cost refers to the forgone benefit because of choosing one alternative over another. So,…

Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…

A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…

Q: Use the concept of the production possibility frontier to explain the basic economic principles of…

A: When faced with the option of creating two commodities or services, the (PPC) is a model that…

Q: Gabriella starts using a new baking technique, and she can now do twice as much of everything. In a…

A: Production possibility curve shows the combinations of two or more goods that an economy can produce…

Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…

A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…

Q: What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket…

A: Answer: Correct option: (3) Explanation of correct option: Opportunity cost = It refers to the cost…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.