Based on the production possibility c Health Care 700 Production Possibility Frontier A 6000 500 400 300 200 100 69 ●D B E 50 100 150 200 250 300 Travel O A. 200 healthcare services OB 175 traveling services OC. 200 traveling services.
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- 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?Below is the production possibilities table for consumer goods (washing machine) andcapital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a. Show these data graphically.b. If the economy is at point B, what is the cost of one more washing machine?What is the cost of one more tractor?c. Explain how the production possibilities frontier reflects the law ofincreasing opportunity costs.1. Below is the production possibilities table for consumer goods (washing machine) and capital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a) Show these data graphically. b) If the economy is at point B, what is the cost of one more washing machine? What is the cost of one more tractor? c)Explain how the production possibilities frontier reflects the law of increasing opportunity costs.
- DATA RESPONSE QUESTION ON PRODUCTION POSSIBILITY FRONTER (PPF) Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica. JAMAICA’S FARM POSSIBILITIES PINEAPPLES MANGOES A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 a. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. b. On PPF curve drawn, identify the following points: a. Unattainable (label the point U) b. Attainable and efficient (label the point AE) c. Attainable and inefficient (label the point AI) c. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes d. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? e. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? f. Explain the effect of a hurricane on…DATA RESPONSE QUESTION ON PRODUCTION POSSIBILITY FRONTER (PPF) Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica. JAMAICA’S FARM POSSIBILITIES PINEAPPLES MANGOES A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 a. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. b. On PPF curve drawn, identify the following points: a. Unattainable (label the point U) b. Attainable and efficient (label the point AE) c. Attainable and inefficient (label the point AI) c. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes d. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? e. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? f. Explain the effect of a hurricane on…give an example of economic problem involving opportunity cost that SA government is curretly facing 3define a production possibility curve and use such a curve to illustrate scarcity,choice and opportunity cost
- Analyze the positive versus normative argument sin the following case. What statement of positive economics are used to support requiring air bags? What normative reasoning is used?1. a. Explain the following in not more than half a page - Opportunity cost. - Production possibility frontier. - scarcity b. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. c. Explain the stages of production d. Explain 6 relevance of the stages of production to a business operator.Imagine a society that produces military goodsand consumer goods, which we’ll call “guns”and “butter.”a. Draw a production possibilities frontier forguns and butter. Using the concept of opportunitycost, explain why it most likely has abowed-out shape.
- Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.To what can concave shape of Production Possibilities Frontier be due?Select one:a. Law of diminishing returns.b. Existence of an opportunity cost.c. Scarcity.d. Efficiency in production.e. Inflation of a market.9 The individual production points on each person's production possibilities frontier represent their _____. A. final endowment B. initial endowment C. initial potential D. endowment final potential