Between a straight line PPF and concave PPF, which one is more realistic? Why? Defend your answer.

Q: Explain the following economic concepts with a PPF a) Scarcity b) Economic Inefficiency c)…

A: The production possibility curve shows the combination of two goods that the economy can produce…

Q: Why is the ecotourism important for economies? Discuss in terms of sustainable development,…

A: Ecotourism means responsibly travelling to the natural areas in a view to preserve local habitats.…

Q: Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the…

A: Microeconomics is a branch of economic behavior where micro-units or individual economic behavior is…

Q: A * F D A_ B C. D E F

A: Production possibility frontier (PPF) is the representation of the possible combination a producer…

Q: Provide one example of a macro economic question, and one example of a micro economic question, and…

A: Macroeconomics: It is the wider concept then the microeconomics concept , that is if we consider the…

Q: A.C. Pigou considered economics as ______________. A. Science of wealth B. Science of material…

A: The Pigou effect reflects the relationship between asset utilization, labor, and productivity during…

Q: a straight line 3. Questions and Problems 3 bowed outward In order for a nation's PPF to be…

A: A production possibility frontier illustrates the combinations of two goods that can be produced by…

Q: The use of GDP per head as an indicator of the standard of living and its problems e.g., inequality…

A: The value associated with all the final goods and services produced in an economy over a period is…

Q: stion 23 Please refer to Maxine's & Daisy's PPFs  What is Maxine's opportunity cost of pies (in…

A: Given production possibilities Frontier of Maxine with maximum of 6 tarts and 12 pies produced in…

Q: Is it true or false for each part. Part A. The negative slope of a production possibilities…

A: A production possibility frontier is the graph which indicates the various production possibilities…

Q: Graphing: Using the Production Possibilities Schedule above, make a Production Possibilities…

A: "In economics a production possibility frontier represents the different combination of the two…

Q: a) Why is the PPF curve bowed outward. Is it due to increasing opportunity cost or decreasing…

A: In an economy, production possibility frontier curve is used to explain the ability of the economy…

Q: What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why…

A: The production possibility curve shows the different combination of two inputs that produce the…

Q: Which would be a normative economic statement? C The poverty rate hit a new high last year C Prices…

A: Answer -  Normative Economic Statement : - It is statement that indicates opnion of an individual .…

Q: An increase in the labor force would be reflected in a society's production possibilities frontier…

A: Production possibilities Frontier shows the combinations of two goods that an economy can produce…

Q: Given the following diagram of a production possibilities frontier for a country. Assume that this…

A: Production possibility frontier shows the maximum combination of the factors that can be produced of…

Q: Ceteris paribus is not realistic in explaining real world economic problems.

A: Ceteris Paribus is the most commonly used concept in economics. It is used while describing major…

Q: What is OECD Guidelines? How does it work/purpose? Example?

A: The Organisation for Economic Co-operation and Development (OECD) is a 38-country intergovernmental…

Q: Suppose Country Y gets hit by a hurricane that devastates the country. How would the circular flow…

A: Every economy has to face the scarcity of resources, which implies that the resources with the…

Q: Consider production possibilities of goods and services in China, Since 1980, the population of…

A: Given that the population of China has increased from 1 billion to more than 1.4 billion. And there…

Q: Explain in your words that how equilibrium is achieved in three sector economy? Please solve within…

A: The three-area economy includes three areas in particular,  Household Firms Government The…

Q: Please answer both I will rate Generally speaking, timber represents an exhaustible resource,while…

A: The economics is a vast area, where the study includes various branches. The economics is based upon…

Q: You are looking at a graph of the Production Possibilities Frontier (PPF). Points which are located…

A: PPF (Production possibilities frontier) is the locus of combinations of two goods, which a nation…

Q: Explain the following economics concepts with PPF. a)scarcity  b)Economic inefficiency…

A: The production possibility frontier (PPF) is a curve that depicts the differences in the quantities…

Q: While explaining the given statement with a form of an example (table), state the most economical…

A: The factors used in production activities can be of two types – variable (labor) and fixed (land).…

Q: Economic is a social science that is considered a precise art.

A: The study of societies and the relationships among persons within those communities is referred to…

Q: 250 A 225 D 200 B 175 150 125 100 75 E 50 25 20 40 60 80 100 Oil Drills the PPF shown in the figure…

A: Production possibility frontier represents the varying amount of two goods when they depends on the…

Q: ccording to Lewis' model, labor intensive production methods such as functional production should be…

A: According to Lewis' model, labor-intensive production methods such as functional production should…

Q: Describe and contrast market economies, planned economies and mixed economies.

A: Market economy :- A market economy is a type of economy in which the decisions regarding investment,…

Q: Does the absolute PPP imply the relative PPP? What about the other way around?

A: Introduction   PPP - Purchasing Power Parity   According to absolute PPP, the price of a basket of…

Q: With the aid of diagram, explain the economic concept of scarcity, efficiency and full employment…

A: The economic concept of scarcity, efficiency and the full employment and the trade off are the…

Q: An increase in the labor force would be reflected in a society's production possibilities frontier…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: Assume a country produces haircuts and shirts with inputs of labour. The country has 100 hours of…

A: The following problem has been solved as follows;

Q: (e) expalin normative economic analysis (f) explain market economy in your own words. (g) what do…

A: (e) Normative economic analysis: Normative economics gives importance to the ideas, opinions,…

Q: hat is the importance of integrated arts production in our econom

A: Answer is given below

Q: Q1. What is the difference between Straight line PPF and bowed outward PPF

A: A straight line ppf is a ppf where the opportunity cost is constant.  Slooe of a opf curve shows the…

Q: Islamic economics must show its establishment as a FIELD of economics and economics. Islamic…

A: Answer A. The differences between Economics and An Economic System are : S.NO. ECONOMICS AN…

Q: The production possibilities frontier curves show the concepts of scarcity, choice, opportunity…

A: A Production Possibility Frontier or PPF refers to choices that society makes by combination of…

Q: hich of the below statements is INCORRECT about about a specific market economy such as the U.S.…

A: In the world, different economies adopt different economic systems according to the needs and…

Q: What are the other forms of basic economic studies? Define each.

A: Economics can be divided into two branches . 1- Microeconomics: It is the narrow concept that…

Q: Based on PPF , if producer moves from B to C if producer have the following choices of production…

A: Here we calculate the opportunity cost of the PPC when it shift B to C  and choose the correct…

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.