clear that productive inefficiency is a waste since reSOurces are used in a way that produces less goods and services than a nätion is eapable of Why is allocative mefficiency alse wasteful?
Q: What do you call the man-made resources used in the production of goods and services? Oa land Ob.…
A: The use of natural objects to build anything innovative that offers our life with usefulness and…
Q: An economic system that relies upon some central authority to make economic decisions would be O a.…
A: In a command system,a central government plans, then organizes and in turn controls all of the…
Q: 1. Discuss the principles of individual decision making with examples
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…
Q: The statement "U.S. Government should raise minimum wage to $15 an hour" is Select one: O a. a…
A: The terms 'positive' and 'normative' economics are frequently used by economists. Positive economics…
Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination GF E D…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: . Sell sfficiency if you and you roommate were sel suficient and split your day evenly between…
A: Since this question contains multiple sub parts and you have requested for help with questions 8,9…
Q: Solve the attahment.
A: Production Possibility Curve shows the efficient allocation of the resources with given technology…
Q: all town, there's a mousepad factory which employs workers at $8 an hour, for fort eeks. There is an…
A: In microeconomic theory, the opportunity cost of a particular activity option is the loss of value…
Q: 3 Owen is looking to sell his guitar for nothing less than $60. Suppose Shannon offers him $100,…
A: Total surplus is the sum of consumer surplus and producer surplus
Q: Classity ach of the following statements as pestive or nomative Statement Positive Normative Firms…
A: Positive economics describes and explains diverse monetary phenomena or the "what is" scenario.…
Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…
A: Economic perspective refers to seeing the situation through the lens of economics and making…
Q: Refer to Figure 2-1. Which arrow shows the flow of the factors of production? Figure 2-1 A Markets…
A: The circular flow of money explains how money and goods are circulated between the household sector…
Q: You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your…
A: Trade between two countries is done when one country is advantageous in the production of a certain…
Q: Suppose the following data reflect the production possibilities for providing health care and…
A: Hi Student, thanks for posting the question. As per the guideline we are providing answer for first…
Q: Which sentence is incorrect about this production possibility frontier? 100 90 80 70 60 50 40 30 20…
A: A production possibility frontier illustrates the combinations of two goods that can be produced…
Q: Capitalism allows for the private ownership of the factors of production. O True O False
A: The factor of Production: The resources that are used in the production of goods and services are…
Q: Production posilnies Puza (per hour) Soda (cases per hour) Possibility 100 00 60 35 in the above…
A: Defination: A production possibility frontier/bend is the locus of all blends of the amounts of two…
Q: a. For each type of worker, calculate their opportunity cost of producing a bookshelf (in terms of…
A: Opportunity cost(OC) of a product is the amount of another product that is forgone to produce the…
Q: 1. According to the preclassical or Physiocratic school (1756–78) and classical economists…
A: During the pre classical or classical economists era there were majorly three factors of production…
Q: What are the differences in the way a market process vs. a command process attempt to deal with the…
A: Basic problem of scarcity means availability of limited resources against unlimited wants of human…
Q: Production Possibilities Curve D E PPC Housing(units per year) he production possibilities curve…
A: The production possibility curve shows the combination of two goods that can be produced with the…
Q: Sketch a plausible production possibility frontier that shows in general various combinations of…
A: Answer to the question is as follows:
Q: Kevin is considering going to a rock concert. The ticket will cost him need to spend $3 on gas to…
A: The opportunity cost of doing an activity is the loss of value associated with the next best…
Q: A leader of the Labour Party in the United Kingdom, Jeremy Corbyn, proposes the creation of a…
A: A proposal of national education service as a universal will be great for those who can't afford the…
Q: 10. Use a production possibility frontier to describe and explain the idea of efficiency, as…
A: Economic efficiency as per the economist is a state in which each resource is allocated optimally to…
Q: An economist would draw no such conclusions. The essential economic question is how resources are…
A: To summarize above pictures, it is important to know some definitions like : IMPLICIT COSTS are the…
Q: imothy quits his job, which pays him $96600 a year to enroll in a 4 years graduate program. His…
A: Opportunity cost (OC) is the forgone benefit that will have been derived by an option not chosen .OC…
Q: In Islamic economic system the economic behaviour is governed by the Select one: O a. None of these…
A: In the Islamic economic system, economic behavior is governed by the Islamic law that is the…
Q: It is clear that productive inefficiency is a waste since resources are being used in a way that…
A: Productive inefficiency means that the same output can be produced at a lower cost of production. It…
Q: Differentiate positive statement from Normative statement and give 2 examples for the latter and…
A: Difference between positive statement and normative statement are as follows: A positive statement…
Q: Refer to the graphs below for this question. Which of the graphs explain what woule the production…
A: Production possibilities frontier shows the combinations of two goods that can be produced with the…
Q: ing inefficiently? the available resources and technology? resources and technol OE and F C and D A…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first three subpart for you.…
Q: Ceteris paribus is the Latin expression for O a. The eror of reasoning that a first event causes a…
A: Economics is the branch of social science and is regarded as the Queen of social science. The word…
Q: Suppose the following data reflect the production possibilities for providing health care and…
A: The production possibilities curve (PPC) is the downward sloping curve which is concave to the…
Q: re given the following different technologies for producing 100 metres of cloth. 8 - D 4 B E 1 T T 1…
A: The correct answer is a. Technology B dominates technology D This is because at every level…
Q: Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive…
A: Hello, thank you for the question. Since there are multiple subpart questions posted here, only the…
Q: Capitalism refers to: a traditional economy. O a command economy. O a market economy. O socialism. C…
A: Capitalism is one ideology to run an economy that promotes the trade between the consumers and…
Q: he industries in South Africa, such as housing and healthcare, are controlled by the government.…
A: The conclusions that can be drawn about the South African economy based on the given information is…
Q: What's does a production possibility frontier illustrates?
A: The production possibilities frontier(PPF) displays the productive capacity of a nation. A…
Q: Edgeworth Box 2 person / 2 good economy Eve At "v", how many apples and figs do Adam and Eve…
A: The 'Edgeworth box,' named after its inventor Francis Ysidro Edgeworth, is an economics tool that…
Q: Suppose the following data reflect the production possibilities for providing health care and…
A: The production possibility curve is the display that designates the several production potentials of…
Q: Why are individuals, businesses and countries forces to weigh the benefits and costs of their…
A: The economics as a study works upon the basis of the use of resources which are available with them…
Q: 1. Robinson Crusoe happily lives by himself on a little island eating shrimp and mangos. He is able…
A: The production possibility curve will help to use the scarce resources effectively, suppose one…
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: The table below represents the combinations of beet and corn produced on à tract of land given size…
A: The production possibility curve shows the various combination of the output with the given…
Q: In market economies, fifi rms rarely worry about the availability of inputs to produce their…
A: In the command system, most resources in the economy are owned by the government, and some central…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum. The maximum output combinations of both goods are given in the table below: Combination Shoes Computers Shoes Computers A 0 1000 B 100 900 C 200 750 D 300 550 E 400 300 F 500 0 iv. How many computers could society produce if it was willing to do without shoes? v. Why are points outside the frontier unattainable? vi. Identify three ways by which the economy can attain the level of production outside the PPF. vii. What happens to the PPF when technological change overwhelmingly favours the production…What's does a production possibility frontier illustrates?Pls Don't Copy , I want Unique Solution What does a production possibilities frontier represent? Explain how you would use it to make decisions. What other information would you need to incorporate and what decision rule would you use?
- Suppose the hypothetical economy produces only car and oil using its available resources and existing technology. CombinationsUnitsProduction alternatives ABCDE OilKgs8006004002000 CarNumber0500100015002000 Using the above information, Draw the production possibility frontier/ curve of a nation.If the economy is initially operating at point C, then calculate the opportunity cost producing one more unit of car. What changes are required for the economy to shift PPF either outward or inward?The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1 below. You are required to:a. Draw a Production Possibility Frontier (PPF) and list all efficient points of production.b. Marope Economy wishes to produce 520 billion units of consumer goods. Plot this output onthe Frontier and state whether this is an efficient point or not.Table 1 – Production Possibilities Output (billions of units per year) Consumer goods Consumer servicesPart BA B480 420 0 120C D240 0 240 300 Use graphs to demonstrate how the following factors will change the PPF.a. A decrease in migrationb. An increase in natural resourcesc. Changes in technologyWhat are the differences in the way a market process vs. a command process attempt to deal with the basic economic problem scarcity?
- Imagine a society that produces military goods andconsumer goods, which we’ll call “guns” and “butter.”a. Draw a production possibilities frontier for gunsand butter. Using the concept of opportunity cost,explain why it most likely has a bowed-out shape.b. Show a point on the graph that is impossible forthe economy to achieve. Show a point on thegraph that is feasible but inefficient.c. Imagine that the society has two political parties,called the Hawks (who want a strong military)and the Doves (who want a smaller military).Show a point on your production possibilitiesfrontier that the Hawks might choose and a pointthat the Doves might choose.d. Imagine that an aggressive neighboring countryreduces the size of its military. As a result, boththe Hawks and the Doves reduce their desiredproduction of guns by the same amount. Whichparty would get the bigger “peace dividend,”measured by the increase in butter production?Explain.You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up afterthemselves.You,ontheotherhand,cancleanfaster than each of them. You determine that you are 70% faster at dishes and 10% faster with vacuuming. All of these tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a traderelated analogy to this problem?a. The nation of Alphaville has been hunting their deer population to extinction. The government decrees strict limits on the number of hunters, and on the number of rounds of ammunition that each hunter can take into the hunt. Hunters, like fishermen, are a creative lot: What will “capital stuffing” look like in this case? b. What would an individual transferable quotas (ITQ) system look like in this case? c. Do real governments use quotas like this to control deer populations? If you don’t know the answer, just ask your classmates: There’s probably a hunter or two in your course.
- Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?1.1 Discuss how the production possibility frontier model can be used to illustrate thebasic economic problem of scarcity.Overall, would it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility. Should therre be less?