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- Explain why scarcity leads to tradeoffs.explain na link between scarcity and opportunity costAn inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?
- Could a person or country ever produce a combination of goodsthat lies outside the production possibilities frontier? Why or why not?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.Suppose that the opportunity cost of producing 10 chickens is always 8 turkeys. Given this, the relevant production possibility curve must be: I II III IV Exlain your choice in few words
- 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?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 costThe table below shows production points on Sweet-Tooth Land's production possibilities frontier. What is the opportunity cost of one chocolate bar if Sweet-tooth Land moves from point C to point D? B) 10 cans of cola per chocolate bar C) 3 cans of cola per chocolate bar D) 1/3 can of cola per chocolate bar A) 30 cans of cola per chocolate ba
- ASAP Consider the following PPF. PPF is linear between points A and B, B and C, C and D, D and E. What is an opportunity cost of 1c if currectly producing at c=8Evidence 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.Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is Dean's opportunity cost of soup?
