Daisy has the following Production Possibilities Frontier per week. Her resource is 5 Ibs of flour. Note: You will use this PPF to answer the next several questions.
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- What does a production possibilities frontier illustrate?What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?which one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activities
- 2. What is a production possibilities frontier (ppf) for an economy? explain your answers with an appropriate diagram.1. Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks like, which if it used all its resources, can produce either 300 units of national security or 140 units of health care, or some combination of the two. 2. Explain what the opportunity cost is and calculate it for this example (assume constant opportunity cost).POSSIBILITIES PINEAPPLES MANGOESA 100 0B 90 15C 70 30D 40 45E 0 60 1. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. 2. On PPF curve drawn, identify the following points: i. Unattainable (label the point U) ii. Attainable and efficient (label the point AE) iii. Attainable and inefficient (label the point AI) 3. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes 4. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? 5. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? 6. With the aid of a diagram, explain the effect of a new technological mobile weather station on…
- . Diego and Darnell are roommates. They spend mostof their time studying (of course), but they leavesome time for their favorite activities: making pizzaand brewing root beer. Diego takes 4 hours to brewa gallon of root beer and 2 hours to make a pizza.Darnell takes 6 hours to brew a gallon of root beerand 4 hours to make a pizza.a. What is each roommate’s opportunity cost ofmaking a pizza? Who has the absolute advantagein making pizza? Who has the comparativeadvantage in making pizza?b. If Diego and Darnell trade foods with each other,who will trade away pizza in exchange for rootbeer?c. The price of pizza can be expressed in terms ofgallons of root beer. What is the highest price atwhich pizza can be traded that would make bothroommates better off? What is the lowest price?Explain.Q3. Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. a. Draw Home's production possibility frontier. Label the curve PPF. (Clearly show the maximum amount of the two goods that can be produced on your graph) b. What is the opportunity cost of apples in terms of bananas? (Enter your response rounded to one decimal place.) c. In the absence of trade, what would the price of apples in terms of bananas be? There is now also another country, Foreign, with a labor force (L) of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. d. Derive the equation for Foreign's production possibility frontier. e. Graph Foreign’s production possibility frontier.Beth is a skilled toy maker who is able to produce both boats and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Balls) (Boats) (Balls) A 8 0 4 0 B 6 2 3 12 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Beth's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSBOATS Suppose Beth is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Beth is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Beth increases her production of boats, her opportunity cost of producing one…
- The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutantsSam is a skilled toy maker who is able to produce both cars and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Cars) (Balls) (Cars) (Balls) A 8 0 4 0 B 6 2 3 8 C 4 4 2 14 D 2 6 1 16 E 0 8 0 17 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSCARS Suppose Sam is currently using combination D, producing one car per day. His opportunity cost of producing a second car per day is per day. Now, suppose Sam is currently using combination C, producing two cars per day. His opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Sam increases his production of cars, his opportunity cost of producing one more car .…Table 1: Production Capacity of COVID-FREE LAND.Toilet Rolls Sanitizers30,000 028,000 1,00024,000 2,00018,000 3,00010,000 4,0000 5,000Use information in Table 1 above to answer the following questions: In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptionsand properties of the PPF.