Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?

Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 6QR

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Unit 4 Question 1 The production possibility frontier of an economy is as shown in Figure 1. (a) () If the economy produces 15 units of manufoctured goods, whot is the maximum number of non-manufactured goods it can produce? (in) How many manufoctured goods could it produce if production of non-manufoctured goods was 50 units? (b) The economy is currently operating at point C What is the opportunity cost of increasing production of non-manufactured goods by (1) 15 units; (1) 20 units? (c) The econory is at D. Whot is the marginal cost of increasing production of non-manufactured goods to the point () C; (i) B? Thanks in advance!
Draw a production possibility frontier showing the trade-off between the production of apples and the production of oranges
-A) Describe production and the factors that go into producing various goods and services. -B) Describe the opportunity cost an economy incurs to increase the production of one product. Use a production possibilities frontier
Practice Question 8: Resubmitted Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is Lucy's opportunity cost of making a wagon? Group of answer choices 1. 1 1/3 tricycles 2. 2 tricycles 3. 3/4 of a wagon 4. 3 wagons
production possibilities frontier can shift outward if Select one: a. government increases the amount of money in the economy. b. there is a technological improvement. c. the economy abandons inefficient production methods in favour of efficient production methods. d. resources are shifted from the production of one good to the production of the other good.
Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily. What is the maximum amount of lumber Canada could produce daily? What is the maximum amount of fish Canada could produce daily? Draw Canada’s production possibilities frontier.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
Question Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
As depicted in -- -, it is necessary to give up some of one good to gain more of the other good. a) the production possibilities frontier graph b) the concept of marginality c) the concept of utility d) allocative efficiency
A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Question 39Select one: a. the opportunity cost of shirts in terms of pants b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the tradeoff between production of pants and production of shirts
Question 26 Please refer to Maxine's & Daisy's PPFs Which good should Daisy specialize in? Group of answer choices the good for which she has a higher opportunity cost the good she can produce the most of the good for which she has a lower opportunity cost the good for which she has an absolute advantage.
Q-4: Give an example of a positive statement and an example of a normative statement that somehow relates to your daily life. • Name three parts of government that regularly rely on advice from economists.