Economics is a branch of social science that deals with the efficient allocation of scarced resources for the satisfaction of unlimited human needs and wants. Question: In relation to the definition of economics above, provide examples in your daily life of how it is applied.
Q: An economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit…
A: we will be answering the first 3 sub parts of the question as particular sub part is not mentioned.…
Q: raph
A: Good y is measured on y axis and good x is measured on x axis . Point DE shows the PPF. All the…
Q: Mary, a college student, is practicing her economics knowledge by allocating scarce resources. She…
A: Answer to the question is as follows :
Q: Person 1 can allocate her 8-hour a day between the production of two goods. A and B. Each hour…
A: As per given details:- Production level(each hour) Goods A Goods B Person 1 4 2 Person 2…
Q: Discuss whether the imposition of maximum prices can improve the allocation of scarce resources.…
A: Allocation of resources is an economic decision in which resources are allotted according to their…
Q: Exhibit 2-4: Firm X's Points of Production on Its PPF Points A C D Capital Goods (K) 50.00 45.00…
A: Opportunity cost refers to the amount of good forgone to consume or produce an additional unit of…
Q: Explain the statement true or false. Give an example to explain your answer. "It is possible to…
A: According to Pareto efficiency, it is not possible to increase one person utility or welfare of one…
Q: Exhibit 2-4: Firm X's Points of Production on Its PPF Points A C D Capital Goods (K) 50.00 45.00…
A: "Opportunity cost refers to the benefit that is forgone by choosing one alternative instead of the…
Q: Economics is the study of the allocation of the abundant resources in a country. True False
A: Economics is the study of the allocation of scarce resources in the economy. Households have…
Q: Person 1 can allocate her 8-hour day between the production of two goods.A and B .Each hour devoted…
A: Production possibility frontier Production possibility frontier (PPF) is the curve which shows all…
Q: Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each…
A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…
Q: Question [1]: For each of the following pure exchange economies with 2 goods and 2 consumers, draw a…
A: Contract curve is the locus of all the pareto efficient points in an exchange economy between two…
Q: resources are scarce it is important to use them efficiently define efficiency in economics
A: Economics is a field of study where we study about production, consumption, and wealth. We focus on…
Q: Suppose Carmina and Allen both produce two products - wallets and shoes made out of fine shell…
A: Absolute advantage: When producing a commodity the individual or country will produce the output at…
Q: Consider the figure attached below which shows the combined production function of Anna and Bob.…
A: Indifference curve shows the combinations of two goods among which the consumer is indifferent. The…
Q: . In terms of Adam Smith’s concept of the invisible hand, an efficient overall allocation of…
A: Concept The invisible hand is the idea that free markets will find a balance in market forces for…
Q: QUESTION 1. Over dinner, your friend mentions an article about a population explosion in Malaysia…
A: The Heckscher-Ohlin model is a theory of economics that states that nations should export what they…
Q: You are now asked to consider a world with two people, Poppy and David. David is a farmer. Poppy…
A: We know, David is a farmer Poppy owns the land on which David farms and does not produce any output…
Q: Question [1]: For each of the following pure exchange economies with 2 goods and 2 consumers, draw a…
A: Contract curve is the locus of all the pareto efficient points in an exchange economy between two…
Q: Assume that there is an economy that is only producing two goods: trains and boats. The table below…
A: A PPF graph shows the combination of maximum output of two goods in an economy. This maximum…
Q: Suppose Hang Tuah has 10 keris and 2 arrows and Hang Jebat has 2 keris and 2 arrows. If this…
A: Hang tuah and hand jebat have the combination of good ls and this allocation of goods is considered…
Q: There are 2 firms (i = 1,2) in an economy, which use capital only to produce final output. The…
A: Introduction There are two firms in the economy. The economy use only capital to produce final…
Q: The basic economic problems of the society includes the ___. a. all of the above b. problem of…
A: According to Lionel Robbins, "Economics is the science that studies human behavior as a relationship…
Q: 1. A basis for the systematic study of economics exists because A Resources are scarce in relation…
A: 1. Economics is a social science which deals with the science of decision making, i.e. understanding…
Q: Say a market is efficient. Which of the following occurs? Question 1 options: Consumer surplus…
A: Market efficiency refers to the extent to which market prices reflect all available and relevant…
Q: The ________ production points on a production possibilities frontier are the points on and inside…
A: Production possibility frontier (PPF) refers to the curve that shows the combination of goods which…
Q: Adam Smith’s concept of the invisible hand, an efficient overall allocation of resources is likely…
A: Adam Smith’s concept of the invisible hand, an efficient overall allocation of resources is likely…
Q: Explain the difference between productive and allocation efficiency. How do you think a centrally…
A: Productive efficiency is the optimal way to produce goods and services at the lowest possible cost,…
Q: The graph shows the schedule for hours of tutoring in economics. If the price increases from…
A: The area left to the equilibrium demand and supply quantity is the total surplus. Initial price,…
Q: “How to allocate limited resources in an efficient way (as emphasized in an introductory economics…
A: Economic resources are scarce or limited. When we talk about scarcity, we must allocate the…
Q: Which of the following is true of Figure 2-4? 2-4.png If the economy operates at point B, resources…
A: A production possibility curve (PPF) shows the maximum possible output combinations of two goods or…
Q: No more than 100 words for the answer: Explain, in your own words, the implications of the Positive…
A: An externality emerges when the consumption or production of a good or service affects some third…
Q: When we study economics the objective is to learn: A. how to allocate unlimited resources…
A: The given question is simply follows the definition of the study of economics.
Q: 1. Kamal (K) and Jamal (J) are the only two individuals in an exchange economy consisting of only…
A:
Q: The fundamental problem of welfare economics is to determine at which feasible allocation the…
A: Welfare Economics refers to the allocation of limited resources at dispersal to an efficient…
Q: True or false? It is possible to have a Pareto efficient allocation where someone is worse off than…
A: Pareto optimum is important part of welfare economics, it was given by Italian Economist Vilfredo…
Q: 2) Fill in the missing information in the following tables. For each table, use the information…
A: Marginal rate of substitution (MRS) refers to the rate at which a consumer is substituting one goods…
Q: Roxy has 6 pencil cases and 18 notebooks. In contrast, Bratt has 18 pencil cases and 8 notebooks.…
A: The allocation of resources not efficient it it will be an efficient allocation of resources if if…
Q: Angela and Theresa visit a sporting goods store to buy a new set of golf clubs. Angela is willing to…
A: Given information: The price that Angela is willing to pay = $750 The price that Theresa is willing…
Q: Consider two people in the market for tilapia, Reagan and Cheryl. The marginal benefit curves for…
A: We are going to overview the concept of efficient allocation to answer this question.
Q: Taxes adversely affect the allocation of resources in society because... A) The taxes collected are…
A: Taxes are imposed by the government. It is a compulsory charge which has to be paid by all the…
Q: Discuss with help of a production possibility curve, how resource allocation decisions are made and…
A: Opportunity cost refers to the opportunity lost. It is the foregone benefit to because of choosing…
Q: Explain the concept of increasing-opportunity-cost with constant returns to scale. In your answer,…
A: It is the cost of the next best alternative forgone. In other words how many units we are ready to…
Q: 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of…
A: This is the case of absolute advantage.
Q: Person 1 can allocate her 8-hour day between the production of two goods.A and B .Each hour devoted…
A: Production possibility frontier Production possibility frontier (PPF) is the curve which shows all…
Q: The basic economic problems of the society includes the ___. a. all of the above b. problem of…
A: The economics refer to the study of human behavior in response to the limited or resources that have…
Q: Which method is used to find out the optimal allocation of natural resources? Explain with the help…
A: OPTIMUM UTILIZATION OF NATURAL RESOURCES : As we already know that there are two types of natural…
Step by step
Solved in 2 steps
- What are the definitions of the following economic principles and give 1 brief example each: - scarcity principle? - cost-benefit principle? - principle of unequal cost? - principle of comparative advantage? - principle of increasing opportunity cost? - equilibrium principle? - efficiency principle?Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.
- Question: Suppose the United States can produce cattle or corn with a given amount of resources. Below is a graph depicting the production possibility frontier for the United States and the marginal benefit and cost of a bushel of corn. Discuss the relationship between the marginal cost and marginal benefit of corn and the production of both corn and cattle. (a) Discuss the overallocation of resources, underallocation of resources, and optimal allocation of resources. (b) When operating at the optimal level of corn production, what is the optimal level of cattle production? Why is this the optimal amount (why not more or less cattle)?Define the Market Economy term and provide an original, economics-based explanation of the term. Aslo provide a real/hypothetical contextual example (different from that provided in the text) of the term as it is applied to economics.Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services. Economics is not just about money; it is also about making correct choices, balancing them with the money, and improving an individual’s overall well-being. Some important MCQs on economics are given to analyse your understanding of the topic. Economics MCQsQ1. What do you mean by the supply of goods? a) Stock available for sale b) Total stock in the warehouse c) The actual production of the goods d) Quantity of the goods offered for sale at a particular price per unit of time Answer:- d Q2. What do you mean by ‘under conditions of a perfect competition in the product market’? a) MRP = VMP b) MRP > VMP c) VMP > MRP d) None of the above Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely.…
- Q: determine whether the following statements are true or false: a) In the economic model of the circulation of goods (services) and resources, households make demand on resources. b) In the modern market economy, workers, despite the constant increase in incomes, may still be alienated from the means of production. c) Economic relations in the production process do not depend on the form of ownership.Economics Question Suppose , unfortunately , your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only twelve hours studying for both exams . After some thought , you conclude that dividing your study time equally between each subject will give you an expected grade of C in each course . For each additional three hours of study time for one of the subjects , your grade will increase one letter for that subject , and your grade will fall one letter for the other subject . a . Construct a table for the production possibilities and corresponding number of hours of study in this case .Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice The optimal choice of output for a firm that produces electric heaters Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy A worker’s decision about how many hours to work Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The impact of new technology in the market for DVD recorders Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The relationship between…
- 10. In terms of Adam Smith’s concept of the invisible hand, an efficient overall allocation of resources is likely to result from?while this topic may seem insensitive given the recent events in Uvalde (and others), in economics the "Guns vs. Butter" debate has been used for decades to describe the choice and trade-offs between producing a governmental capital goods (guns) vs. personal consumer goods (butter) in society. Please keep this in mind and do not get off topic in the guns vs. no guns debate or the idea of gun legislation. In this exercise you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (guns and butter). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the PPC. You will go on to explain your analysis. Guns or Butter? Suppose a nation has a total of 24 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to…10 - You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose that you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? (Answer the question according to the definition of opportunity cost.) (5 points)
