Explain why a movement from a point inside a production possibilities frontier to the production possibilities frontier can be described as a free lunch and a movement along a production possibilities frontier is described as a tradeoff.

Q: define a production possibility curve and use such a curve to illustrate scarcity,choice and…

A: The resources in any economy are limited while the wants are unlimited. The subject of economics…

Q: According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" draw a…

A: Trade off basically involves the concept of opportunity cost. If we increase quantity of one good…

Q: When moving along the production possibilities frontier, opportunity cost is measured as the Select…

A: When moving along the production possibility curve,decrease in quantity of one good is divided by…

Q: Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?

A: Production Possibility Curve represents different combinations of good (or services) that can be…

Q: Production producing at a point is efficient if the economy is a. on the production possibilities…

A: Answer: Efficient production level: all the combinations of two goods that lie on the production…

Q: Generally, opportunity costs increase and the production possibilities curve bows outward. Why?

A: The production possibility curve is the locus of different combinations of two goods that an economy…

Q: Refer to Figure 3-3. If the production possibilities frontier shown for Bob is for 100 hours of…

A: Maximum units of burrito Bob can produce = 300 units Maximum hours of production = 100 hours…

Q: What is a production possibilities frontier?  How can we show efficiency on a productions…

A: PPF is the representation of the total output capacity of an economy given all the resources which…

Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…

A: Production possibility frontier is the curve that shows different possibility of combination of two…

Q: Which of the following would cause an outward shift of the production possibilities frontier?

A: The production possibility frontier represents the different combinations of two goods that can be…

Q: One company produces only 2 goods: pillows and blankets and its PPF is represented in the graph…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Suppose there are only two people in the world. Each person’s production possibilities frontier also…

A: Suppose there are only 2 people in the world.Each person's production possibilities frontier also…

Q: Dmitri and Frances are farmers. Each one owns a 12-acre plot of land. The following table shows the…

A: The PPF is also known as the transformation curve or the production possibility curve. The…

Q: production possibilities frontier

A: Production possibilities frontier- it is the different variations of 2 goods that can be produced…

Q: Imagine a society that produces military goods and consumer goods, which we will call "guns" and…

A: Production possibility frontier shows all possible points of production of two goods for the…

Q: Draw a production possibilities frontier for guns and butter. Using the concept of opportunity cost,…

A: Since you have asked multiple sub-parts, first three sub-parts would be answered. If you want the…

Q: As the manager at a local florist, you supervise two employees, Anita and Jerome. There are two…

A: since you have asked multiple questions and according to policy we can solve only 1 question and for…

Q: 40 PPF 3 30 P 20 10 PPF 2 PPF 1 10 20 30 40 50 product X product Y

A: Production possibility frontiers explain the trade off between two goods or services.

Q: Make a graph using the  information in the table below: ITEM A B C D E Pretzels 0 300 450 600 700…

A: By using the table, we form production possibility curve which shows the two possible combinations…

Q: raw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: Production possibility frontier refers to the maximum possible combination of output of goods or…

Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies.…

A: The production possibility frontier (PPF) refers to the maximum possible combinations of output of…

Q: Fully discuss how the production possibility frontier demonstrates the basic economic problem of…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: The most efficient point of production along the production possibilities frontier is .) Group of…

A: Below are the mentioned inefficient points: * Point "E" shows the unattainable point. * Point "G"…

Q: If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3…

A: Given,   PPF: 4X2+ Y2 = 16  X = √3, Y = 2

Q: Draw a Production Possibilities Frontier curve for an economy that produces milk and cookies. What…

A: A production–possibility frontier (PPF), production possibility curve (PPC), production possibility…

Q: Suppose your friend ask you to go watching a movie while you are studying for an examination. what…

A: Answer: Opportunity cost is the cost that arises due to the sacrifice of the benefit that could have…

Q: On the following graph, use the blue line (circle symbol) to plot Yakov's production possibilities…

A: Absolute advantage refers to a situation where a country produce best quality of the commodity at a…

Q: Explain how the shape of the production-possibility frontier implies increasing costs for the…

A: Points Clothing Food A 16 0 B 15 2 C 13 4 D 10 6 E 6 8 F 0 10

Q: Draw a production possibilities frontier diagram for a farm able to produce corn or soybeans. What…

A: Production possibility curve is used to present various combination of two goods that can be…

Q: s how the production possibility frontier demonstrates the basic economic problem of scarcity

A: The PPF (production possibility frontier) is a locus that represents various bundles of commodities…

Q: he first principle of economics discussed in Chapter 1 is that people face trade-offs. Use a…

A: Production Possibility Frontier is basically a curve that shows the various combination of two items…

Q: The first principle of economics is that people face trade-offs. Use a production possibilities…

A: As individuals have unlimited wants and desires and resources available to satisfy those wants and…

Q: The production possibilities frontier curve illustrates that   a. an economy's capacity to produce…

A: The production possibility frontier (PPF) is a curve in business analysis that depicts the maximum…

Q: On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities…

A: Given  Each farmer have 12-acre plot of land.   Corn (bushels per acre) Rye (bushelsper acre)…

Q: Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production…

A: PRODUCTION POSSIBILITY FRONTIER (PPF) is a curve which shows the combination of producing two goods…

Q: What is the trade off between movies and other goods and services? How is this trade off illustrated…

A: Trade off basically involves the concept of opportunity cost. If we increase one good then other…

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: The production possibility curve depicts a variety of combinations of two goods that can be produced…

Q: For each of the following, indicate how you might apply the four core principles of economics (the…

A: Here, given statements are related to principles of economics according to their influence on market…

Q: What is the production possibilities frontier?    A. a map that shows areas of the world in which…

A: Economics relates to the organization of money, business, and industry.

Q: Graph the PPF, assuming that it has no curved segments.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Why is it inefficient for an economy to be inside the production possibilities frontier?

A: The production possibility frontier shows the relationship between what an economy can produce…

Q: explain a production possibilities frontier for an economy that produces cheese and milk. What…

A: Production possibility frontier shows the combination of two goods that can be produced with the…

Q: Use the concept of the production possibility frontier to explain the basic economic principles of…

A: When faced with the option of creating two commodities or services, the (PPC) is a model that…