Q: Explain the following economic concepts with a PPF a) Scarcity b) Economic Inefficiency c)…
A: The production possibility curve shows the combination of two goods that the economy can produce…
Q: In production possibility frontier analysis, which mixes of goods are considered efficent by an…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: If a Production Possibilities Frontier (PPF) of an economy is a linear curve, what does it means? А.…
A: Solutions are given below
Q: PP PP PP Consumer Goods Refer to the diagram. An improvement in technology will shift the production…
A: Production possibility curve: - it is the graphical representation of different combinations of two…
Q: A * F D A_ B C. D E F
A: Production possibility frontier (PPF) is the representation of the possible combination a producer…
Q: ack has 4 hours of free time (leisure) per day. Jack has two leisure activities (hobbies) –…
A: Production possibility frontier (PPF) for Jack is a curve showing all the combinations of two…
Q: shift the production possibilities curve from PP2 to PP3 shift the production possibilitles curve…
A: The production possibility frontier would result in the maximum output that can be produced with the…
Q: Production possibility frontier (PPF)
A: The economics is a branch of social science and deals with different problems like allocation of…
Q: Explain how each of the following situations would affect a nation's production possibilities curve.…
A: Answer: Correct option: PPF shifts inward. Explanation: due to a law requiring all employers to give…
Q: point lying inside (under) a production possibilities frontier indicates that _________. A. the…
A: A production possibility frontier shows the combinations of goods which could be produced with the…
Q: Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive…
A:
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: Exhibit 2-3 Capital Goods (thousands of units) D B PPF2 PPF 1 Consumer Goods (thousands of units)…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: Mr Adam has 4 hours of free time (leisure) per day. Mr Adam has two leisure activities (hobbies) –…
A: Production possibility frontier (PPF) for Adam is a curve showing all the combinations of two…
Q: Explain how each of the following situations would affect a nation’s production possibilities curve.…
A: Production possibility frontier is a curve which shows a possible combination of two goods that can…
Q: The individual production points on each person's production possibilities frontier represent their…
A: Production possibility curve is used to represent the maximum amount of output that an individual…
Q: Jack has 4 hours of free time (leisure) per day. Jack has two leisure activities (hobbies) –…
A: PPF shows all possible combination of two goods that can be produced by the given resources. In…
Q: The production possibilities frontier (PPF) illustrates the concept of scarcity
A: According to the given question In simple words we can say that Scarcity is considered an actually…
Q: What is the production possibilities frontier? Explain the basics of the simple tool and illustrate…
A: The production possibility curve or production possibility frontier is a curve that shows whether…
Q: Production at a point inside the production possibilities frontier is unattainable and inefficient…
A: A production possibilities curve shows the various combinations of two goods that an economy can…
Q: 20. Points on the production possibility curve are a. Unattainable and efficient b. Attainable and…
A: Production possibility curve shows different combinations of two goods that can be produced with the…
Q: Using the production possibilities frontier model with two goods X and Y, the opportunity cost of…
A: Opportunity cost can be defined as the lose of one alternative when another alternative is chosen.
Q: Refer to the accompanying table. Corey's opportunity cost of making of a pizza is delivering Pizzas…
A: Opportunity cost refers to the next best alternative forgone.
Q: Bread On the PPF above, which of the points is inefficient? A C D G Wine
A: Production Possibility Frontier:- The production possibility frontier refers to a graph in market…
Q: Every society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete…
A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…
Q: John divides his time between painting landscapes and writing his novel. He paints at a constant…
A: Painting landscapes and writing his novel take up most of John's time. He paints at a steady rate,…
Q: Examine the central problems of an economy given below and select the one that cannot be represented…
A: A production possibility curve (PPC) is a graph that represents different combinations of output…
Q: You are looking at a graph of the Production Possibilities Frontier (PPF). Points which are located…
A: PPF (Production possibilities frontier) is the locus of combinations of two goods, which a nation…
Q: Explain the following economics concepts with PPF. a)scarcity b)Economic inefficiency…
A: The production possibility frontier (PPF) is a curve that depicts the differences in the quantities…
Q: production possibility curve shows the possible combination of two goods with utilization of…
A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…
Q: bowed shape PPF curve relatated to law of increasing opportunity
A: All of the various combinations of output that are possible to be produced with the given resources…
Q: The quantities shown are taken from a production possibilities frontier for an economy with…
A: Answer - Need to find- The blank in the table could be which value Given in the question- The…
Q: Which of the following normative criteria is concerned with the optimal mix of production among…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Okay, so if I want one more bottle of water, what does this cost me in terms of fish? The…
A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…
Q: Imagine a society that produces Capital goods and consumer goods. a. Draw a production…
A: Production possibility frontier illustrates the possible combinations of two goods that an economy…
Q: Draw and explain a production possibility frontier for an economy that produces milk and cookies.…
A:
Q: E Bread On the PPF above, the economy is currently at point B. How can the economy produce at point…
A: Answer-
Q: Alex Selkirk's PPF is given below. The outputs represent what he can catch, or produce, in any given…
A: Opportunity cost:- The possible rewards that an individual, investor, or organisation lose out when…
Q: An increase in the labor force would be reflected in a society's production possibilities frontier…
A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…
Q: assume county is in recession . assume the county only produces food and clothing draw a correctly…
A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…
Q: Describe the concept of "Efficiency" with the help of the PPF concept.
A: PPF or production possibility frontier shows the combination of goods which could be produced from…
Q: Show what happens to the production possibilities frontier (PPF) if an epidemic reduces the…
A: Production possibilities frontier shows different combinations of two goods that can be produced…
Q: Which statement concerning a production possibilities curve is not true? a. it is usally linear b.…
A: The production possibility curve represents graphically all the production possibilities of two…
Explaining the Production Possibilities Curve or
Explain the attainable and unattainable
Step by step
Solved in 2 steps with 1 images
- Examine the central problems of an economy given below and select the one that cannot be represented in a production possibility curve. a. What to produce? b. How to distribute? c. Full utilization of resources d. How much to produce?Production at a point inside the production possibilities frontier is unattainable and inefficient attainable and efficient attainable and inefficient unattainable and efficientthree factor that might cause the production possibilities curve to shift to the right or outward
- The quantities shown are taken from a production possibilities frontier for an economy with diminishing returns. The blank in the table could be which value? Bags Courses 40 300 60 ? 80 100California has been greatly affected by the forest fires of 2020. The most likely economic impact is: A) a decrease in prices of most goods because scarcity has increased B) an outward shift of its production possibility curve C) a movement from inside its production possibility curve to the boundary D) an inward shift of its production possibility curveA point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasible
- The production possibilities frontier is a simple model which tells us something about what output is possible based on the resources and technology we presently have, but does the production possibilities frontier say anything about how the community should distribute its production of boats and trucks to the members of society? Question 9 options: A) Yes B) NoA production possibilities curve can shift inward if there is a. an increase in productivity b. an increase in unemployment c. an increase in the price of raw materials d. a misallocation of resources e. a natural disasterproduction possibility curve shows the possible combination of two goods with utilization of resources do you agree?
- If an unattainable point outside a production possibilities curve can become an attainable and even an efficient point, can an inefficient point become an efficient point in the production possibilities curve model? Explain with a graph.Using the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency .Why does a production possibilities frontier have to be downward sloping and have a bowed out shape? The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.