give an example of economic problem involving opportunity cost that SA government is curretly facing 3define a production possibility curve and use such a curve to illustrate scarcity,choice and opportunity cost

Q: A nation can produce two products: steel and wheat. The table below is the nation's production…

A: The production function is a border or frontier that denotes the greatest quantity of output that…

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

A: Production possibility frontier is the graphical representation of combinations of goods that can be…

Q: What's in the flow? Use the information to answer the following questions. For each ofthe scenarios,…

A: Q1) 1. Rouhaan has his own business selling shawarma at a stand in a mall. For his shawarma stand,…

Q: Figure 2-11 Pails Fetched Boards Sawed Jack 20 4 Jill 10 5 Using the information in Figure 2-11,…

A: Opportunity cost (OC), is the loss of Quantity of a good which when another good is being produced.

Q: Using the possibiliting Frontier ExpRain the concept of Opportunity cost moving From D.toA and B to…

A: Answer -   Opportunity cost :- It is the cost that an individual need to pay to choose one option…

Q: D the following table. Assume that the opportunity costs are constant. Use the given information to…

A: Note: You have uploaded more than one question at a time. Hence, we shall solve the first one for…

Q: Use the information in the table below. The economy of Libraryland can produce only books and…

A: Here the opportunity cost is the amount of time spent on production of magazine vs the time spent on…

Q: 4. Help Samanthaville prioritize Using the chart below, graph a production possibilities frontier…

A: 4. Answer- Thank you for submitting the questions But, we are authorized to solve only 3 sub parts…

Q: 2. Given the following diagram of a production possibilities frontier for a country. Assume that…

A: As we answer only 3 subparts, and the question has more than 3 subparts, we are answering the first…

Q: A nation can produce two products: tanks and autos. The table below is the nation's production…

A: At point B, 1 unit of Tank and 950 units of Autos are being produced. At point A, 0 units of Tank…

Q: The table sets out Crusoe's production possibilities frontier in winter. Crusoe currently catches…

A: Answer in step 2

Q: Consider the following figure that illustrates production possibilities frontier (PPF) for colas and…

A: Consider the below points: *Any point that exists on the PPF exhibits efficient production. *Any…

Q: Production Possibilities Frontier for Coffee and Tea A В C Coffee 1 2 4 Tea 14 12 9. se the…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: 2.    On PPF curve drawn, identify the following points: i.    Unattainable (label the point U)…

A: The highest output that can be produced with the available resources and technology would be the…

Q: 4. A movement from point C to D indicates that the opportunity cost of increasing the production of…

A: The production possibility curve shows the combination of two goods a country can produce by using…

Q: explain na link between scarcity and opportunity cost

A: Scarcity refers to the limited availability of scarce resources than the required level. Opportunity…

Q: Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica.…

A: The production possibility frontier (PPF) shows the combination of two output which can be produced…

Q: Imagine a society that produces military goods andconsumer goods, which we’ll call “guns” and…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: How does the shape of production possibility frontier graph affect the opportunity cost?

A: As the wants and desires of the individuals in the economy are unlimited but the resources available…

Q: 6.On a production possibilities frontier, produ ction is efficient if the production point is…

A: A production possibility frontier shows the combinations of two goods that can be produced by using…

Q: (Table: Joachim and Zane's opportunity cost) The table provides data on how long it takes Joachim…

A: The opportunity cost of cleaning 4 bathrooms Joachim's is 10 wash windows which is 2.5 times.…

Q: Which of the following is not illustrated by a production possibility frontier (PPF)? Select one:…

A: Scarcity is a situation where enough resources are not present to fulfill the increasing demand of…

Q: A group of students raises money each year by selling souvenirs outsi de the stadium after a cricket…

A:

Q: A. You have an apple orchard and have recentlylorang added a small plot of land for oranges as well.…

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

Q: Paul's PPF Sue's PPF Cheese Cheese 100 60 40 32 36 60 Ham 42 90 Ham According to the graph above,…

A: Opportunity cost is the benefit that might have been gained if a different available alternative had…

Q: 4. Opportunity cost and production possibilities Cho is a skilled toy maker who is able to produce…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

Q: omework (Ch 01) Poornima is a skilled toy maker who is able to produce both trains and kitds. She…

A: Poornima is a skilled toy maker who is able to produce both trains and kites. She has 8 hours a day…

Q: Harry enjoys tennis but wants a high grade in his economics course. Figure 1 shows Harry's PPF.…

A: Production possibility frontier measures the various combination of two goods which a country can…

Q: 15 Producton 14 roter 12 Cell phones (millons per year) Cell phones (millons) 2 3 DVDS (milons) 15…

A: Cellphone 3 4 DVD 9 5 Possibility D E Opportunity cost of DVD=loss of cellphonegain of…

Q: Scarcity is Select one: A. a problem; developing economies only. O B. not a problem; rich…

A: In economics scarcity means that resources are limited to fulfill  individual demands. Each country…

Q: a. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…

A: Opportunity cost is the forgone value of second best opportunity in order to gain  best opportunity.…

Q: QUESTION 24 The following is the production possibilities frontier for Jim and Pam Jim Butter Pam…

A: In the world economy, when two countries make a trade on the basis of their specialization and…

Q: Table 1: Production Capacity of COVID-FREE LAND.Toilet Rolls30,000 28,000 24,000 18,000 10,000…

A: Given: Toilet Rolls Sanitizers 30,000 0 28,000 1,000 24,000 2,000 18,000…

Q: The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production…

A: PRODUCTION POSSIBILITIES FRONTIER  It is a concave curve which shows the combination of the…

Q: After Hurricane Katrina devastated parts of Mississippi and New Orleans in 2005, we can be sure that…

A: The combination of the goods and services which can be produced efficiently, of they are on the…

Q: A套第7页共10页 According to production possibility frontier of an economy in the two graphs below, answer…

A: The production plausibility frontier (PPF) is a bend outlining the shifting measures of two items…

Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…

A: Opportunity cost is the cost in terms of other goods forgone. Here, we face a trade-off between…

Q: Tommy and Ariel are taking an English class and a Math class together. They are supposed to write…

A: Tommy and Ariel are taking an English class and a Math class together. They are supposed to write…

Q: Situation in whic UDI U 1O jun oue aun O a. Scarcity Ob. Production Possibility Frontier OC.…

A: Item available indicates the supply of a good while item people want is the demand for the good.

Q: 9. The following data show the combinations of output of cars and co computers. TIT Combination…

A: a.

Q: The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production…

A: The PPF's shape and its position will depend on how costly it is to keep the environment clean, that…

Q: . a. Explain the following in not more than half a page - Opportunity cost. - Production…

A: Opportunity cost Opportunity cost is the cost of next best alternative foregone. In other words it…

Q: A B Using the posibiliting Frontier ExpRain the concept Of Opportunity cOşt moving FromD.tA and B…

A: Opportunity cost arises due to the scarcity of resources in the economy because natural resources in…

Q: Here is the production possibilities table for war goods and civilian goods: Production Alternative…

A: Production possibility for war goods and civilian goods: A production possibility curve (PPC) shows…

Q: QUESTION TWO UT OF FOUR Given the Production Possibility Frontier below, Pencils Explain the meaning…

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

Q: Ice cream (millions of gallons per year) 4 3 24 3 4 Milk (millions of gallons per year) The figure…

A: Given the PPF above, the economy is at production efficient level ie on PPF when 3 million gallons…

Q: The figure shows an economy's production possibilities frontier and identifies some production…

A: Production Possibility Frontier(PPF) is known as the locus of different possible combination of two…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.