Answered: Good X True or false: The production…

Good X True or false: The production possibilities frontiers above could represent a scenario where the inputs used to make Good X become more expensive. C True False A pood

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 13P

See similar textbooks

Related questions

Q: Please graph two hypothetical production possibilities models. In one of the graphs, please…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: There are four consumers willing to pay the following amounts for haircuts, and there are four…

A: It is given that there are four customers having a maximum willingness to pay.

Q: Refer to Table 2-3. Assume Ming's Strings only produces banjos and harps. A combination of 80 banjos…

A: A production possibility frontier illustrates the combination of two goods can be produced by using…

Q: (d) Slavery is abolished. Brad is required to give Angelina half of everything she produces. (i)…

A: Introduction Angelina is a peasant farmer who produces food. i) Brad and Angelina both will get the…

Q: Butter The production possibilities frontier has a bowed-out shape because the opportunity cost of…

A: According to the definition of PPF, Point lies above PPF curve- Impossiible to achievePoint lies on…

Q: Andreas can knit 1 scarves per hour and 4 hats per hour. Katya can knit 9 scarves per hour and 2…

A: Absolute cost advantage: - it is a principle of international trade given by Adam Smith which shows…

Q: Which of the following is NOT an illustration of the notion of opportunity cost A.…

A: Scarcity is a very important concept in economics which explains why consumers and producers have to…

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

A: Production possibility Frontier: The production possibility frontier or PPF would be the maximum…

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: 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: Answer the following questions: (i)- Refer to Exhibit 2-3. For Maya, the opportunity cost of…

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

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: Which sentence is incorrect about this production possibility frontier? 100 90 80 70 60 50 40 30 20…

A: A production possibility frontier illustrates the combinations of two goods that can be produced…

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: If your neighbor chooses to go apple-picking, what is the opportunity cost?

A: neighbor has three choices- 1) going hiking (valued at $20) 2) going apple-picking (valued at $30)…

Q: production possibilities frontier

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

Q: What would a straight-line production possibilities frontier between grape juice and apple juice on…

A: (Since you have posted multiple questions, we will answer the first one for you. If you want a…

Q: Scarcity is represented on the production possibilities frontier by the amount of the good on the…

A: Scarcity is represented on a production possibility frontier graph by the fact that there are…

Q: A farmer can feed any combination of animals within the following range: Pigs Cows 84 12 75 15 Given…

A: Introduction Production possibility production curve shows the maximum production possibility of two…

Q: Fill in the blanks: ndicate whether the following statement is a positive or normative statement:…

A: Positive statements are those statements based on facts, actual data. The validity of these…

Q: Consider a production possibility frontier with jeans on the vertical axis and shoes on the…

A: Answer: If the jeans are shown on the vertical axis and the economy moves towards to frontier closer…

Q: A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but…

A: PPF represents various combination of two goods that can be produced within given resources.

Q: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…

A: a) Production possibility frontier shows many possibilities of production of two goods, given that…

Q: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…

A: A production possibility frontier represents the locus of all maximum combinations of two goods or…

Q: Suppose the hypothetical economy produces only car and oil using its available resources and…

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

Q: How are resource decisions affected by the global market and world events? Provide a real-world…

A: The countries in the world have developed their economies by interacting with the other countries…

Q: Below is a production possibilities table for capital goods and consumer goods. GOODS PRODUCED…

A: ALTERNATIVES Consumer Capital A 40 0 B 36 3 C 28.00 6 D 16.00 9 E 0.00 12

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: Why does the use of market prices not necessarily enable the economy to operate at its production…

A: The market price reflects the demand and supply forces in the market. The production possibility…

Q: a. If a business is producing 4 mobile phones and 15 cameras, would they be efficient? If no, what…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

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: why many argue the use of “market” prices will NOT necessarily enable the economy to operate at its…

A: Production frontier: PPF is a bend that delineates or shows the varieties in the sums that can be…

Q: When we say ceteris paribus, it means all other things remain equal all other things remain positive…

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

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

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: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…

A: A. The production possibility curve indicates different combinations of two goods that can be…

Q: What is the Production Possibility Frontier?

A: please find the answer below.

Q: Number of Tanks (1000’s) Number of Cars (1000’s) A. 0 150 B. 10 145 C. 20 130 D. 30…

A: According to the given table, given resources are use dto produce two items that are tanks and cars…

Q: Ron can either workout or make sushi rolls. It takes him 40 minutes to finish 1 workout and 20…

A: Preference: - Complete Workout -Make Sushi roll Time taken to complete workout = 40 minutes Time…

Q: How can government involvement in an economy help or hinder the expansion of the production…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: If the production of computers increases from point P to point S, what is the opportunity cost in…

A: Opportunity cost is the loss of potential increase from different options when one option is picked.

Q: Using an appropriate diagram, explain how the production possibility frontier becomes a model of…

A: Production Possibility Curve (PPC) or Production Possibility Frontier may be defined as a curve…

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: 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…

Concept explainers

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.

Question

Good X
True or false: The production possibilities frontiers above could
represent a scenario where the inputs used to make Good X become
more expensive.
O True
False
A poop

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

During the Second World War, Germanys factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germanys production possibilities curve?
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
person 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted to good B yeilds 2units . whereas each hour devoted to good A produces 4 units. state whether 9 units of good B and 12 units of good A are unattainable, efficient, or inefficient.(state all that applies) select one or more attainable inefficient efficient unattainable
Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. a) State whether 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies) b) Person 2, can produce3 units of Good B or 4 units of Good A per hour who has the absolute advantage in the production of Good B? c) who has the absolute advantage in the production of Good A? d) Calculate the opportunity cost for Good B for Person 2 e) Calculate the opportunity cost for Good A for person 1 f) who has the comparative advantage in the production of Good B? g) who has the comparative advantage in the production of Good A?
If an economy can produce various combinationsof food and shelter along a productionpossibilities curve (PPC), then if we increase theproduction of shelter along the PPC, which ofthe following is true?a. We also increase the production of food.b. We must decrease the production of food.This forgone food production representsthe opportunity cost of the increase inshelter.c. We cannot change the production of food.d. The concept of opportunity cost does notapply along PPC.
Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.
Determine whether each statement is true, false, or uncertain and explain why. i. The resources at the disposal of Mrs. Do Good can allow her produce at the points on her productions possibilities frontier. It can therefore be said that points inside the PPF are attainable and efficient and while points outside her PPF are inefficient and unattainable. ii. “An inferior good will always be inferior throughout the full range of incomes experienced by consumers.” iii. The “wants” of an individual can be equated to his/her “needs” in absolute sense. 2. Consider the following model for the toothbrush market in Girne. Suppose the aggregate demand for brushes in Girne is given by ( ⁄ ) where P denotes the price and Q denotes the quantity of brushes in terms of thousands of brushes demanded. The aggregate Supply for brushes in Girne is given by . a. Compute the toothbrush market equilibrium. What are the equilibrium price and quantity? b. Now suppose a tax of t = 60TL is imposed on each…
In what sense is economics like a science? • Draw a productionpossibilities frontier for a society that produces food and clothing. Showan efficient point, an inefficient point, and an infeasible point. Show theeffects of a drought. • Define microeconomics and macroeconohdics.
Assume now that the sacrifice ratio is greater than 1, show what will happen to the shape of the production possibility frontier. vii. Mention three (3) conditions under which the sacrifice ratio between the goods will be zero.
Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting toproduce at point A and that most members of society likemeat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than onedescription.a. Inefficient production of meat and fishb. Productive efficiencyc. An inefficient mix of outputd. Technological advances in the productionof meat and fishe. The law of increasing opportunity costf. An impossible combination of meat and fish
Imagine a country XYZ that produces only two goods—chairs and tables. Together, the chairs and tablesindustries use all of the economy’s factors of production. The table below shows the productionpossibilities for XYZ:Production Possibilities for XYZChairs Tables600 0450 150300 250150 325 0 375 use the slope (rise/run) to solve it and describe what happen a. What is the opportunity cost of increasing chairs production from 450 chairs to 600chairs? b. What is the opportunity cost of increasing tables production from 250 tables to 325tables?