industry 14 D B 4567 9 10 11 agriculture Here's a production possibility frontier graph. In this example.... O industry is scarce and agriculture is not scarce Oboth industry and agriculture are scarce goods O industry is not scarce and agriculture is scarce Oneither industry and agriculture are scarce goods
Q: For an account paying 2.25% interest per quarter, determine the effective quarterly rate for the…
A: Here, it is given that the interest rate is 2.25% per quarter, which implies that the account gives…
Q: 1. Firms can expand or contract based on market conditions 2. Capital is fixed ? 3. Firms face…
A: Workers Total Output Marginal Product 0 0 -- 1 65 65 2 98 33 3 110 12 4 112 2 5 112…
Q: 6. A-One bakery in Brampton sells 350 fruit cakes slices each month for $3.25 each. They are looking…
A: Given information: A bakery sells 350 fruit cake slices each month for $3.25 each. A survey was…
Q: rue or false? The classical school of economics believes consumers and producers are rational.
A: The basic premise of the classical theory is the self-regulation of the economy. Typical economists…
Q: Which of the following is most likely to be a monopoly? options: local utility company local…
A: Under monopolistic market, there is only one firm in the market.
Q: You are given the following information for Calvani Pizza Co.: sales = $41200; costs =____ $21601;…
A: Depreciation expense is the amount that a company's assets are depreciated for a single period (…
Q: Heights (om) and weights (g) are measured for 100 randomly selected adult males, and range from…
A: Sample size : n = 100 Range for height: 132 cm - 194 cm Range for weight: 40kg - 150kg Yield: x⏞ =…
Q: What is production management an important activity?
A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…
Q: [Related to Solved Problem 3.18] Some companies offer their employees defined benefit pension plans.…
A: Discount Rate is the rate at which future value or a series of future cash flows are discounted to…
Q: Why does the marginal cost of production typically increase as the amount of output produced…
A: Marginal cost is the additional cost incurred to produce an additional unit of output.
Q: If price of eggs increase by 10% and the demand elasticity of eggs is 0.3; then percentage change in…
A: Given: Percentage change in price of eggs = 10% Price elasticity of demand of eggs = 0.3 To Find:…
Q: The free market gives rise to what is consumer sovereignty. Explain how this consumer sovereignty is…
A: Consumer sovereignty refers to a kind of economic system in which the choices and the preferences of…
Q: What price will farmer Brown charge when maximizing profit? Farmer Brown will charge a price of $…
A: Farmer Brown will charge a price of $40 per box of peaches. Farmer Brown maximizes profit when…
Q: Which of the following will decrease physical capital per worker? O increase in saving in the…
A: Physical capital per specialist is the supply of gear and designs that are utilized to deliver labor…
Q: The market for ridesharing services is monopolistically competitive in a certain area, with a large…
A: Monopolistic competition is a type of market in which there are many sellers in the market but all…
Q: Distinguish between a rate and a price.
A: Economics: It refers to the goods and services that have been produced in an economy. The economy…
Q: ous cross-country comparisons, but that does not mean that we have to restrict our analysis to…
A: To calculate the average growth rate of your company, you first need to divide the present by the…
Q: ou have just won 10 million dollar in the lottery which promises to pay you 1 million dollar every…
A: Given the information: The winning amount of the lottery = 10 million dollar Each year payment = 1…
Q: Please judge whether the following function has the characteristics of CRS, IRS or DRS. F(K,L)= max…
A: We multiply K and L by a constant A >1 If after doing this we find that F(AK,AL) is > A(F(K,L)…
Q: 2015: $29 in engine parts are imported into Canada and $22 in engine parts are produced in Canada.…
A: Answer to the question is as follows:
Q: In the market of Product "K". Assume Product "K" is an inferior good. If consumers' income decrease,…
A: A kind of good whose demand decreases as income increases is known as an inferior good. In other…
Q: An economy produces two goods: tomatoes and ketchup. It is assumed that half of the tomatoes are…
A: Given information: Price of tomatoes in 2014 = $2 Price of Ketchup in 2014 = $7 Price of tomatoes in…
Q: Several policy options have been proposed to encourage more people to be vaccinated against the flu.…
A: This is an example of role of government. Now in this case, we have to identify the marginal social…
Q: Natural gas is considered to be a nonrenewable energy source. Which of the following statements is…
A: A non-renewable is a resource which does not regenerate and extinguishes with its use over a period…
Q: Question 3 Suppose that quantity demand falls by 29 as a result of a 14% increase in price. The…
A: Elasticity refers to a usual measurement of a variable's responsiveness to changes in other…
Q: Price P₂ Pe A P₂-1x H B E F J CD 010 G K Supply + tax Q₂ Qc Consumer surplus before the tax Based on…
A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Round to one decimal place and do not enter the % sign. If your answer is 6.15%, enter 6.2. If…
A: The unemployment rate is a process of computing the % of the labor force that is jobless. As the…
Q: If $2000 is invested at 7% interest compounded continuously, calculate its value after 3 years
A: Given the invested amount = $2000 Interest rate = 7% Time period = 3 years
Q: With a voluntary export restraint (VER), the economic rent created by the quantitative limit on…
A: An exporting country's ability to export a certain amount of a good to another country is restricted…
Q: Suppose a handbag maker currently sells 500 handbags per week and makes a profit of $7,000 per week.…
A: Revenue means the income incurred by selling the output at given price level.
Q: If you could afford to pay $850 per month for a house mortgage, and you plan on financing it at…
A: Compound interest is usually known to be as the interest which is exactly calculated by multiplying…
Q: Economicssss... Define the trade balance for an open economy and explain the relationship…
A: The real exchange rate (RER) among currencies is the product of the nominal change rate (the dollar…
Q: The pasta just described is a(n): O elastic good
A: Price elasticity of demand Price elasticity of demand measures the responsiveness of change in…
Q: In a credit market, type B borrowers repay 89% of the time and type C repay 76% of the time. They…
A: The relative pooling rate is the amount of credits that are anticipated to be repaid given the…
Q: Given the information in the table, what is the current-year CPI? Round to one decimal place. If…
A:
Q: When a certain brand of dog food sells for $20 per bag, 10,000 units are sold; when the price…
A: Price elasticity of demand measures the responsiveness of quantity demanded with respect to change…
Q: 1. • True/False: Net exports = exports plus imports. . True/False: The estimated market value of…
A: 1. a. The difference between the exports and imports refers to the net exports. Net…
Q: If a firm has fixed costs, then its ________ cost exceeds its ________ cost. a.average total;…
A: Total cost is a sum of fixed cost and variable cost.
Q: 3. Consider a market with a demand QD= 50 – 3P and a supply curve QS= 2P – 15. a. What are the…
A: Supply curve is usually denoted as the relationship between the quantity and the price produced with…
Q: Avg. ann. Growth rate 6.3 Cell B Cell C 1.9 years for wealth to double Cell A 29.17 23.33 Cell D 57.…
A: According to Rule of 70: The number of years to double = (70 / Average annual growth rate)
Q: 1. In case of perfectly inelastic supply- a. The resource substitution for the good is nearly…
A:
Q: A country is in the midst of a recession with real GDP estimated to be $13.5 billion below potential…
A: It is given real GDP is estimated to be $13.5 billion potential GDP. MPC is 0.90
Q: An economy can produce 2 hamburgers and 10 French fries and 3 hamburgers and 8 French fries as…
A: Opportunity cost of producing an additional unit of a good is a sacrifice of production of other…
Q: 14. To use the Net Present Value (NPV) method of capital budgeting, one could calculate the present…
A: The difference between the present value of cash inflows and the present value of cash outflows over…
Q: Logan has preferences over olives (x₁) and ice creams (x₂). He prefers to eat them separately not…
A: The budget constraint is the limit of all opportunity — all potential mixes of utilization that…
Q: A firm has found from past experience that its profit in terms of number of units x produced, is…
A: Profit maximization is a cycle business firms go through to guarantee the best output and price…
Q: Refer to the information provided in Table Table Federal purchases of goods Services Imports Change…
A: Gross Domestic Product is defined as the monetary value of all final goods and services produced…
Q: A monopolist options: always earns profits in the long run. may earn profits in the long…
A: A monopolist is the market where there are many buyers but only one seller. In this market product…
Q: In the long run, according to the quantity theory of money, if the money supply doubles, what…
A:
Q: 5. If an economy has a recessionary expenditure gap, the government could attempt to bring the taxes…
A: Recessionary gap is the gap where economy real GDP is less than Full employment GDP , Government…
Step by step
Solved in 2 steps
- Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount ham the residents can consume in a month?France and Tunisia both have Mediterranean climates that are excellent for producing/harvesting green beans and tomatoes. In France it takes two hours for each worker to harvest green beans and two hours to harvest a tomato. Tunisian workers need only one hour to harvest the tomatoes but four hours to harvest green beans. Assume there are only two workers, one in each country, and each works 40 hours a week. Draw a production possibilities frontier for each country. Hint: Remember the production possibility frontier is the maximum that all workers can produce at a unit of time which, in this problem, is a week. Identify which country has the absolute advantage in green beans and which country has the absolute advantage in tomatoes. Identity which country has the comparative advantage. How much would France have to give up In terms of tomatoes to gain from trade? How much would it have to give up in terms of green beans?Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
- Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum. The maximum output combinations of both goods are given in the table below: Combination Shoes Computers Shoes Computers A 0 1000 B 100 900 C 200 750 D 300 550 E 400 300 F 500 0 iv. How many computers could society produce if it was willing to do without shoes? v. Why are points outside the frontier unattainable? vi. Identify three ways by which the economy can attain the level of production outside the PPF. vii. What happens to the PPF when technological change overwhelmingly favours the production…Table 3-8 Production Possibilities Blankets Coats 8 600 12 ? 16 200 Refer to Table 3-8. If the production possibilities frontier is a straight line, then which of the following could represent the number of coats produced when 12 blankets are produced? a. 200 b. 500 c. 300 d. 400The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1 below. You are required to:a. Draw a Production Possibility Frontier (PPF) and list all efficient points of production.b. Marope Economy wishes to produce 520 billion units of consumer goods. Plot this output onthe Frontier and state whether this is an efficient point or not.Table 1 – Production Possibilities Output (billions of units per year) Consumer goods Consumer servicesPart BA B480 420 0 120C D240 0 240 300 Use graphs to demonstrate how the following factors will change the PPF.a. A decrease in migrationb. An increase in natural resourcesc. Changes in technology
- Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica. JAMAICA’S FARM POSSIBILITIES PINEAPPLES MANGOES A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y On PPF curve drawn, identify the following points: Unattainable (label the point U) Attainable and efficient (label the point AE) Attainable and inefficient (label the point AI) What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? What is the economic significance of choosing to harvest…discuss how the production possibility frontier model can be used to illustrate the basic economic problem of scarcity. with a diagramImagine a society that produces military goods andconsumer goods, which we’ll call “guns” and “butter.”a. Draw a production possibilities frontier for gunsand butter. Using the concept of opportunity cost,explain why it most likely has a bowed-out shape.b. Show a point on the graph that is impossible forthe economy to achieve. Show a point on thegraph that is feasible but inefficient.c. Imagine that the society has two political parties,called the Hawks (who want a strong military)and the Doves (who want a smaller military).Show a point on your production possibilitiesfrontier that the Hawks might choose and a pointthat the Doves might choose.d. Imagine that an aggressive neighboring countryreduces the size of its military. As a result, boththe Hawks and the Doves reduce their desiredproduction of guns by the same amount. Whichparty would get the bigger “peace dividend,”measured by the increase in butter production?Explain.
- The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutantsWhy is a production possibilities frontier typically drawn as a curve, rather than a straight line?Imagine a society that produces Capital goods and consumer goods. a. Draw a production possibilities frontier for capital and consumer goods. Explain why it most likely has a bowed-out shape. b. Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. c. Imagine that the society has two political parties, party A (who wants capital goods) and the party B (who want a consumer goods). Show a point on your production possibilities frontier that the part A might choose and a point the party B might choose. d. Imagine that our progressive neighboring country reduces the size of its consumer goods. As a result, both the Party A and B reduce their desired production of consumer goods by the same amount. Which party would get the bigger “technology dividend,” measured by the increase in capital production? Explain.