Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities frontier is provided in the table above.   Suppose that a new technology affects Cheese production by making it possible to produce more cheese with a given amount of milk.How will this innovation in cheese industry affects the Production Possibilities Frontier. Explain your answer.

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: true or false Economic models must mirror reality or they are of no value.

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Explain why a movement from a point inside a production possibilities frontier to the production…

A: The points on production possibilities frontier indicate the combination of two goods that are…

Q: Imagine a society that produces Capital goods and consumer goods. Draw a production possibilities…

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

Q: The only way that a society can produce outside the production possibilities curve is Question 9…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

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: What is the production possibilities curve? Explain the concepts of efficiency and inefficiency in…

A: (Q) What is the production possibilities curve? Definition: Production Possibility Curve (PPF) The…

Q: Under what circumstances in the Philippines can we operate outside the production possibilities…

A: The production possibilities curve can be explained as a graphic illustration of the most efficient…

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 an real-life example of a opportunity cost?

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

Q: Assume the economy can produce either sports utility vehicles (SUVS) or minivans. The graph below…

A: In an economy, the potential output that can be generated with the given resources is influenced by…

Q: Label each of the following statements as positive or normative: v The power of population is so…

A: Positive statements are based on facts, actual data, and these statements can be checked whether it…

Q: Which of the following statements is true of scarcity? A. Scarcity only effects developing…

A: Scarcity: - it is the very basic problem of economics that is related to the limited availability of…

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: Suppose an economy produces clothing and food only. The following table shows the production…

A: The production possibilities frontier (PPF) represents all the possible production combination of…

Q: Movement along a production possibilities curve shows which of the following? a. The trade-offs…

A: The production possibilities curve is a curve that shows the various combinations of two goods that…

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: What happens when production is inside the production possibilities curve? The production is not…

A: Production possibilities curves represent the possible production of the goods and services with…

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: Why does a production possibilities frontier have  to be downward sloping and  have a bowed out…

A: A production possibility frontier (PPF) is a representation of two commodities and displays various…

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

A: Hey champ, Welcome to this platform. Here you will get the answer with better quality in minimum…

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: The reason that the production possibilities frontier is usually a bow-shaped curve instead of a…

A: The PPF is bowed shaped due to law of increasing opportunity cost. When an economy produces more of…

Q: Explain how (if at all) each of the following events affects the location of a country’sproduction…

A: As per the honor code, we are allowed to attempt only first three sub-parts of the question. If you…

Q: Which of the following statements does NOT illustrate normative economic thought? a. Monopolies…

A: In society, people have to choose because of limited resources and unlimited wants. Economics study…

Q: The production possibilities curve illustrates the notion of opportunity cost because A. as more of…

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

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: Q7. Philosophers draw a distinction between positive statements, which describe the world as it is,…

A: Economists are the people who study different economic models and theories.

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Given Total labor = 12 units Labor required to produce 1 gun = 6 units Labor required to produce 1…

Q: Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only…

A: When comparing the opportunity cost of both person, Casey have to give up 4.00 kg of rice for…

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: When economic growth occurs, the production possibilities frontier shifts outward but no longer…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

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

A: The production possibilities curve is the locus of all maximum combinations of two goods an economy…

Q: What does Production Possibilities Frontier (PPF) stand for? Give an example of a simple two good…

A: (Q) What does Production Possibilities Frontier (PPF) stand for? Give an example of a simple two…

Q: Which of the following would most likely shift the production possibilities curve inward?…

A:

Q: Suppose there is an improvement in medical technology that enables more healthcare to be provided…

A: A curve that depicts the possible quantities of two products that could, in turn, be produced if…

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: Which of the following would shift an economy's production possibilities curve to the left?

A: PPC curve shift right wards means growth of resources and if it moves left then it means decline in…

Q: Use the PPF to answer the following questions:   (a) At point F, how many sweaters are being…

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

Q: Economists use economic models to replicate real life situations for economic policy. Production…

A: Production possibilities frontier is a curve which represents all possible combinations of two…

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…