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im having trouble with these in depth questions.
-List and describe at least 4 governmental policies that could shift the PPC for the US outward.
-If a free market has an
-What is meant by ‘the Gilded Age?’ What are the economic implications of this?
thanks! i thought i understood everything i read until i read these questions at the end. This will help me understant it more clearly.
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- In this assignment, you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (guns and butter). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the PPC. You will explain your analysis of the figures to explain why it’s not possible to produce combinations of the two goods outside the PPC.Guns or Butter?Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.Explain why scarcity exists in this economy. Use the data as evidence of your reasoning.What is the maximum quantity of guns that can be produced?What is the maximum quantity of butter than can be produced?Draw the nation’s production possibility curve.What is the opportunity cost of guns in this…In this assignment, you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) available and the amount of labor required to produce each of two outputs (guns and butter). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the PPC. You will explain your analysis of the figures to explain why it’s not possible to produce combinations of the two goods outside the PPC. Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. 1. Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. 2. What is the maximum quantity of guns that can be produced? 3. What is the maximum quantity of butter than can be produced? 4. Draw the nation’s production possibility curve. 5. What is the opportunity cost of guns in…For the closed economy: -Draw the production possibilities curves for Italy and Spain by explaining them separately. - in Spain in the case of a closed economy and The price of white scarves (in terms of red scarves) in Italy what? - Which country is absolute in the production of which color scarf has the upper hand? Explain in detail. - Which country should be compared in the production of which color scarf? has the upper hand? Explain in detail. - When countries open up, what color scarf each is exported? will?
- ive asked this before but can I have another example please A production possibilities curve (PPC) shows that a country can make a combination of two goods with its resources. Answer the following questions:A PPC illustrates the concept of opportunity costs. Choose any two goods. Draw a PPC showing the country producing at a point using all of its resources productively. Label this Point A. Label Point B on your diagram, showing a point where there would be unused resources. Would the country choose to produce at Point B? Explain.Label Point C on your diagram, showing a point where this country does not have enough resources to produce this combination of goods. What would have to happen for this country to be able to produce at Point C?what accounts for the shape of the PPC? In other words, what is it about the relationship between catching and gathering mangos that explains the shapeWhat is trade? Why do people take part in trades? State the different stages of trade. What is the difference between potential trade, actual trade and unexploited trade? Using a numerical example,state how lower transaction cost can convert a potential trade into actual trade.
- Q1. Assume that a country produces two goods, agriculture (which requires land and labor) and manufactured goods (which requires labor and capital), and is currently in autarky equilibrium. The country just finds that the international price ratio of agriculture relative to manufactured goods, i.e., PA/PM, in the world market is higher than the price ratio in its domestic market. Should this country trade? If so, which product should it export? Will it gain from trade? Illustrate your answer graphically using production-possibilities frontier (PPF) and indifference curves. In the same graph, identify the trade triangle, including export and import quantities. How will the size of the trade triangle, i.e., the levels of export and import quantities, in the above question change when PA falls in the world market? Illustrate your answer graphically. How will the nominal wage rate in this country be affected by trade? What about real wages? Illustrate your answer graphically. Your…Suppose that the world price of bananas is 18 U.S. cents a pound and that when Australia does not trade bananas internationally, their equilibrium price in Australia is 12 U.S. cents a pound. If Australia opens up to international trade, does it export or import bananas? Explain how the price of bananas in Australia changes. How does the quantity of bananas consume in Australia change? How does the quantity of bananas grown in Australia change?I have attached my question in the form of an image. Kindly note that the question entails shifting the PPC curve. Please describe whether there will be an outward or inward shift on both ends. If there isn't an outward or inward shift, kindly describe which end shifts inwards and which end shifts outwards. I acknowledge that the question doesn't provide enough information to deduce a numerical quantity in terms of how much can or cannot be produced, but that is not needed. Only advise me as to which ends to shift upwards or downwards or the opposite if need be. The extent of their shift Is a negligible detail. Kindly proceed to the multiple-choice section afterward. Thank you.
- Draw a new curve, on the same graph, reflecting what the PPC might look like if new production technology is invented to speed up production in both industries. Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000The Scenario : Suppose that the market for good X is small in Malaysia and in Thailand , relative to the world market for good X . Both these markets are currently open to free trade . Suppose also that , relative to the rest of the world , Malaysia has a comparative advantage in producing good X whilst Thailand has a comparative disadvantage in producing good X. Malaysian consider good X a normal good , whereas Thais consider good X an inferior good . The Question : Using a set of appropriate diagrams ( with demand and supply curves ), show the comparison between the Malaysian and Thai markets for good X (side by side) - when an economic recession hits both Malaysia and Thailand simultaneously. Explain what happens to the price of good X in each country, as well as the quantity demanded, quantity supplied, and the quantity imported/exported. make sure that you include welfare tables and briefly explain the welfare effects on consumers, producers, and society as a whole - for each…b. Illustrate a PPC for cars and books. c. Give economic meaning to this PPC. d. Illustrate and explain how a decrease in the desire to read books will affect this PPC.
