Production inefficiency occurs when production ____. is at any attainable point is at a point on the production possibilities frontier is at a point beyond the production possibilities frontier is at a point inside the production possibilities frontier

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: Discuss the impact of each of the following on the production possibilities frontier and illustrate…

A: a)  Unemployment refers to when all the available resources in the economy are not utilized…

Q: Assume a country produces haircuts and shirts with inputs of labour. The country has 100 hours of…

A: PPF is Production Possibility Frontier shows the possible combination of two goods that can be…

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: Ginny and Lucia are roommates. They spend most of their time studying (of course), but they leave…

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

Q: Q16. In a competitive market, all of the choices along the production possibility frontier display_…

A: Productive and allocative are two types of economic efficiency.

Q: IA nation with fixed quantities of resources is able to produce any of the following combinations of…

A: The production possibility curve shows the combination of goods produced in a country using all the…

Q: Given the above production possibilities frontier, what is the opportunity cost of moving from point…

A: PPF or the Production Possibility frontier is the locus of the points of 2 outputs produced in the…

Q: Shifts in production possibilities Suppose South Africa produces two types of goods:…

A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the…

Q: 2. In a one-factor economy, you have the following information: Home has 1,200 units of labor…

A: 2. c) Given: Total labour available in Home = 1200 units Unit labour requirement in apple production…

Q: ency in the pro model Suppose South Africa produces only two goods: barley and laptops. The…

A: A Production Possibility Curve (PPC) represents the maximum possible combinations of two goods that…

Q: QUESTION 2 Consider the Production possibility frontier model. Efficiency means that the economy…

A:

Q: In 2018, sizeable lithium deposits were discovered in Germany. Suppose that prior to the discovery…

A: The discovery of new lithium deposits in Germany or any rise in technology / resources will shift…

Q: D Bread 10. Refer to Figure 1. An economy is operating at full employment, and then workers in the…

A: The PPC is the production possibility curve that illustrates the different combinations of two…

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

A: Production possibility frontier is the curve that shows different possibility of combination of two…

Q: Explain the main assumption behind a concave production possibilities frontier

A: The Production Possibility Frontier (PPF) is concave due to the increasing opportunity cost due to…

Q: Homework 7. Smits in producuon possiones Suppose France produces two types of goods: agricultural…

A: PPF shows different combinations of two goods that can be produced with given level of resources and…

Q: Good B .d. b a Good A Refer to Exhibit 2.2, which shows the production possibilities frontier for…

A: The PPF is a set of points in macroeconomics where a country's economy is most efficiently…

Q: Production at a point inside the production possibilities frontier is unattainable and inefficient…

A: A production possibilities curve shows the various combinations of two goods that an economy can…

Q: 1.2 Which of the following is NOT a primary factor of production? a) A business owner b) A doctor c)…

A: 12) Out of the given option, business owner is not a primary factor of production. Reason:- There…

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: Using your own words, describe the law of increasing opportunity costs.  Be sure to explain why this…

A: Opportunity cost is the given-up quantities of one good for the additional unit of the other…

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: An earthquake has occurred in an economy, many buildings and factories are destroyed; many people…

A: The curve that depicts numerous combination levels of amount of two goods that could in turn be…

Q: Suppose a bakery has 14   employees to be designated as bread bakers​ (B) and cake bakers​ (C), so…

A: Production possibilities function is the locus of points of values of goods x and y that is the…

Q: Explain three different kinds of economic systems. Explain the Law of Diminishing Returns and…

A: Question 1) An economic system refers to the set of rules and regulation or a mechanism which is…

Q: The ________ production points on a production possibilities frontier are the points on and inside…

A: Production possibility frontier (PPF) refers to the curve that shows the combination of goods which…

Q: All points on the production possibilities frontier are equally efficient; point G O point D; point…

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

Q: The figure to the right shows the production possibility frontiers (PPF) for Billary (B) and Hill…

A: Below is the curve shows the combined PPF.

Q: Explain how the shape of the production-possibility frontier implies increasing costs for the…

A: Points Clothing Food A 16 0 B 15 2 C 13 4 D 10 6 E 6 8 F 0 10

Q: What can cause the Production Possibility Frontier (PPF) to contract, that is to say, move the PPF…

A: Production possibility frontier shifts inside or contracts when the potential of production reduces…

Q: 2. In a one-factor economy, you have the following information: Home has 1,200 units of labor…

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

Q: Where are you producing relative to the Production Possibilities Frontier? (On, Below, or Above)…

A: Scarcity is the primary problem of an economy because resources in every economy are limited and can…

Q: Assume a country produces haircuts and shirts with inputs of labour. The country has 100 hours of…

A: The following problem has been solved as follows;

Q: ncy takes place at every point along the production possibilities frontier.

A: The production possibility model shows the trade-offs associated with allocating resources between…

Q: Suppose Canada produces two types of goods: agricultural and capital. The following diagram shows…

A: Here, given the production possibility curve has two types of goods such that Corn that is an…

Q: 1. Inefficient allocation of resources occurs when A. society is operating at a point low on the…

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

Q: Suggest assumptions of the Production Possibility Frontier

A: The production possibility frontier implies a concave curve that shows the combinations of two goods…

Q: 5Look at the following production possibilities curve illustrating the possibilities in Sluggerville…

A: Production Possibility Curve (PPC) In the above given graphical presentation, Production…

Q: What does it mean by a linear production possibility frontier?

A: (Q) What does it mean by a linear production possibility frontier? Linear production possibility…

Q: to produce jeans, rye, or a combination of both. The following table shows the amount of jeans or…

A: Disclaimer :- As you posted Multipart questions as per guidelines we are solving only first 3…

Q: The country of San Ignacio produces two goods: beach towels and soccer balls. Last year, it produced…

A: Production possibility frontier exhibits the best combination of two goods that can be produced by…

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.