Production Possibilities Schedule Production Scenario Widgets Gizmos A 30 В 28 22 2 D 12 3 E a) Graph this production possibilities schedule, putting widgets on the v axis and gizmos on the on the x axis.

Production Possibilities Schedule Production Scenario Widgets Gizmos A 30 В 28 22 2 D 12 3 E a) Graph this production possibilities schedule, putting widgets on the v axis and gizmos on the on the x axis.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 13RQ: Explain why societies cannot make a choice above their production possibilities frontier and should...

See similar textbooks

Related questions

Q: Discuss any three principles of economics and how can you apply them in real life?

A: Economics is the study of human behavior regarding the use of scarce or limited availability…

Q: ich of the following is related to the use of economics? a. how people use unlimited resources to…

A: The answer is - c. How people use scarce resources to satisfy unlimited wants.

Q: PP PP PP Consumer Goods Refer to the diagram. An improvement in technology will shift the production…

A: Production possibility curve: - it is the graphical representation of different combinations of two…

Q: A production possibilities curve shows the variouscombinations of two outputs thata. consumers would…

A: Resources are anything that are employed or utilized by business companies in the production of…

Q: Which of the following statements about the production possibilities curve is the most accurate? O…

A: The production possibility curve in economics is a curve that explains the combination of two goods…

Q: FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best…

A: Production possibility frontier: It is a curve both have efficient points and inefficient points, If…

Q: The table below sets out the production possibilities of a small Pacific island economy. An economy…

A: Production possibility curve shows the combination of two goods that can be produced with the given…

Q: Question One Identify the elements of scarcity, choice, and opportunity cost in each of the…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: Which of the following happens to us because of scarcity? Question 2 options: We…

A: Scarcity refers that the shortage which is the core problem in the economy , which means that unable…

Q: An economy's production possibilities frontier is also its consumption possibilities frontier Select…

A: Production Possibility Frontier It shows different of two goods or services that an economy can…

Q: B PP PP PP Consumer Goods Refer to the diagram. An improvement in technology will Multiple Choice…

A: The graph shows production possibility curve that shows combinations of two goods that can be…

Q: Figure 2-7 Production possibilities curve A Food If an economy operates at point A on the production…

A: The point A on the production possibility curve as shown in the given diagram, indicates that the…

Q: production possibilities table for two products, Consumption goods and Capital goods, is found…

A: Dear student, you have asked multiple sub-part questions in a single post and have not mentioned…

Q: Below is a production possibilities table for consumer goods (automobiles) and capital goods…

A: The PPC for automobiles and forklifts is drawn below. It shows us various combination of these two…

Q: Marie has a weekly budget of $24. Pie's are $12 each. Magazines are $4 each. What is Marie's…

A: The opportunity cost is the monetary value of the next best alternative that is foregone while…

Q: If an economy is operating at a point inside the production possibilities curve? a. its resources…

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

Q: Which of these statements best describes what microeconomics is? a. The study of National Income a…

A: Economics is the branch of knowledge which is concerned with production, consumption and…

Q: 3 Jets (hundreds per month) 19. In the above figure, which of the following is true regarding the…

A: Hello. Since you have posted multiple questions, we will solve the first question for you. If you…

Q: Use the table with data for Maria and Jose to answer the question. Table: Maria and Jose Produce…

Q: Create a graph that best describes how the COVID-19 pandemic affected the US economy

A: The COVID-19 pandemic is the global crisis which has resulted in economic slowdown in several…

Q: clothing units and food units are constant, regardless of how they allocate their time. Currently,…

Q: How does the slope of a budget line illustrate opportunity costs and trade-offs? How does a budget…

A: Let us suppose an economy produces only two goods - X and Y. Opportunity cost, in simple economic…

Q: The Production Possibilities Curve is essentially what? Multiple Choice It shows total revenues from…

A: Production possibilities curve shows different combinations of two goods that an economy can produce…

Q: The data below shows the various production possibilities for an economy that produces two goods,…

A: A Production Possibility Curve (PPC) is a graphic representation of maximum combination of any two…

Q: 1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3. Purchases of…

A: Production possibility frontier is the locus of all combination production points possible of two…

Q: How will a reduction in the number of hours worked each day affect an economy's production…

A: The production possibilities curve shows the combination of two goods that an economy can produce…

Q: Q. How would the following events be shown using production possibilities curve [ please draw…

A: The production possibility curve is a graphical representation of combination of two goods or…

Q: Refer to Exhibit 3-8. At Point B in the production possibilities graph shown, the economy: a. is not…

A: A production possibility curve is a curve that shows the possible quantities that can be produced of…

Q: Table Zoom A country has the following production possibilities table: Resources devoted Output of…

A: Increasing marginal opportunity cost implies that the rate of substitution of clothing for food is…

Q: 1 2 F B D Consumer Goods Refer to the above diagram. A shift in the production possibilities curve…

A: Production possibility curve is the locus of different combinations of two goods that an economy can…

Q: A tropical creates a shortage in the item needed in the production of goos B. Explain how this would…

A: Production Possibilities Curve (PPC) is the locus of combinations of two goods a nation produces by…

Q: The data below shows the various production possibilities for an economy that produces two goods,…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing the answer for…

Q: After reviewing major/relevant material in microeconomics, your group has begun brainstorming the…

A: Microeconomics is the branch of economics that deals with economical problems at an individual…

Q: The leader of a political party made the following campaign promise: "My administration will…

A: Production possibility frontier shows combinations of two goods that can be produced with the given…

Q: Because of scarcity, for every choice we make, there will always be opportunity costs. What does…

A: Every choice that we make means that we select one alternative over another. The selection of among…

Q: 4-Identify the scarcity definition of economics from the following. a. the choices we make because…

A: In economics, producers generate output using input resources, while consumers consume that output…

Q: Using the following combinations as Production Possibilities data for consumer goods and capital…

A: In an economy, opportunity cost describes the loss or the amount of output or income that is…

Q: Which of the following is true of an economy’s production possibilities curve? a. It shows the…

A: Production possibility curve is also called production possibility frontier.

Q: If a family spends its entire budget in a given time frame, the family can afford either 95 cans of…

A: Opportunity cost is the second best alternative cost. Also Opportunity cost is the summation of…

Q: uppose you have $1000 to spend on shirts and sweaters. The price of a shirt is $10, and the price of…

A: The budget line of the consumer shows the different combinations of two goods that an individual can…

Q: Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on…

A: Answer: Given, Income=$15Price of candy bars=$0.75Price of peanuts=$1.50 The table below depicts the…

Q: If a family spends its entire budget in a given time frame, the family can afford either 10…

A: Opportunity cost refers to the loss of best alternative while making a decision.

Q: Goods and services can be classified as four folders, what are the four folders? Please explain…

A: The goods and services can be classified as four folders which are convenience goods, shopping…

Q: producing a units of services and b units of goods. After technological development raises the…

A: With technological advancements, the production of both goods A and B moves to E1, which shows…

Q: A production possibilities curve can shift inward if there is a. an increase in productivity b. an…

A: It is crucial to use resources in the economy wisely while producing goods and services because they…

Question

Below is a production possibilities schedule for a hypothetical economy that produces only two goods -widgets and gizmos.

a) Graph this production possibilities schedule, putting widgets on the y axis and gizmos on the on the x axis.

b) Can the economy produce 28 widgets and 2 gizmos? Why or why not? Plot the point.

c) If 22 widgets and 1 gizmo are produced, how would you describe production in this economy? Plot the point.

Production Possibilities Schedule
Production Scenario
Widgets
Gizmos
A
30
28
1
C
22
2
12
3
E
4
a)
Graph this production possibilities schedule, putting widgets on the y axis and gizmos on the on the x axis.

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps with 1 images

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

Please explain how the production possibility curve works in Economics need graph with explaination do not use ai not plagarize thanks in aduvance 15 min
solve for equilibrium YD. C = $1,000 + 0.75 x YD IP= $1,500 AD= 10,000 YD=?
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?
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.
Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…
Assume an economy that produces two goods experiences technological improvements in the production of one of its categories of goods. Using the ONE correct diagram aattached, discuss in terms of the production possibility frontier the economic impact of the technological improvement for this economy. Include in your answer the meaning of the production possibility frontier.
Suppose that the economy in the Jatinagor area has a Production Possible Limit with the equation X² + 4Y² = 64. Calculate what the value of X is if Y = 0 and what is the value of Y if X = 0 What is the opportunty cost of X if Y is constant in the economy or does it depend on the levels of output produced? Explain!
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 tables production from 250 tables to 325tables? If I solve it by using slope method (250-325)/(300-150)=-0.5 is it correct? Because we should use slope method (Y2-Y1)/(X2-X1)
You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?
The following is a production possibilities table for war goods and civilian goods: Production alternatives A B C D E Automobiles 0 2 4 6 8 (in millions) Guided missiles 30 27 21 12 0 (in thousands) •Show these production possibilities data graphically. •What does points on the curve indicate? •If the economy is currently at point C, what is the cost of 1 million more automobiles? Of more guided missiles? •Suppose improvement occurs in the technology of producing guided missiles but not in the production of automobiles. Draw the new production possibilities curve
What does a production possibilities frontier illustrate?
What is the difference between a positive and a normative statement?