QUESTION 4 he way a firm combines its resources to get the maximum output is called: O the Production Possibilities Dynamic O the Production function O the Resource allocation curve O the input-output continuum
Q: Use the below graph to answer the question: Output per labour Production D function 3 Production B…
A: Here, three production functions are shown in the given graph. Production function shows the ability…
Q: What do you call the man-made resources used in the production of goods and services? Oa land Ob.…
A: The use of natural objects to build anything innovative that offers our life with usefulness and…
Q: Suppose Ireland produces only two goods: barley and tablets. The following graph shows Ireland's…
A: In business examination, the production possibility frontier (PPF) is a bend showing the differing…
Q: The graph shows the market for shrimp. The government passes a new law that requires producers to…
A:
Q: Which of the following concepts can be used to explain why production possibility frontiers is…
A: The graph known as the Production Possibilities Frontier (PPF) illustrates all the possible output…
Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination GF E D…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: 5) Arswer the following questions based on the graph below: a)From point A to B and from B to C, is…
A: [a]From point A to B and from B to C, overall production is risingL rose from 80 to 140 to 280…
Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination F E D…
A:
Q: Use the scenario to answer the following questions Natasha can produce either 5,000 pounds of cheese…
A: Answer: e (500) Explanation: Opportunity cost is the number of units of a good sacrificed to produce…
Q: In the markets for factors of production Select one: O a. households provide firms with profit. O b.…
A: Market for factor of production indicates the transaction of money and production factor such as…
Q: The shape of the production possibilities frontier below implies that E B Bread a. some resources…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The table below represents the combinations of beef and corn produced on a tract of land of a given…
A: Outward shift of the PPF is only possible when there is increase in the given resources or…
Q: Explain all resources that economic relies on.
A: Economic resources: - all resources used as an input in the production and distribution of goods and…
Q: The table below represents the combinations of beef and corn produced on a tract of land of a given…
A: PPC of the schedule given:
Q: Suppose that ABC firm has 100 hours of labor a day used to produce snacks and swimming classes. The…
A: Production Possibility Frontier refers to the combination of two goods that can be produced with the…
Q: Mr. Ömer buys a laptop for his daughter Ms. Asiya. In this scenario,Ms. Asiya is a O a. User O b.…
A: A customer is the one who purchases the product. The user is the one who uses the product. It is…
Q: The following graph is the production possibilities curve of a nation. 10 B 9. 8 7 6 5 D 4 2 %3D %3D…
A: The economics as a study is based upon the idea that the economies around the world have a limited…
Q: The production function for good X in the table below exhibits increasing marginal returns to…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: For the question below use the following figures which illustrate the production possibilities…
A: The value of the next-best option after a selection is made is known as the opportunity cost. It…
Q: Explain the movement from point A to B for the production of these two goods.
A: Production possibility curve shows the combination of two goods that can be produced with the given…
Q: Production possibility curve shows maximum efficiency means . Oa. Resources are wasted Ob. None of…
A: The PPF curve show the combination of two goods that a nation can produced with given set of…
Q: Explain what is meant by allocative efficiency and under what conditions is this efficiency…
A: In a marketplace, efficiency refers to the ability of the market to get output with the given…
Q: The economic resource that organizes the use of other economic resources is called Select one: a.…
A: An economic resource aids in carrying out various economic activities of production and consumption.…
Q: Which of the following is an example of allocative inefficiency? O A. Consumers place positive value…
A: Allocative efficiency is where the marginal cost of producing an additional good is equal to the…
Q: 80 PPF 60 70, 41 A + 20 40 60 80 100 ALFALFA (Millions of bushels) Complete the following table by…
A: Production possibility curve (PPC) shows the combination of the two goods that the economy can…
Q: QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs…
A: The term opportunity cost is the cost incurred when you forgo a good for another good. In…
Q: Which of the following indifference curve the slope of the production possibilities frontire? A,…
A: The production possibility curve, abbreviated as PPC, depicts various combinations of products that…
Q: QUESTION 20 Even though local newspapers are very inexpensive, people rarely buy more than one of…
A: Question 20 Answer) A implies that, for most people, the marginal benefit of reading a second…
Q: why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this…
A: First of all, aluminum is significantly more tough than plastic, it can withstand longer-term use…
Q: If a fisherman catches fish from river then which factor of production is he using for his…
A: The resources that people use to create products and services are known as factors of production,…
Q: ighbonng isia and Euphoria. million labor hours available per month that they can use to produce…
A: Comparative advantage is when a country produces a good at a lower opportunity cost.
Q: According to the below table Andrea and Paul can switch between producing wheat and producing beef…
A: Given Andrea and Paul each has 480 minutes available. Minutes needed to make 1 Kg of…
Q: PPF 60 40 5, 10 20 F D 20 40 60 100 CORN (Millions of bushels) Complete the following table by…
A: Efficient points indicate all of an economy's inputs being used to their full potential to achieve…
Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination G F E…
A:
Q: An economy can produce leather using labor and capital and wheat using labor and land. The total…
A: In the business examination, the production possibility frontier (PPF) is a bend showing the…
Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination GF E D…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Use the information in the table to answer the below question. Production…
A: Optimal hours is found when MB >= MC, where MB = Change in total benefit / Change in hours MC =…
Q: An individual transferable quota (TO) is a limit that is assigned to an individual who to transfer…
A: An individual transferable quota (ITQ) is imposed by the government on individuals or firms.
Q: A graph that shows the maximum attainable combinations of two goods when society efficiently uses…
A: An economy seeks to use all of its resources in the most efficient manner to maximize its production…
Q: Factors of production are inputs used to consume goods and services. a. False O b. True
A: Factors of production, term utilized by social scientist to denote the economic resources, each…
Q: Leigh has two slices of pizza for lunch. The marginal benefit that Leigh receives from the second…
A: Marginal benefit of second slice of pizza would take place when leigh buys second pizza.
Q: Garmin is a technology company that specialises in GPS technology for automotive, aviation, marine,…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Country (Bushels per hour of labor) (Pairs per hour of labor) Euphoria 8. 32 Contente 12 24…
A: Hi thanks for the question. Since there are multiple sub-parts in the question, we will answer for…
Q: You have only 20 hours per week to use for either study time or fun time. Suppose the relationship…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: In the circular-flow diagram, firms are sellers in Select one: O a. both markets O b. neither market…
A: The round stream graph improves on this to shape the picture more clear . inside the chart, firms…
Q: What are the items that make opportunity cost differ from the accountant's measure of cost? A firm's…
A: A firm's opportunity cost is the cost foregone in terms of the next best alternative to pursue the…
Q: Production Techniques: II III IV Labor 3. Сapital 2 5 1 Answer the next two questions on the basis…
A: Given: With the help of labor and capital in four possible ways, 30 units of product A can be…
Q: According to the below table, which of the following combinations of wheat and beef could Andrea…
A: According to the information given in the table, Andrea can produce 1 kg of wheat in 30 mins and can…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic termsUse the following information toanswer the questions belowComputers:Soybeans:Total revenue =Total120revenue = 120Payments to labor =60Paymentsto labor = 80Payments to capital =60Paymentsto land = 40Holding the price of computersconstant, suppose the price ofsoybeans rises 10% and that the wagerate increases 5%.a. What is the effect of these changeson the rental rate of capital?b. What is the effect of these changeson the rental rate of land?The concept of production possibility frontier explains that a. any point within the curve is a combination of labor and capital input that fall short of putting all inputs to good use b. that capital is more that labor inputs c. any point within the curve is a combination of labor and capital input that is utilized d. that labor is more that capital inputs The concept of production possibility frontier explains that a. labor and capital combination is not enough to produce an output that have very minimal wastage b. level of output is optimal c. labor and capital combination is not enough to produce an output d. level of inputs is optimal more than zero but less than one in the concept of Income Elasticity means a. luxury goods b. substitute goods c. inferior good d. necessity goods
- Suppose to produce iced milk coffee and toasted bread need capital and labour, and price of capital is 4 per unit. Given the ratio of marginal product of labour (MPL) to marginal product of capital (MPK) is 2 for milk coffee production and 1/2 for toasted bread production, prove and explain whether allocation resources in iced milk coffee and toasted bread production is efficient. If not, what should you do to achieve efficient production? Use relevant graph to support you’re answer.(a) Explain with the help of a graph the effect of an increase in the relative price of a labor-intensive good on input choice. (b) “Generally, an economy will tend to be relatively effective atproducing goods that are intensive in the factors with which the country is relatively wellendowed.” Explain the above statement with the help of a graph.Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
- If it is not possible to increase the output of one good without decreasing the output of the other, when there are only two goods, thenthis situation would describe a point on a production possibilities frontier for the producer.the outcome can be described as efficient.there is no unemployment of resources.All of these outcomes are correct.Consider an economy that produces two goods , X and Y. Use a production box diagram to construct the production possibility frontier for these two goods. Also indicate the optimal consumption point and price ratio that will prevail. Suppose now that technical progress causes the X isoquants to shift towards the origin. How will this affect the production possibility frontier, the optimal consumption point and equilibrium price ratio for X and YEM.35 Which of the following is most likely to happen as an economy moves along a production possibility frontier producing more services and fewer goods? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a marginal costs of producing more services will rise, but allocative efficiency may increase. b marginal costs of producing more services will decrease, but allocative efficiency may increase. c marginal costs of producing more services will rise and allocative efficiency will decrease as a result. d marginal costs of producing more services will decrease and the allocative efficiency will increase as a result.
- 11 11. Consider the following economy: There are three goods, legume, tillip and quillip, two consumers (called 1 and 2), and two firms (called x and y). Firm x is owned entirely by consumer 1 and makes tillip out of legume according to the simple linear production technology t :::; 3l . That is, for every unit of legume input, this firm produces three times as many (or less) units of tillip. Firm y is owned entirely by consumer 2 and makes quillip out of legume according to the production technology q = 4l. Each consumer initially owns 5 units of legume. Consumer 1 has utility function u1(t, q) = 6 + .4ln(t) + .6ln(q). Consumer 2 has utility function ui(t, q) = 8 +ln(t) + ln(q). (a) What is the general equilibrium of this economy? Assume that firms take prices as given and are profit maximizers, and consumers take prices as given. When you give prices, normalize…b please assist with the following question show all working out and a short explanation please You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued.You can either use your time to grow food to consume immediately, or to build new tools andbuildings (capital) which will increase your supply of food in future years.b) You discover a more efficient way of harvesting coconuts, that increases your foodproduction by 50%, taking labour input and other inputs as given. Show the impact onyour total production and labour supply (i) in the short run and (ii) in the longer term,if this allows you to spend some of your time producing capital.The nation of Ectenia has 20 competitive appleorchards, all of which sell apples at the world priceof $2 per apple. The following equations describethe production function and the marginal product oflabor in each orchard:100100 2 ,2 5 25 2Q L LMPL Lwhere Q is the number of apples produced in a day,L is the number of workers, and MPL is the marginalproduct of labor.a. What is each orchard’s labor demand as a functionof the daily wage W? What is the market’s labordemand?b. Ectenia has 200 workers who supply their laborinelastically. Solve for the wage W. How manyworkers does each orchard hire? How much profitdoes each orchard owner make?c. Calculate what happens to the income of workersand orchard owners if the world price doubles to$4 per apple.d. Now suppose that the price is back at $2 perapple but a hurricane destroys half the orchards.Calculate how the hurricane affects the income ofeach worker and of each remaining orchard owner.What happens to the income of Ectenia as a whole?