Question 4 Productive efficiency is recognized in which case ? all choices inside the PPF all choices on the PPF and outside the PPF O all of the choices on a PPF all choices outside the PPF
Q: Question 3 - Part 2 Explain how each of the following situations would affect a nation's production…
A: part 1: There will be a rightward shift in PPF. Explaination:- Because technological innovation will…
Q: Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1 hour. a)…
A:
Q: QUESTION 5 If an economy is in autarky (self-sufficient), then the production possibilities frontier…
A: Production possibilities frontier shows all that combinations of two goods which can be produced…
Q: factor which cause PPF curve shift to the right
A: Change in the availability of resources results in the shift of PPC.
Q: DRYERS 8 8 8 8 8 8
A: We know that, Oppertunity cost is the next best alternative cost use of a resources.
Q: a. Draw a PPF map (put soda in the vertical axis and pizza in the horizontal axis), showing all the…
A: Answer: 1:
Q: 1. Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley.…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: efine what is meant by market economy and identify its three required features
A: Market Economy refers to the economy where market demand and market supply are the major elements…
Q: . Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From…
A: Country B can produce 50 t-shirts and 0 sneakers and 0 t-shirts and 50 sneakers.
Q: Carrot Apple 0 10 1 9 2 7 3 4 4 0 Using the table above, draw the PPF for Happyland.
A: The production possibility frontier (PPF) is a locus of different combination of two goods or…
Q: a) why is the slop of PPF downward? (b) why does the PPF look concave to the origin? (c) What is…
A: The production possibilities frontier represents the combinations of goods and services that a…
Q: QUESTION 2 Consider the Production possibility frontier model. Efficiency means that the economy…
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Q: Exhibit 2-3 Capital Goods (thousands of units) D B PPF2 PPF 1 Consumer Goods (thousands of units)…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: With the aid of a diagram, draw a production possibility Frontier (PPF) for an economy producing…
A: PPF: Creation probability curve is the chart which demonstrates the different creation prospects of…
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: Show what happens to the production possibilities frontier (PPF) if the society develops a new…
A: A Production Possibility Frontier is defined as a curve that illustrates the amounts of two goods…
Q: Opportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink…
A: Economics is the study of the efficient allocation of resources in the economy. Resources are scarce…
Q: Explain how each of the following situations would affect the nation’s production and possibilities…
A: A production possibility frontier shows the various combination of two goods that can be produced by…
Q: Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to devote to…
A: Slope of the PPF depends on opportunity cost. If opportunity cost remains constant, the PPF will be…
Q: . Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From…
A: The production possibility frontier shows the maximum amount of two goods that an economy is able to…
Q: As an economy grows, A) its PPF shifts outward. B) the opportunity cost of production will approach…
A: Answer: If an economy grows it means its production of goods and services has increased. An increase…
Q: Refer to the following production possibilities table for consumer goods (automobiles) and capital…
A: Answer a) fixed resources mean there are limited and scarce resources and full employment means all…
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A: Let us suppose an economy produces only two goods - X and Y. Opportunity cost, in simple economic…
Q: What is the opportunity cost of Y for PPF 1? a) ½ of X b) 2 of X c) 1/3 of X…
A: In microeconomics theory, opportunity cost is the loss or the benefit that could have been enjoyed…
Q: ... ecan produce all combinations A. inside the PPF but not on the PPF or outside the PPE B. on the…
A: (1) An economy Can produce any combination of goods which lie either inside the PPF or on the PPF.…
Q: . Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From…
A: The production possibilities frontier (PPF) refers to the a downward sloping curve which is concave…
Q: 10. The opportunity cost of making cupcakes is lowest at which point? a A 6. 8 d. A and C 11. The…
A: ANSWER IS GIVEN BELOW
Q: Graph A Graph B Graph C Graph D Which of the above 4 graphs best represents the change in the PPF if…
A: When a government places tax on the firms, it will increase the cost of production because firm has…
Q: Suppose that society could produce the following combinations of pizzas and books: Alternative…
A: As per guidelines, we will answer the first three subpart questions. a. PPF curve of pizzas and…
Q: At one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point along the…
A: Given that at one point along a PPF, 10 burgers and 7 sandwiches can be produced. At another point…
Q: 6. (Production Possibilities) Suppose an economy uses two resources (labor and capital) to produce…
A: The fall in the supply of capital = 10% The increase in labor supply = 10%
Q: Question 26 Please refer to Maxine's & Daisy's PPFs Which good should Daisy specialize in? Group…
A: Absolute Advantage states that a person or country should produce that good in which it specializes.…
Q: Determine whether each statement is true, false, or uncertain and explain why. i. The resources at…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Explain how each of the following situations would affect a nation's production possibilities curve.…
A: The production possibility curve is a graphical representation of a combination of two goods that…
Q: Which of the above 4 graphs best represents the change in the PPF if a tornado destroys part of the…
A: In an economy, PPF is a Graphical economic analysis of the total output produced with the available…
Q: 1. Assume you are on an iceland, where you can produce different combinations of coconuts and fish…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…
A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…
Q: Which of the following is consistent with a point below an economy's production possibilities…
A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…
Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. What is Marie’s…
A: A budget constraint is faced by an individual and represents the different possible combinations of…
Q: Based on PPF , if producer moves from B to C if producer have the following choices of production…
A: Here we calculate the opportunity cost of the PPC when it shift B to C and choose the correct…
Q: The PPF illustrates the principles of constrained choice, opportunity cost, and scarcity. Consider a…
A: The curve that depicts various combinations of goods that could be produced using the given…
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- Rajiv is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Rajiv has only 15 hours available to devote to his training this week. Each hour he spends skiing is one hour that cannot be spent working onhis shooting. Which basic principle of individual choice do these statements best illustrate? People face trade-offs. Rajiv has an incentive to spend more time on skiing than on shooting. People usually exploit opportunities to make themselves better off. Rajiv can use time most efficiently by spending the same amounts of time on skiing and shooting.whith practical examples distinguish between sacale of preference and opportunity costWhich of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3) Incentive principle, 4) Diminishing returns) is represented by the statements below? Provide a justification for your choice. (a) "There is no such thing as a free lunch" (b) Suppose the state of Illinois passes a law that bans smoking in restaurants. As a result, residents of Wisconsin who do not like breathing second-hand smoke begin driving across the border to Illinois to eat at restaurants there. (c) A cafe may wish to serve more customers during the busy summer months. However, employing extra workers may be difficult because of a lack of space in the cafe. Question 2 (a) Catherine buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000. Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Catherine purchased.…
- Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.options for blank three drop down: efficient allocation OR over-provision OR under-provisionTime is an important resource in our everyday life. Each day has 24 hours within which all activities must be accomplished. Using your notion of the concepts of scarcity, choice, scale of preference and opportunity cost, illustrate a typical daily routine and explain how time may be allocated among competing alternatives
- Please no written by hand and no image Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. Question 7Select one: a. Unattainable; efficiency b. Attainable; inefficiency c. Attainable; efficiency d. Unattainable; inefficiencyThe below table shows production points on Sweet-Tooth Land's production possibilities frontier. Which of the following statements is TRUE? B) Producing a combination of 20 chocolate bars and 80 cans of cola is attainable but inefficient. A) Producing a combination of 0 chocolate bars and 100 cans of cola is both attainable and efficient. D) Producing a combination of 40 chocolate bars and 0 cans of cola is unattainable and inefficient. C) Producing a combination of 30 chocolate bars and 38 cans of cola is only attainable with an increase in technology.Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. a.Unattainable; efficiency b.Attainable; inefficiency c.Attainable; efficiency d.Unattainable; inefficiency
- Suppose a nation has a total of 12 units of labor, which can be used to produce either guns orbutter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor toproduce.Evaluate the allocation of resources of this country based on the following points.• Reason for the scarcity that exists in this economy. Use the data as evidence of yourreasoning.• Maximum quantity of guns that can be produced.• Maximum quantity of butter than can be produced.• Diagram which represents the nation’s production possibility curve.• Opportunity cost of guns in this nation• Reason why the nation can’t produce both 3 guns and 4 butters.• Reason why the nation shouldn’t produce both 1 gun and 2 butters.Two alternative programs to save 50 more lives per year entail providing more cardiac intensive care facilities and redesigning dangerous highway interchanges. The price of a new cardiac intensive care unit is $500,000, and the price of redesigning and renovating a highway interchange is $1 million. One combination of the two programs that can save 500 lives is five cardiac units and three highway exit renovations. a.) Is the mix involving five cardiac units and three highway exit renovations cost-effective? b.) Assuming that the marginal products of both programs decline, what needs to be done to achieve the cost-effective mix of programs?Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.