QUESTION TWO UT OF FOUR Given the Production Possibility Frontier below, Pencils Explain the meaning of points A, B, C and D. Outline any three (3) factors that cause a shift to point D. Explain why the Production Possibility Frontier slopes downward By giving two examples, state two (2) key characteristics of public goods. List any five (5) advantages of a market economy. Exnl Eynlain the disadvantages of economic growth. SADS

QUESTION TWO UT OF FOUR Given the Production Possibility Frontier below, Pencils Explain the meaning of points A, B, C and D. Outline any three (3) factors that cause a shift to point D. Explain why the Production Possibility Frontier slopes downward By giving two examples, state two (2) key characteristics of public goods. List any five (5) advantages of a market economy. Exnl Eynlain the disadvantages of economic growth. SADS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Draw a production possibility frontier curve showing which “good” should be placed on each axis and why your curve would have a particular shape. In what ways does the production possibilities curve reflect scarcity, choice and opportunity cost? and list 3 possible impacts of an improved fertilizer on the production possibility frontier.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Identify which “good” should be placed on each axis in order to construct the production possibility frontier. Provide a justification for your choice. B) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a. Be sure to respond to at least two (2) of your classmates’ posts.
Question Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
According to Adam Smith, the “invisible hand”refers to which of the following?a. The “best interests of society” (publicinterest) will occur as an outcome of themarket process coordinating the selfinterestedinteractions of buyers and sellers(private interest).b. Government interference in markets toprevent greed.c. Bribes and graft that interfere with themarket process.d. The “best interest of society” (public interest)will occur as an outcome of careful guidanceby government authorities in allocatingscarce good and services according to privateinterest.
vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
Explain why “tragedies” occur when the goods involved are common goods/resources. Explain how the Coase theorem may or may not resolve this problem
Person 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted to good b yields 2 units whereas each hour devoted to good A produces 4 units. (a) State whether 9 units of good B and 12 units of good A are attainable, unattainable, efficient or inefficient (b) Person 2 can produce 3 units of good B and 4 units of good A per hour. (I) who has absolute advantage oil production of good B?(ii) who has absolute advantage in the production of good A?(iii)calculate the opportunity cost for good B for person 2 (iv) calculate the opportunity cost for good A for person 1 (v) who has the comparative advantage in the production of good B?(vi) who has the comparative advantage in the production of good A ?