Refer to the graphs below for this question. Which of the graphs explain what woule the production possibility curve if there is a devastating hurricane that destroys sev factories? Caa Cars Cars Cars II O IV Gar menta Garmenta Garmenta
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- What does a production possibilities frontier illustrate?The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1 below. You are required to:a. Draw a Production Possibility Frontier (PPF) and list all efficient points of production.b. Marope Economy wishes to produce 520 billion units of consumer goods. Plot this output onthe Frontier and state whether this is an efficient point or not.Table 1 – Production Possibilities Output (billions of units per year) Consumer goods Consumer servicesPart BA B480 420 0 120C D240 0 240 300 Use graphs to demonstrate how the following factors will change the PPF.a. A decrease in migrationb. An increase in natural resourcesc. Changes in technology(Shape of the PPF) Suppose a production possibilitiesfrontier includes the following combinations:Cars Washing Machines0 1,000100 600200 0a. Graph the PPF, assuming that it has no curvedsegments.b. What is the cost of producing an additional car when50 cars are being produced?
- Review the numbers for Canada and Venezuelafrom Table 33.12 which describes how many barrelsof oil and tons of lumber the workers can produce. Usethese numbers to answer the rest of this question.a. Draw a production possibilities frontier for eachcountry. Assume there are 100 workers in eachcountry. Canadians and Venezuelans desire bothoil and lumber. Canadians want at least 2,000tons of lumber. Mark a point on their productionpossibilities where they can get at least 3,000tons.b. Assume that the Canadians specializecompletely because they figured out they havea comparative advantage in lumber. They arewilling to give up 1,000 tons of lumber. Howmuch oil should they ask for in return for thislumber to be as well off as they were with notrade? How much should they ask for if theywant to gain from trading with Venezuela? Note:We can think of this “ask” as the relative price ortrade price of lumber.c. Is the Canadian “ask” you identified in (b) alsobeneficial for Venezuelans? Use the…Table 3-8 Production Possibilities Blankets Coats 8 600 12 ? 16 200 Refer to Table 3-8. If the production possibilities frontier is a straight line, then which of the following could represent the number of coats produced when 12 blankets are produced? a. 200 b. 500 c. 300 d. 400Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.
- A nation with fixed quantities of resources is able to produce any of the following combinations of bread and ovens:Bread (tons) Oven (000’s)60 050 1240 2230 3020 3610 40 0 42These figures assume that a certain number of previously produced ovens are available in the current period for baking bread.a. Using data in the table, graph the ppf (with ovens on the vertical axis)b. What happens to the opportunity cost of bread – measured in number of ovens—as bread production increases from 0 to 10 tons, from 10 to 20 tons, from 20 to 30 tons, and so on?c. If this country chooses to produce both bread and ovens, what will happen to the ppf over time? Why? Select one:a. Remains stagnant b. Decline over time towards inefficiencyc. Increase over time and declined. Increase over time towards growthDescribe the linkage between “Scarcity” and each of the following;i. Choiceii. Opportunity Costiii. CompetitionThe first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants
- Sketch a plausible production possibility frontier that shows in general various combinations of wheat and potatoes a farmer can produce with the fixed amount of resources available to him? Label your diagram well for example your axesbut you dont have to use any specifc numberVistakon makes Acuvue TruEye and Acuvue Moist contact lenses. The following is Vistakon’s production possibilities frontier (PPF) for the two kinds of contact lenses. Use the graph to answer the questions below. If Vistakon is currently producing 2.5 billion Acuvue TruEye and 1.5 billion Acuvue Moist contact lenses per year, is it using its available resources efficiently or not? Why or why not? What is Vistakon’s opportunity cost of increasing Acuvue TruEye production from 1.5 billion to 2.5 billion lenses per year (in terms of Acuvue Moist contact lenses)? What will happen to the given Vistakon’s PPF if new technology facilitates production of Acuvue TruEye contact lenses? Show graphically (upload graphs below). What will happen to the given Vistakon’s PPF if materials for producing both kinds of contact lenses become more easily available and cheaper? Show graphically (upload graphs below).How can government involvement in an economy help or hinder the expansion of the production possibility frontier?
