Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging. (All the graphs you draw should include labels down and right arrows to indicate the changes before and after the new drug were discovered). Draw the production possibilities frontier and explain it.

Q: Draw and explain a productino possibilities frontier for an economy that produces milk and cookies.…

A: Production possibility frontier is the graphical representation of combinations of goods that can be…

Q: define a production possibility curve and use such a curve to illustrate scarcity,choice and…

A: The resources in any economy are limited while the wants are unlimited. The subject of economics…

Q: What is production possibilities curve

A: In economics, scarcity refers to the shortage of resources which give rise to choices. There are…

Q: According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" draw a…

A: Trade off basically involves the concept of opportunity cost. If we increase quantity of one good…

Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go to…

A: Opportunity costs are incurred when a person, an investor, or an organisation chooses one…

Q: A point inside a production possibilities frontier?

A: Production Possibility Frontier: It refers to the graphical representation of various possible…

Q: Draw and explain a production possibility frontier for an economy that produces milk and cookies.…

A: Production possibility frontier: Production possibility frontier is the curve that shows the various…

Q: Explain why a movement from a point inside a production possibilities frontier to the production…

A: The points on production possibilities frontier indicate the combination of two goods that are…

Q: Draw a production possibility frontier showing the trade-off between the production of apples and…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: ack has 4 hours of free time (leisure) per day.   Jack has two leisure activities (hobbies) –…

A: Production possibility frontier (PPF) for Jack is a curve showing all the combinations of two…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

Q: a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost:…

A: Paulie's opportunity cost of ice cream = 17/3 = 5.67 t-shirts

Q: What is a production possibilities frontier?  How can we show efficiency on a productions…

A: PPF is the representation of the total output capacity of an economy given all the resources which…

Q: Label each of the following statements as positive or normative: v The power of population is so…

A: Positive statements are based on facts, actual data, and these statements can be checked whether it…

Q: Draw a production possibilities frontier with movies on the x-axis and other goods and services on…

A: Production possibility frontier (PPF) shows all the combinations of goods and services that can…

Q: What must be done in order to produce a combination of 12,000 bagels and 400 shirts?

A: At point C, 12000 bagels can be produced but only 200 shirts can be produced.

Q: a. Draw and explain a production possibilities frontier for an economy that produces cheese and…

A: Production possibility frontier (PPF) shows that with the combination of two factors of production,…

Q: What are various forms of the Production Possibilities Frontier and what do they illustrate relative…

A: Answer: Introduction: Production possibility frontier (PPF): It is a graph that shows the possible…

Q: I don't understand how to draw a production possibilities frontier.

A: The production possibility frontier (PPF) shows the combinations of output that the economy can…

Q: Imagine a society that produces military goods and consumer goods, which we will call "guns" and…

A: Production possibility frontier shows all possible points of production of two goods for the…

Q: What is the production possibilities frontier? Explain the basics of the simple tool and illustrate…

A: The production possibility curve or production possibility frontier is a curve that shows whether…

Q: Use a production possibilities frontier to describe the idea of "efficiency"?

A: Production is efficient if it is produced at production possibility curve.

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…

A: vacuuming a room Washing a load of dishes Mike 1 2 Debbie 2 1

Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…

A: opportunity cost is the forgone benefit that would have been derived from an option not chosen. To…

Q: raw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: Production possibility frontier refers to the maximum possible combination of output of goods or…

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: The Production Possibility curve also known as Production Possibility Frontier the graphical…

Q: John divides his time between painting landscapes and writing his novel. He paints at a constant…

A: Painting landscapes and writing his novel take up most of John's time. He paints at a steady rate,…

Q: Q7. Philosophers draw a distinction between positive statements, which describe the world as it is,…

A: Economists are the people who study different economic models and theories.

Q: Okay, so if I want one more bottle of water, what does this cost me in terms of fish? The…

A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…

Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies.…

A: PPF (production possibility frontier) shows the different combinations of two goods which can be…

Q: Draw a production possibilities frontier diagram for a farm able to produce corn or soybeans. What…

A: Production possibility curve is used to present various combination of two goods that can be…

Q: Draw and explain a production possibility frontier for an economy that produces milk and cookies.…

A:

Q: A farmer decides to use land for farming instead of building a golf court what is the opportunity…

A: Answer: Introduction: Opportunity cost: opportunity cost refers to the value of the next best…

Q: What is the opportunity cost of 100 shirts?

A: Opportunity cost is the option foregone in order to produce something.

Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…

A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…

Q: After Hurricane Katrina devastated parts of Mississippi and New Orleans in 2005, we can be sure that…

A: The combination of the goods and services which can be produced efficiently, of they are on the…

Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…

A: The production possibilities curve is the locus of all maximum combinations of two goods an economy…

Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…

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

Q: Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and…

A: a) A production possibility frontier shows combinations of goods produced by an economy.  Here given…

Q: Beth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour.…

A: A production possibility frontier(PPF) is a curve which shows various combinations of amounts of two…

Q: Marlene and Mya both work as artists. Marlene can produce 3 small sculptures each day or 30…

A: The opportunity cost is the benefit that would have been obtained if a different option had been…

Q: With an example, use a production possibility frontier as a straight line, assume that the country…

A: It is assumed that the country produces two goods i.e. good (x) and good (y). Since the country has…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.