Technology is defined as O the maximum output that can be attained from a stock of physical capital. O society's pool of applied knowledge concerning the production of goods and services. O output beyond the production possibilities boundary. O the utilization of the most advanced machinery.

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: (h)  sugar  industry is a subject matter of micro economics. Give reason.  (i) what do you mean by…

A: Microeconomics deals with the behavior of firms and individuals in making decisions regarding the…

Q: Production Alternative Types of Production А В C D E Capital Goods 10 20 30 40 Consumer Goods 75 68…

A: The efficient point is that it can be produced by utilizing resources efficiently. An inefficient…

Q: Which of the following are examples of opportunity cost?  (please choose all the answers that are…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: Factors of production are A) the mathematical calculations firms make in determining their optimal…

A: Economics has categorised four major types of factors of production. They are land, labor, capital…

Q: Define productivity efficiency and allocative efficiency. What conditions must be met in order to…

A: Productive efficiency takes place when production of the optimal combination of output is achieved…

Q: Are goods developed by the military like roads, factories and new technology for communications an…

A: The economics as a study is based upon the idea that resources which each economy have are limited…

Q: In advanced technology and capital goods are encouraged. Select one: o a. Market Economic System O…

A: In an economy, technological advancement and capital goods are the drivers of economic growth…

Q: Caln be allocated in the production of either good freely, but the other factor is specific. For…

A: Labor: It refers to the people who work at the lower level in the factory or in the firm. The labor…

Q: The possible combinations of two goods that can be produced in a certain period of time under…

A: The Variation in the production of two goods in the specific time period is illustrated by the…

Q: Which is not a factor of production? Money Land Labor Capital 2 A point outside the production…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: state the three stages of production

A: Marginal returns is an additional increase in output from employing an additional unit of input.

Q: a. At which point(s) is this society producing some of each type of output but producing…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Efficiency is when O a The benefits of the resources are distributed fairly among economic agents O…

A: Economic wealth: It refers to the valuation of resources that are available in the economy. The…

Q: Due to resource scarcity, O economic activities have opportunity costs generally lower than their…

A: Option C Resource scarcity means that all economic activities have a opportunity cost associated…

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: Marginal Efficiency of Capital" is best explained how?

A: Marginal efficiency of capital is the expected rate of return on investment at a particular level of…

Q: Choice land has 250 workers and produces only two goods, X and Y. Labouris the only factor of…

A: Production possibilities curve can be illustrate as follows: In above Figure, the vertical axis…

Q: A curve that shows the maximum amount of any two products that can be produced in an economy from a…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Both Tom and jerry work eighht hours a day. Tom can produce six baskets of goods per hour while…

A: Both Tom and Jerry work eight hours a day. Tom can produce six baskets of goods per hour while Jerry…

Q: Which of the following is the best example of "what goods and services should be produced?" the…

A: We know whether it is developed or underdeveloped countries each has to face the central problem…

Q: e highes

A: Scarcity refers to the problem of economics which is basically the gap between limitless wants and…

Q: 1. In your decision to pursue an MBA degree, which of the following can be considered opportunity…

A: Opportunity cost is the benefit lost while making a different decision. You must compare the…

Q: Explain each of the factors of production and provide examples of each. (need to be clear and…

A: Production refers to the process of combining various resources (material and immaterial inputs) in…

Q: The basic concern of economics is * O to keep business firms from losing money. O to prove…

A: Economics is the branch of social science that deals with the consumption, distribution, and…

Q: Alternative ways of making 100 shirts a day are in the table below: Method Labor (hours) Capital…

A: An alternative method is said to be technologically(T) efficient if it is producing the maximum…

Q: Which technique is economically most efficient in producing A?

A: We are given various combinations of labor and capital that can produce 15 units of Product A. 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: It is clear that productive inefficiency is a waste since resources are being used in a way that…

A: Productive inefficiency means that the same output can be produced at a lower cost of production. It…

Q: In a centrally planned economy, the government decides how economic resources will be allocated. A…

A: 1) In a planned economy, production, allocation of capital goods, and investment all occur in…

Q: ing inefficiently? the available resources and technology? resources and technol OE and F C and D A…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first three subpart for you.…

Q: True/False The resources used to make all goods and services are called factors of production

A: # Resources are the building blocks any economy. Without these we can't think of producing any good…

Q: A- We have studied the production technology. Explain the concept with an example.

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: True or False  If a good is labour intensive it means that no capital is used in the manufacturing…

A: Factors of production refer to the inputs which are used for the production of a service or a good.…

Q: a. What is the opportunity cost of producing 25 more units of capital goods if this economy is…

A: A production possibility curve shows various combinations of two goods that an economy can produce…

Q: b. unlimited wants and unlimited resources. c. limited wants and limited resources. d. unlimited…

A: The circumstance in the general public when the resources that people need to satisfy their needs…

Q: The input factors of production include Land, Labor, Capital, Technology, and Entrepreneurial…

A:

Q: The economic reasons to marry include: O A) insurance, joint consumption, increasing returns to…

A: Economic activity is an activity that is performed with the aim to earn profit or returns whereas…

Q: What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of…

A: Opportunity cost is the next best alternative forgone. If I aim to view a cricket match, my…

Q: Which statement about economic systems is usually correct: Select one Oa The market system is based…

A: The economies, or nations around the world tend to operate with the presence of scarce resources.…

Q: The technically efficient combination of two products a busniness can produce in the current period…

A: Production is the process by which goods and products are made or manufactured from raw materials or…

Q: Q.13. What does point B shows: (a) Underutilization of resources B (b) Full utilization of resources…

A: # In the above diagram we can see a PPF which is the production possibility frontier. It is 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: Classify each resource used in production as land, labor, capital, entrepeneurs, or human capital.…

A: 1. Natural resources Labour Physical capital Entrepreneurs Human capital ore Lake Casitas The…

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.