The figure to the right shows the production possibility frontiers (PPF) for Billary (B) and Hill (H). Bill's PPF is the blue line and Hill's PPF is the maroon line. Use the multipoint curved line drawing tool to draw the combined production possibility frontier for these two individuals. Label this line 'PPF'. Carefully follow the instructions above, and only draw the required object. If the price of good X is $5.00 and the price of good Y is $1.00, then Billary will produce units of good X and using integers.) units of good Y. (Enter numeric responses In turn, Hill will produce units of good X and units of good Y.

The figure to the right shows the production possibility frontiers (PPF) for Billary (B) and Hill (H). Bill's PPF is the blue line and Hill's PPF is the maroon line. Use the multipoint curved line drawing tool to draw the combined production possibility frontier for these two individuals. Label this line 'PPF'. Carefully follow the instructions above, and only draw the required object. If the price of good X is $5.00 and the price of good Y is $1.00, then Billary will produce units of good X and using integers.) units of good Y. (Enter numeric responses In turn, Hill will produce units of good X and units of good Y.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 18PAE

See similar textbooks

Similar questions

Suppose Russia produces only cars and trucks. The resources that are used in the production of these two goods are not specialized—that is, the same set of resources is equally useful in producing both trucks and cars. The shape of Russia's production possibilities frontier (PPF) should reflect the fact that as Russia produces more trucks and fewer cars, the opportunity cost of producing each additional truck _______? The following graphs show two possible PPFs for Russia's economy: a straight-line PPF (PPF1PPF1) and a bowed-out PPF (PPF2PPF2). Based on the previous description, the trade-off Russia faces between producing trucks and cars is best represented by _____?
For both goods, assume output per hour remains constant as the number of workers allocated to that good changes. Wakanda produces both vibranium and adamantium. With vibranium on the vertical axis and adamantium on the horizontal what happens to the PPF if workers become more productive in producing vibranium but adamantium productivity does not change? Group of answer choices A.The PPF becomes steeper. B.The PPF becomes flatter. C.The PPF shifts out, with the new PPF parallel to the initial PPF. D.The PPF shifts out, but we do not know how the slope of the new PPF compares to the slope of the original PPF. E.The effect on the PPF need not be any of the above.
Steve can bake either 4 loaves of bread or 12 dozen cookies a day. Sarah can bake either 4 loaves of bread or 4 dozen cookies a day. Show the production possibilities frontiers for Steve and Sarah Suppose trade is not allowed between Steve and Sarah and as a result, both Steve and Sarah spent half a day (12 hours) baking bread and the other half a day baking cookie. Show both the production and consumption bundles for Steve and Sarah on their respective PPFs, when trade is not allowed between Steve and Sarah. Show, using production possibility frontiers in (a), that Steve and Sarah would be better off specializing in their baking activities and then trading, rather than baking only for themselves. Be specific and state the production and consumption bundles with trade.
3. Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From its available resources and technology Country A can produce 100 t-shirts and 0 sneakers or 0 tshirts and 200 sneakers or any combination of t-shirts and sneakers that sits on Country A’s linear PPF. From its available resources and technology Country B can produce 50 t-shirts and 0 sneaker or 0 t-shirt and 50 sneakers or any combination of t-shirts and sneakers that sits on Country B’s linear PPF. a. On two separate graphs draw the PPF for Country A and Country B. Measure t-shirts on the vertical axis and sneakers on the horizontal axis. b. Write an equation in slope-intercept form for the PPF for Country A. c. Write an equation in slope-intercept form for the PPF for Country B
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly damages water quality. a) Explain in your own 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.
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.
part C and D needed only Consider the Production Possibility Frontiers of two countries, Australia and Brazil. Assume both have linear PPFs and the two countries both produce the same two goods: fruits and grain. Given its resources, Australia can produce either 2 units of grain per day or 1 unit of fruits; Brazil can produce either 5 units of grain or 4 units of fruits. (You may, for your own use, find it helpful to draw the Production Possibilities Frontiers for each country, though these won't be included in the answers you provide in you online responses.) a. If there were no trade, what would be the local price of fruits in each country, measured in units of grain? b. If trade is allowed, which country will export fruits and which country will export grain (if any)? c. What are the gains from trading a unit of fruit if the international price of fruit is equal to the average of the local prices in the two countries? d. How are the gains from trade distributed? Comment…
Q.1 Table below presents different combinations of a simple economy that uses its resources to produce guns or/and butter Option Butter (tonnes) Guns (units) A 0 15 B 1 14 C 2 12 D 3 9 E 4 5 F 5 0 a) Construct the PPC by drawing guns production on the vertical axis and butter production on the horizontal axis and determine its slope. b) Consider that the economy is producing at option C. Explain the concept of the opportunity cost if the economy increased the production of butter and moved its production to point D c) Calculate the opportunity cost if there is a move from C to D and later a further move from D to E d) Is the opportunity cost increasing or decreasing as the economy produces more butter? Fully explain why