The individual production points on each person's production possibilities frontier represent their _____. A. final endowment B. initial endowment C. initial potential D. endowment final potential
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The individual production points on each person's production possibilities frontier represent their _____.
A. final endowment
B. initial endowment
C. initial potential
D. endowment
final potential
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Solved in 2 steps
- 1.a. i. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. ii. Explain the stages of production iii. Explain 10 relevance of the stages of production to a business operator.a.Discusses the principles of individual decision making with examples b.Explain with your own words the determinants of price elasticity of demand. c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples, d. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view. ReplyForward13. What is opportunity cost? Give with example?
- 16. Explain positive and normative statement with examples for each?12. What are the four factors of production? Thanks asap do itTimothy quits his job, which pays $77000 a year, to enroll in a 3-year graduate program. His annual school expenses are $62700 for tuition, $9400 for books, and $1800 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy's decision making?i) Scarcityii) Cost-Benefit analysisiii)Incentive Principle iv)Diminishing Retuurns
- 1. a. Explain the following in not more than half a page - Opportunity cost. - Production possibility frontier. - scarcity b. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. c. Explain the stages of production d. Explain 6 relevance of the stages of production to a business operator.4) The fact that wants cannot be fully satisfied with available resources reflects the definition of A) the what tradeoff. B) scarcity. C) the big tradeoff. D) for whom to produce. 5) Suppose the Gallo sisters, Ernestine and Julia, were not on speaking terms with one another. They each raised grapes and peanuts. Ernestine could increase her output of grapes by one bushel if she reduced her output of peanuts by two bushels and Julia could increase her output of grapes by one bushel if she reduced her output of peanuts by four bushels. According to this information, Ernestine has: A) a comparative advantage in the production of grapes. B) a comparative advantage in the production of both goods. C) a comparative advantage in the production of peanuts. D) an absolute advantage in the production of peanuts 6) Factors of production are grouped into four categories: A) land, labor, capital, entrepreneurship B) land, labor, capital, money C) land, capital, money, entrepreneurship D) labor,…1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?
