The "Law of Increasing Opportunity Costs" makes the PPF curve bow outward. This would cause the bow of the PPF curve to expand in which direction when looking at it? A. left B. centre C. right
Q: Consider a firm with a short run Total Cost (TC) given by TC=900+15Q-8Q2+2Q3. What is the firm's…
A:
Q: just inherited $250,000 from my uncle’s estate. I would like to place that amount in the bank and…
A: Given the information: Inherited amount = $250000 Time = 15 years Interest rate = 12%
Q: 2. Calculating and categorizing inflation. This table indicates the historical level of the Consumer…
A: In economics, inflation is a general increase in the prices of goods and services in an economy.…
Q: Why did China move to or transistion to a socialist market economy?
A: China started its economic transition in 1978 with the aim of establishing a socialist market…
Q: Compute the missing negative differential value Reference Value 100 Positive Differential Value 160…
A: Positive Differentiation Value refers to the monetary value that an opportunity creates for the…
Q: If you read in the newspaper that the United States’ 2015 real GDP declined while nominal GDP for…
A: The entire amount of goods and services generated in an economy each year is referred to as GDP. To…
Q: Above figure shows cost and demand curves facing a profit-maximizing, perfectly competitive firm.…
A: Above figure shows cost and demand curves facing a profit-maximizing, perfectly competitive firm.
Q: One application of structural unemployment is to a mismatch of skills: employers search for workers…
A: Firms and individuals are unable to change their skill requirements or skill sets in the short term.…
Q: Most markets for energy have particularities due to physical, geological, geographical, and…
A: Energy economics as a distinct subject of economics wouldn't be necessary if the idealized model of…
Q: Assume a competitive firm faces a market price of $120, a cost curve of: C = 13q3 + 20q +…
A: We have, Market price = $120 cost curve of: C = 13q3 + 20q + 500, The marginal cost of: MC =…
Q: Question!: in = hilp₁u) n₂(p₁u) = ((1-α)P₁) ªu. арг ((1-x)P₁ V[p₁w) = α²² (1-α)1-a w Pia Pia What is…
A: Equivalent variation is the concept used to adjust the consumer's income in such a way that he…
Q: How do two countries benefit from trading with each other
A: We know that Countries generally trade with other countries when they lack resources, to satisfy and…
Q: As of August 2022, the current US Inflation Rate is at 8.3% and the current US Unemployment Rate…
A: Fiscal policy refers to change in government expenditure and revenue(taxes) in order to achieve…
Q: true or false. Even when customers are not looking for exclusivity or distinction, the perception of…
A: Price sensitivity refers to the degree to which the price of an item or service influences…
Q: When there is inflation in an economy, consumers can buy more than they used to with the same money…
A: In an economy, inflation rate is the fluctuations, generally upward, in the general price of goods…
Q: 7. Modified by fiscal or governmental action -market failure -allocation of resources -artificial…
A: Government action or fiscal action represents the government intervention in the market to regulate…
Q: Explain the consequences of both too low and too high a growth rate?
A: We know that Economic growth refers to the increasing production activities in a country over a…
Q: Choose and discuss any one of the UN's sustainable development goals (SDG). Give a concrete example…
A: The notion of preserving the ability of natural systems to continue supplying natural resources and…
Q: he local agriculture industry in Trinidad and Tobago has been declining for much of the past 30…
A: Blue ocean strategy: The blue ocean strategy is the simultaneous pursuit of low costs. It is a high…
Q: Costs (Q) = 4Q^2 + 144 What is average total cost? What is marginal cost
A: Marginal cost refers to the change in the total production cost when producing an additional unit of…
Q: Mr. Rankine bought a piece of property for P100,000 down payment for 10 years deferred semiannual…
A: The semi-annual payments can be thought of as annuity due payments, and in year three, we need to…
Q: We live in a world where computers and other items of technology seem to get ever cheaper to…
A: The AD AS or aggregate demand aggregate supply model is a macroeconomic model that explains price…
Q: Why are goods and services counted in GDP at market value
A: The gross domestic product (GDP) is the sum of the market values of all finished goods and services…
Q: Question!: (XP ((₁-x)p₁ in = hilp₁u) h₂(pin) = ((1-4) p.) ² u и apz V[p₁w) = α² (1-α)²- a w Pia…
A: Equivalent variation is the concept used to adjust the consumer's income in such a way that he…
Q: tudy Tools s ss Tips « s Tips CENGAGE MINDTAP Homework (Ch 07) PRICE (Dollars) 100 90 80 70 60 40 30…
A: In free market (perfectly competitive) equilibrium, the price equivalent to MC & equilibrium is…
Q: Item Personal consumption expenditure Government expenditure on goods and services Net taxes Gross…
A: GDP is the value of the final goods and services that are produced and manufactured in a country.
Q: Carefully explain what is happening in the following market. Indicate the impact if any on demand,…
A: 1. Here, it is given that the University mandates the purchase of principles of economics by all the…
Q: how can tariffs encourage domestic production growth?
A: Trade restrictions are any of the many policy tools that the government uses to limit the volume of…
Q: In Autarka 2 amusement parks, Alfonso's wonderland and Bernice's rides there are 9600 people who…
A: Let, the price of admission at Alfonso's Wonderland be = $PA. The price of admission at Bernice's…
Q: ✓ Trade surplus ✓ Per Capita GDP ✓ Autarky ✓ Absolute Advantage ✓ Opportunity cost ✓ Terms of Trade…
A: International trade theories analyse the patterns of international trade, its origins, and its…
Q: Undervaluing the substitution effect in calculating social welfare costs would overestimate the…
A: The substitution effect is a concept from economics that explains why a buyer increases, decreased,…
Q: Refer to the information provided in Table 1 below. What is the unemployment rate?
A: What is unemployment rate?
Q: A decision-maker must choose between two lotteries, L₁ and L2. The lottery L₁ gives 0 dollars with…
A: Lottery 1 gives: $0 with probability 1/4 $20 with probability 3/4 Lottery 2 gives $12 for sure
Q: Suppose the base year for this price index is 2019. In the last row of the table, calculate and…
A: The price index is a computation that provides the rate of changes that occurred in the cost of…
Q: ompany RLM purchased a machine that cost $60,000 and will last 6 years. A salvage value was not…
A: Given the information: The cost of the machine = $60000 Time period = 6 years Salvage value = zero
Q: Why is bundling typically less successful for tangible goods than it is for intangible goods?…
A: Tangible commodities, often known as physical goods, are the primary assets used by businesses to…
Q: a. The city council has approved the building of a new bridge over Running Water Creek. The bridge…
A: Given that, Initial Cost = $17000 Maintenance cost = $1000 Rate = 6% = 0.006
Q: The Martian Corporation, a space vehicle development company, is starting a new division that will…
A: The external rate of return or ERR is defined as the rate of return for a project where the excess…
Q: 4. Net capital outflow and net exports An open economy interacts with the rest of the world through…
A: Every transaction between US citizens, businesses, governments, and other organisations and those in…
Q: 3. Consider the Solow growth model with the production function, Y = F(K, L) = Ã × K + B × L where…
A: Dear Student, as you have posted multiple questions in a single image but as per the guidelines and…
Q: Which is a pure-strategy Nash equilibrium in this game? Player 1 None OU, L OM, L and M, R D, R U M…
A: Nash equilibrium occurs when no player can be made better off without making others worse off.
Q: If a server was laid off at the beginning o the pandemic due to a lack of customers coming to their…
A: There are various kinds of Unemployment Cyclical Unemployment Frictional Unemployment Structural…
Q: Apple sells 6.5 million AirPods at $149 each. Apple reduces the price to $120 and unit sales volume…
A: given that, volume increases from 6.5 million AirPods to 8.45 million AirPods price reduces from…
Q: Currently the market for domestic air travel in OzLand is a monopoly with Qanwings as the supplier.…
A: Supply is a upward sloping curve and demand is a downward sloping curve and the interaction of this…
Q: An important function of the Bank of Canada is to: Multiple Choice sue bonds on behalf of large…
A: Money is the main & most important ‘medium of exchange’ in an economy. Through these medium…
Q: Which of the following economic changes are consistent with cost-push inflation? Check all that…
A: Cost-push inflation is inflation brought on by rising input costs, such as those for labour, raw…
Q: 3 4 15 20 8 6 a. What is the regular payback period for each of the projects?
A: Payback period is defined as the number of years required to recover the original cash investment.…
Q: . The capital account of the balance of payments includes private-sector transactions as well as…
A: Balance of payment: Countries use the balance of payments (BOP) to measure all international…
Q: Briefly discuss how the circular flow of economics happens, how does supply and demand works how…
A: In economics, economic equilibrium is a situation in which economic forces like supply and demand…
Q: uppose that you know the following information about the economy. The rate of change of the…
A: Given Rate of change of velocity growth rate =0.5% per year Real GDP growth rate =1% per year Money…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- If an economy can produce various combinationsof food and shelter along a productionpossibilities curve (PPC), then if we increase theproduction of shelter along the PPC, which ofthe following is true?a. We also increase the production of food.b. We must decrease the production of food.This forgone food production representsthe opportunity cost of the increase inshelter.c. We cannot change the production of food.d. The concept of opportunity cost does notapply along PPC.France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a)France’sopportunity cost of G in terms of units of C equals ______ ? b) Poland’sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Poland’scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because:France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a) France’sopportunity cost of G in terms of units of C equals ______ ? b) Poland’sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Poland’scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because: 4.In the following problem, assume that the UK currency is the pound sterling (PST)and thecurrency in the restof the Europe is the euro (EUR). Suppose that thePST appreciates relative to the EUR. For the following parts, you will…
- Suppose the hypothetical economy produces only car and oil using its available resources and existing technology. CombinationsUnitsProduction alternatives ABCDE OilKgs8006004002000 CarNumber0500100015002000 Using the above information, Draw the production possibility frontier/ curve of a nation.If the economy is initially operating at point C, then calculate the opportunity cost producing one more unit of car. What changes are required for the economy to shift PPF either outward or inward?1a. What is a Production Possibilities Frontier (PPF)? Consider an economy with only two goods: guns and butter. Show the tradeoff between the production of guns and the production of butter by drawing a (bowed outward) PPF (use gun production on the horizontal axis and butter production on the vertical axis). b. In what ways does the PPF reflect: i. scarcity and choice; and ii. increasing opportunity cost? c. How would the PPF be affected by a technological improvement in the production of guns? Solve all this question......you will not solve all questions then I will give you down?? upvote..Assume a country produces haircuts and shirts with inputs of labour. The country has 100 hours of labour available. A haircut requires 30 minutes of labour, while a shirt requires 2 hours of labour. Solvve sub-parts as well. a. Construct country’s production- possibility frontier. b. Suppose there is an increase in the labour hours from 1,000 to 1,500 labour hours. Indicate on the PPF how it will impact the production, if at all and brief explain why?
- France and Tunisia both have Mediterraneanclimates that are excellent for producing/harvestinggreen beans and tomatoes. In France it takes two hoursfor each worker to harvest green beans and two hours toharvest a tomato. Tunisian workers need only one hourto harvest the tomatoes but four hours to harvest greenbeans. Assume there are only two workers, one in eachcountry, and each works 40 hours a week.a. Draw a production possibilities frontier for eachcountry. Hint: Remember the productionpossibility frontier is the maximum that allworkers can produce at a unit of time which, inthis problem, is a week.b. Identify which country has the absoluteadvantage in green beans and which country hasthe absolute advantage in tomatoes.c. Identify which country has the comparativeadvantage.d. How much would France have to give up interms of tomatoes to gain from trade? How muchwould it have to give up in terms of green beans?2. What is a production possibilities frontier (ppf) for an economy? explain your answers with an appropriate diagram.(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?
- You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?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 growthReview 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…
