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- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica. JAMAICA’S FARM POSSIBILITIES PINEAPPLES MANGOES A 100 0 B 90 15 C 70 30 D 40 45 E 0 60 Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y On PPF curve drawn, identify the following points: Unattainable (label the point U) Attainable and efficient (label the point AE) Attainable and inefficient (label the point AI) What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? What is the economic significance of choosing to harvest…In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite endowment of resources by one country. The PPF demonstrates that the production of one commodity may increase only if the production of the other commodity decreases in economy. By using the Production Possibilities Frontier Curve (PPF), explain and illustrates (in 1 graph) the concepts of Inefficient allocation of resources Efficient allocation of resources Unattainable point. Scarcity of resources.
- The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants cars. In an hour, Larry can either mow one lawn orwash one car; Moe can either mow one lawn or washtwo cars; and Curly can either mow two lawns orwash one car.a. Calculate how much of each service is producedin the following scenarios, which we label A, B,C, and D:• All three spend all their time mowing lawns. (A)• All three spend all their time washing cars. (B)• All three spend half their time on each activity. (C)• Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. (D)b. Graph the production possibilities frontier for thiseconomy.…POSSIBILITIES PINEAPPLES MANGOESA 100 0B 90 15C 70 30D 40 45E 0 60 1. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. 2. On PPF curve drawn, identify the following points: i. Unattainable (label the point U) ii. Attainable and efficient (label the point AE) iii. Attainable and inefficient (label the point AI) 3. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes 4. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? 5. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? 6. With the aid of a diagram, explain the effect of a new technological mobile weather station on…Vistakon makes Acuvue TruEye and Acuvue Moist contact lenses. The following is Vistakon’s production possibilities frontier (PPF) for the two kinds of contact lenses. Use the graph to answer the questions below. If Vistakon is currently producing 2.5 billion Acuvue TruEye and 1.5 billion Acuvue Moist contact lenses per year, is it using its available resources efficiently or not? Why or why not? What is Vistakon’s opportunity cost of increasing Acuvue TruEye production from 1.5 billion to 2.5 billion lenses per year (in terms of Acuvue Moist contact lenses)? What will happen to the given Vistakon’s PPF if new technology facilitates production of Acuvue TruEye contact lenses? Show graphically (upload graphs below). What will happen to the given Vistakon’s PPF if materials for producing both kinds of contact lenses become more easily available and cheaper? Show graphically (upload graphs below).
- The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1 below. You are required to:a. Draw a Production Possibility Frontier (PPF) and list all efficient points of production.b. Marope Economy wishes to produce 520 billion units of consumer goods. Plot this output onthe Frontier and state whether this is an efficient point or not.Table 1 – Production Possibilities Output (billions of units per year) Consumer goods Consumer servicesPart BA B480 420 0 120C D240 0 240 300 Use graphs to demonstrate how the following factors will change the PPF.a. A decrease in migrationb. An increase in natural resourcesc. Changes in technologyThe first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutantsDefine Production Possibility Frontier. Draw a production possibilities frontier showing increasing opportunity cost for sausages and. kebabs a. On a graph, identify the area of feasible outcomes and the area of infeasible outcomes. b. On a graph, illustrate the effect of the discovery of an oven, a resource needed to make both sausages and kebabs, on this economy. c. On a second graph, illustrate the effect of a new computerized assembly line in the production of sausages on this economy.
- Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum. The maximum output combinations of both goods are given in the table below: Combination Shoes Computers Shoes Computers A 0 1000 B 100 900 C 200 750 D 300 550 E 400 300 F 500 0 iv. How many computers could society produce if it was willing to do without shoes? v. Why are points outside the frontier unattainable? vi. Identify three ways by which the economy can attain the level of production outside the PPF. vii. What happens to the PPF when technological change overwhelmingly favours the production…Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Draw a production possibility frontier curve showing which “good” should be placed on each axis and why your curve would have a particular shape. In what ways does the production possibilities curve reflect scarcity, choice and opportunity cost? and list 3 possible impacts of an improved fertilizer on the production possibility frontier.2. What is a production possibilities frontier (ppf) for an economy? explain your answers with an appropriate diagram.
