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- It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?Sketch a plausible production possibility frontier that shows in general various combinations of wheat and potatoes a farmer can produce with the fixed amount of resources available to him? Label your diagram well for example your axesbut you dont have to use any specifc numberAfter the Technological Advance( dash line) : What are the allocatively efficient quantities of X and Y now?
- Question What is the production efficient q? C(q)= 100q-4q^2+0.2q^3+450Graphically illustrate and discuss how an economy can achieve production efficiency if at its current allocation on L and K, the MRTSLKY > MRTSLKZY = 10K1.5L0.5;Z = K0.5L0.5The economy consists of two people–Ragnar and Lagertha. Each has 10 hours in a day to allocate between producing swords or fishing. In one hour Lagertha can produce 10 fish or 2 swords. In one hour, Ragnar can produce 9 fish or 4 swords. Suppose they produce jointly and assume efficient production. If the economy is producing 110 fish, how many swords is it producing? Enter a number only.
- 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…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 technologyOrange(tons) Apple(tons)A 1400 0B 1100 450C 900 900D 600 1200E 250 1600F 0 2000a. Plot the production possibilities curve for the production of orange and apple. Put orange on the horizontal axis. b. What is the opportunity cost of increasing the production of orange from 0 to 250? From 900 to 1100? c. Given this production possibilities curve, is producing 900 orange and 1200 apple possible? d. Is producing 250 orange and 1200 apple? Is it efficient? 2) What is the connection between elasticity and total revenue? 3) State whether each of the following events will result in a movement along the demand curve for Burger King’s Cheeseburger or whether it will cause the curve to shift. If the demand curve shifts, indicate whether it will shift to the left or the right and draw a graph to illustrate the shift.Explaina) The price of McDonald’s Big Mac hamburger decreases.b) Because of a shortage of…