Using the Possibilities Production Frontier explain the concept of opportunity cost (moving from D to A and B to C) A C +10 +10 Quantity of Butter Produced Quantity of Guns Produced - 50 - 5 %3D
Q: Using the possibiliting Frontier ExpRain the concept of Opportunity cost moving From D.toA and B to…
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- As depicted in -- -, it is necessary to give up some of one good to gain more of the other good. a) the production possibilities frontier graph b) the concept of marginality c) the concept of utility d) allocative efficiencyConsider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of one sofa is:? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.Draw a production possibility frontier showing the trade-off between the production of apples and the production of oranges
- A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasibleDirection: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?The opportunity cost of moving from point H to point G in the above picture is (specify amount and good, ie: 5009 guns)
- production possibilities frontier can shift outward if Select one: a. government increases the amount of money in the economy. b. there is a technological improvement. c. the economy abandons inefficient production methods in favour of efficient production methods. d. resources are shifted from the production of one good to the production of the other good.Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of 10 monitors?$1,000The other goods that could be produced with the resources that produce the 10 monitorsThe profits that Hutch earns when 10 monitors are soldThe lost profits that Hutch if the monitors are not producedAll of the responses are correct.The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of A. a trade-off. B. equity. C. optimization. D. efficiency.
- A production possibilities curve that is a straight line represents the case of Group of answer A. choices constantcosts. B. constant opportunity costs but increasing real costs. C. constant opportunity costs but decreasing real costs. D. increasingCosts.Production Possibilities Frontier Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other.If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3 (square root of 3, Y=2 is located a) inside the production possibilities frontier b) 0utside the production possibilities frontier c) in the wrong quadrant to be on the graph d) on the production possibilities frontier View comments (1)
