Q: define a production possibility curve and use such a curve to illustrate scarcity,choice and…
A: The resources in any economy are limited while the wants are unlimited. The subject of economics…
Q: The following can cause the production possibilities curve to shift to the right? a. Indifference…
A: Answer: Correct option: (d) Explanation: The production possibility curve refers to the curve that…
Q: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: Which of the following is a positive, rather than a normative, statement?a. Law X will reduce…
A: There are two types of statements in economics, which are : Positive statement or positive economics…
Q: Sketch a production possibilities curve on which you illustrate a shift to the right.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: PP PP PP Consumer Goods Refer to the diagram. An improvement in technology will shift the production…
A: Production possibility curve: - it is the graphical representation of different combinations of two…
Q: A politician states "taxes should be raised to provide more spending on school lunch programs." This…
A: A ceteris paribus assumption is frequently used in scientific research to rule out factors that…
Q: What is the production possibilities curve? Explain the concepts of efficiency and inefficiency in…
A: (Q) What is the production possibilities curve? Definition: Production Possibility Curve (PPF) The…
Q: Assume the economy can produce either sports utility vehicles (SUVS) or minivans. The graph below…
A: In an economy, the potential output that can be generated with the given resources is influenced by…
Q: Y B' CONSUMER GOODS A D' C saos
A: Production possibilities curve shows the different combinations of goods that a country can produce…
Q: Which of the following is a normative economic statement? a. If we doubled the size of welfare…
A: A normative economic statement refers to "what ought to be" or it assesses an activity and offers…
Q: Consider the graph. What will happen if technological development raises the maximum amount of goods…
A: Production possibility frontier shows the combinations of two goods that can be produced with the…
Q: Explain the following two statements: “Education increases human capital and expands production…
A: Answer- Need to find- Explain the following two statements: “Education increases human capital and…
Q: how does discovery of a new source of oil affects the production possibilities curve?
A: The production possibility curve or PPC is the locus of the combination of goods and services that…
Q: Explain how (if at all) each of the following events affects the location of a country’s production…
A: The production possibility curve represents the combination of two goods that can b produced in an…
Q: What is the production possibilities frontier? Explain the basics of the simple tool and illustrate…
A: The production possibility curve or production possibility frontier is a curve that shows whether…
Q: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a…
A: The economic approaches can be mainly studied under two categories- positive statements, that are…
Q: Which of these is a normative statement? a. The gross domestic product of Kuwait increased by 3%…
A: The statements made by economists are categorized as either positive or normative statements.…
Q: Why does a production possibilities frontier have to be downward sloping and have a bowed out…
A: A production possibility frontier (PPF) is a representation of two commodities and displays various…
Q: Does this production possibilities curve show increasing opportunity costs? Explain
A: The curve that depicts the combination of goods that could be produced using the resources being…
Q: According to Leonel Robbins, economics is the science of __________. a. Growth b. Scarcity c. Wealth…
A: Economics is the study of the ownership, use, and exchange of limited resources, or the science of…
Q: Every point on the production possibilities curve represents? a. a greater increase in supply b.…
A: The production possibility curve is the graphical representation of the different combinations of…
Q: Which of the following best describe what we mean byresources in economics?
A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…
Q: Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two…
A: Production Possibility Curve: It refers to the graphical representation of the maximum units of two…
Q: John divides his time between painting landscapes and writing his novel. He paints at a constant…
A: Painting landscapes and writing his novel take up most of John's time. He paints at a steady rate,…
Q: Explain how (if at all) each of the following events affects the location of a country’s production…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Which of the following is a normative economic statement? a. The national unemployment rate in…
A: Normative statement is a statement that is subjective in nature and is based on one's opinion and…
Q: Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on,…
A: The curve that depicts combinations of goods that could be produced while making use of the same…
Q: production possibility curve shows the possible combination of two goods with utilization of…
A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…
Q: Explain how scarcity affects the factors of production.
A: scarcity is the point at which an asset is totally gone or is coming up short. at the point when…
Q: The quantities shown are taken from a production possibilities frontier for an economy with…
A: Answer - Need to find- The blank in the table could be which value Given in the question- The…
Q: In the space below, draw and label the production possibilities curve using the schedule above.…
A: Note: Since you have posted a question with multiple subparts, we will solve the first three…
Q: ether each of the following statements are positive or normative. positive statement normative…
A: Positive Statements : The unemployment rate in 2009 was lower than it was in 2018. The…
Q: What should I assume when I am asked to make a Production Possibilities Curve?
A: The production possibility curve is the curve that shows different combinations of goods that can be…
Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…
A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…
Q: The circular-flow diagram illustrates that, in markets for the factors of production?
A: The circular flow diagram of a country is defined as the movement of commodities including services…
Q: Explaining the Production Possibilities Curve or PPF Explain the attainable and unattainable
A: The production possibility frontier or curve is locus of combinations of the two goods that can be…
Q: assume county is in recession . assume the county only produces food and clothing draw a correctly…
A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…
Q: Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Use the following table to answer the question below. Jorge's Production Possibilities Schedule…
A: Opportunity cost is such a condition where we misses the second best alternative available to us to…
Q: Economists use economic models to replicate real life situations for economic policy. Production…
A: Production possibilities frontier is a curve which represents all possible combinations of two…
Q: Marlene and Mya both work as artists. Marlene can produce 3 small sculptures each day or 30…
A: The opportunity cost is the benefit that would have been obtained if a different option had been…
Q: For each statement, indicate whether it is a positive or normative statement. Provide your reasoning…
A: Factual statements are positive statements. Verification or test of statement is possible. The…
Q: to the fig
A: A production possibility frontier (PPF) shows the maximum possible combinations of output of two…
Q: Question 11 ) Listen Suppose you have a $20 Amazon gift card with which you can buy (download) songs…
A: Ques 11 In very simple words , opportunity cost is the cost of next best alternative forgone. Given…
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- Metropolitan Hospital has estimated its average monthly bed needs asN = 1;000 + 9Xwhere X = time period (months); January 2002 = 0N = monthly bed needsAssume that no new hospital additions are expected in the area in the foreseeable future. The following monthly seasonal adjustment factors have been estimated, using data from the past five years:MONTH ADJUSTMENT FACTOR (%)January +5April −15July +4November −5December −25a. Forecast Metropolitan’s bed demand for January, April, July, November, and December 2007.b. If the following actual and forecast values for June bed demands have been recorded, what seasonal adjustment factor would you recommend be used in making future June forecasts?YEAR FORECAST ACTUAL2007 1,045 1,0962006 937…need the correct solves asap plzSHOW COMPLETE SOLUTION PLS BADLY NEEDED ASNWERS
- If the profit function for selling smart phone screen magnifier is -4500p2 + 561500p – 11898000, what selling price should Pineapple Store use to maximize profits? $62.39 $264.40 $32.95 $7.37Nestle Ltd. It produces its premium plant food in 50 Kg bags. Demand is 100,000 Kgs. per week and the plant operates 52 weeks each year. Nestle can produce 250,000 Kgs. per week. The setup cost is OMR 200 and the annual holding cost rate is OMR 0.30 per bag. What will the optimal duration of the downtime in years? a. 0.065. None is correct ac 0.069 d. 0.088 e. 0.721 f. 0.076MR is a manufacturer of industrial fridges, freezers, and air conditioners. In December, the productionplanner needs to submit a production plan to the plant manager for the next year. The aggregate forecast foreach quarter of next year is Q1: 14,800; Q2: 26,400; Q3: 35,000, and Q4: 19,200 units. The beginning inventoryin January is 0, and the year-end inventory in December of next year can be 0. It costs MR $24 to hold anappliance in inventory for one quarter. Shortages are undesirable. Assume that all shortage will be backordered, and that back-order cost is $100 per unit per quarter. There are 160 permanent workers who produce19,200 units per quarter. In busy quarters, workers can produce up to 9,600 additional units during overtime.Regular time labour cost is $60 per unit appliance and overtime labour cost is $83 per unit. MR can hire up to160 temporary workers for a second shift. Assume temporary workers have the same productivity and canproduce up to 19,200 units per quarter. A…
- Problem 6Cannes Croissants (not a real company) wishes to determine the optimum production quantity for its topselling product, almond croissants. The annual demandfor almond croissants is 12,000 units. The setup costs fora production run of the croissants is US$15. The holdingcost per unit per year is US$0.50. Production is mostefficient when 80 croissants are produced per day. Thecompany operates 300 days during a year.a What is the economic production quantity (EPQ)?b How many production runs will there by per year?c What is the maximum inventory level?d What is the total annual cost (in US dollars)?e What is the length of a production run in days?The following are data from a production, calculate; The Break-even point in terms of sales value and in . The production demand is at 20,000 units. What is the cw1ent production profit? If the management decides to lower dow11its selling price by 50% given the same demand, will this be a sound decision? Justify. Monthly Fixed Factory Overhead Cost = P600,000 Monthly Fixed Selling Overhead Cost = Pl20,000 Va1iable Manufacturing Cost per Unit = P220 Va1iable Selling Cost per Unit = P30 Variable Distribution Cost per Units = P50 Selling Price per limit = P400Last two parts only 8,9 Plz asap
- Zodiac Furniture is considering the production of anew line of metal offi ce chairs. Th e chairs can be producedin-house using either process A or process B. Th e chairs canalso be purchased from an outside supplier. Specify the levelsof demand for each processing alternative given the costs in thetable. Fixed Cost Variable Cost Process A $20,000 $30Process B $30,000 $50Outside Supplier $0 $50uppose that you purchased a HVAC system five years ago for $75, 000. The O&Mcosts are $15, 000 this year and are expected to increase by $1, 000 each year for the next five yearsthen remain the same for the following years.The current salvage value of the system is $15, 000; salvage value after one year is estimated tobe $12, 000; after two years, $11, 000; after three years, $10, 000; after four years, $9, 000; and so on.A new industrial HVAC system is available for purchase at a price of $95, 000, including instal-lation. The market value of the new system will decrease at a rate of 15% each year. The O&Mcosts are expected to be $1, 000 in the first year, and will increase at a rate of 20% each year. Themaximum service life of the new system is 10 years. Assume that your company uses an interestrate of 10% for all project evaluations.(a) Find the remaining economic life of the currently owned asset.(b) What is the economic service life of the new system?(c) Use the…The ore of a gold mine in the province contains, on average, 0.5 ounce of gold per ton. Method A ofprocessing costs 150Php/ton and recovers 93% of the gold, while Method B costs only 120Php/tonand recovers 81% of the gold. If gold can be sold at 1,200/ounce, which method is better and by howmuch?a. Method A, by 43Phpb. Method A, by 42Phpc. Method B, by 42Phpd. Method B, by 43Php