Which of the following statements about the PPF is not correct? a. Points inside the PPF are unattainable. b. The PPF always slopes down. c. The two axes are labeled with quantities of either a good or service. d. Points on the PPF are attainable and resources are used efficiently.

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A: A production possibility frontier shows the combinations of goods which could be produced with the…

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A: Given, Combination G F E D C B A Potato  (in thousand MT) 105 99 90 75…

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A: Answer: Introduction: Production possibility frontier (PPF): it refers to the graphical…

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A: PPF curve is a curve that shows the various level of combination of two goods that an economy can…

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A: Opportunity cost is the next best alternative forgone or output forgone to produce more of other…

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A: Hello, thank you for the question. Since there are multiple questions asked here, only the first…

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Q: Compare the points inside the PPF and outside the PPF. Explain.

A: Point inside and outside the production possibility Frontier indicate different things.

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A: The set of efficient points is best described .

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A: Answer: If an economy grows it means its production of goods and services has increased. An increase…

Q: Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two…

A: Hi, thank you for the question. As per the guidelines, we can only answer 1 question at a time.…

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A: Opportunity cost refers to the implicit cost of choosing one product over another product.

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A: Here, production of potatoes and cabbages by Farm A and Farm B is given.

Q: E Bread On the PPF above, the economy is currently at point B. How can the economy produce at point…

A: Answer-

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A: Production possibilities frontier shows the maximum production of two goods that can be achieved…

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A:

Q: What does Production Possibilities Frontier (PPF) stand for? Give an example of a simple two good…

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A: The production possibility curve is a graphical representation of a combination of two goods that…

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A: Opportunity cost measures the amount of sacrifice of one commodity( potatoes for firm A) in order to…

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.