Wine Bread The diagram above depicts society's choices according to the resources available to produce bread and wine. Which combination is inefficient? OD OC D OE
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- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?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?Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $21
- Table 1:Production AlternativeTypes of Prod PRODUCTION ALTERNATIVES Types of Production A B C D E CEREAL 0 250 450 650 850 BREAD 130 117 109 89 0 Using the Table 1 abovea. Draw a production possibilities curve for cereal and bread using the data above. b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C).2. Which of the following is a normative statement? a. An increase in taxes raises the price of a product b. Vaccination is a method of fighting Covid -19 c. Government should Impose taxes on the cigarette. d. Studying more hours leads to an increase in your GPA.The price of a cup of coffee is $2.00. Alternatively you could spend your money on granola bars which are $0.50. What is the opportunity cost of purchasing coffee? A.) Health risks from drinking coffee B.) The tea you could have drank instead C.) 4 granola bars D.) 2 dollars
- 1)Which of the following is consistent with a point below an economy's production possibilities frontier (PPF)? a)The economy is operating efficiently. b)The production of one good can only be increased if the production of another good is reduced. c)None of the above. d)There are unemployed resources.It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?Need help with this microeconomice question.
- Please no written by hand and no image Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. Question 7Select one: a. Unattainable; efficiency b. Attainable; inefficiency c. Attainable; efficiency d. Unattainable; inefficiencyMatch each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting toproduce at point A and that most members of society likemeat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than onedescription.a. Inefficient production of meat and fishb. Productive efficiencyc. An inefficient mix of outputd. Technological advances in the productionof meat and fishe. The law of increasing opportunity costf. An impossible combination of meat and fishSuppose a nation has a total of 12 units of labor, which can be used to produce either guns orbutter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor toproduce.Evaluate the allocation of resources of this country based on the following points.• Reason for the scarcity that exists in this economy. Use the data as evidence of yourreasoning.• Maximum quantity of guns that can be produced.• Maximum quantity of butter than can be produced.• Diagram which represents the nation’s production possibility curve.• Opportunity cost of guns in this nation• Reason why the nation can’t produce both 3 guns and 4 butters.• Reason why the nation shouldn’t produce both 1 gun and 2 butters.