MICROECONOMICS (LL) W/ACCESS
MICROECONOMICS (LL) W/ACCESS
21st Edition
ISBN: 9781260199888
Author: McConnell
Publisher: MCG
Question
Chapter 1.2, Problem 1QQ
To determine

Relevance of production possibility frontier.

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Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency.
a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?
A production possibilities curve can shift inward if there is a. an increase in productivity b. an increase in unemployment c. an increase in the price of raw materials d. a misallocation of resources e. a natural disaster
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