ECO 2301 PRIN MICROECO W/MYECONLAB >I
3rd Edition
ISBN: 9781323504406
Author: CASE
Publisher: PEARSON C
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Question
Chapter 2, Problem 1.7P
Subpart (a)
To determine
Identify inefficient
Subpart (b)
To determine
Identify productive efficiency.
Subpart (c)
To determine
Inefficient mix of output.
Subpart (d)
To determine
The figure that shows the technological advances.
Subpart (e)
To determine
Figure shows the law of increase in opportunity cots.
Subpart (f)
To determine
Impossible combination of meat and fish.
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Students have asked these similar questions
Match each diagram in Figure 1 with its description here. Assume that the economy is producing or attempting to produce at point A and that most members of society like meat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than one description.
Inefficient production of meat and fish
Productive efficiency
An inefficient mix of output
Technological advances in the production of meat and fish
The law of increasing opportunity cost
An impossible combination of meat and fish
Question 06: Refer to the production possibilities frontier to the right for an economy that produces just two goods: trucks and boats. Label each point as: efficient (resources completely utilized), inefficient (some resources under-employed, or not-possible (not enough resources to produce the quantities of trucks and boats at present)
Question 7 options:
A)
A, B, and C are all inefficient; D is efficient; E is not-possible
B)
A, B, and C are all efficient; D is inefficient; E is not-possible
C)
A, B, and C are all efficient; D is not-possible; E is inefficient
D)
A, B, and C are all not-possible; D is efficient; E is efficient
A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can produce up to 250 days in a year. For every day plant A can produce either 10 units of good x or 5 units of y. For every day plant B can produce either 5 units of good x or 4 units of y.
Case C: How can the firm produce 1250 units of x efficiently? (Or when the firm produces 1250 units of x efficiently, how many units of y does it produce?)
Questions
Quantity of x produced in Plant B
Quantity of y produced in Plant B
Quantity of x produced in Plant A
Quantity of y produced in Plant A
Quantity of y produced by the firm
Quantity of y produced by the firm
Chapter 2 Solutions
ECO 2301 PRIN MICROECO W/MYECONLAB >I
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Similar questions
- If the economy is currently producing at point G, then A. only more corn can be produced with available resources. B. only more missiles can be produced with available resources. C. more corn and missiles can be produced with available resources. D. the economy is producing at an efficient output level.arrow_forwardRefer to the figure at right. If the farmer has 50 acres of land, the farmer is producing at point a, and an acre of land yields 400 bushels of beans or 800 bushels of wheat, how much land is devoted to the production of wheat? Part 2 A. 15 acres B. 12.5 acres C. 8.5 acres D. 10 acresarrow_forward7.Producing goods at minimum possible cost is known as a)productive efficiency b)macroeconomic efficiency c)dynamic effciency d)allocative effciencyarrow_forward
- 1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasarrow_forwardA firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can produce up to 250 days in a year. For every day plant A can produce either 10 units of good x or 5 units of y. For every day plant B can produce either 5 units of good x or 4 units of y. Question 9-16. Case B: the firm produces only y in plant A and only x in plant B. How many units of x and y are produced? Question 10 Quantity of y produced in Plant A Question 11 Quantity of x produced in Plant B Question 12 Quantity of y produced in Plant B Question 13 Quantity of x produced by the firm Question 14 Quantity of y produced by the firm Question 15 MRT, defined as the amount of y for each unit of x, of plant A Question 16 MRT, defined as the amount of y for each unit of x, of plant Barrow_forwardInstructions: Once you’ve read Chapter 1: Limits, Alternatives, and Choices and Chapter 1 Appendix: Graphs and Their Meaning then read the scenario and find the solutions to the problems. Scenario: Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman, and he is willing to trade 3 fish for every 1 coconut. Problems: On a single figure, draw budget lines for trading with Friday and for trading with Kwame. (Put coconuts on the vertical axis.) Note: The budget line from trading with Friday (or Kwame) features a set of attainable combinations of coconuts and fish. What is the slope of the budget line from trading with Friday? What is the slope of the budget line from trading with Kwame?arrow_forward
- Please explain and demonstrate the following questions. Refer to the table below, which shows the maximum number of goods X and Y that producers A and B can produce in one day. Q15. If there are 20 units of good X being produced efficiently each day, how many units of good Y will be produced each day? a) 30 b) 40 c) 50 d) 60 Q16. If there are 20 units of good Y being produced efficiently each day, how many units of good X will be produced each day? a) 40 b) 60 c) 80 d) 100arrow_forwardQ1: Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting to produce at point A and that most members of society like meat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than one description. Inefficient production of meat and fish Productive efficiency An inefficient mix of output Technological advances in the production of meat and fish The law of increasing opportunity cost An impossible combination of meat and fisharrow_forwardAs 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 efficiencyarrow_forward
- In the attached figure, if 2 million computers are produced per year, then:a. The marginal cost of one computer exceeds the marginal benefit of one computer, so more computers must be produced.b. The marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.c. The marginal benefit of a computer exceeds the marginal cost of a computer, so more computers must be produced.d. The marginal benefit of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.FOR EACH ALTERNATIVE, PLEASE EXPLAIN WHY IS TRUE, FALSE OR UNCERTAIN.arrow_forwardDefine Production Possibility Frontier. Draw a production possibilities frontier showing increasing opportunity cost for sausages and. kebabs a. On a graph, identify the area of feasible outcomes and the area of infeasible outcomes. b. On a graph, illustrate the effect of the discovery of an oven, a resource needed to make both sausages and kebabs, on this economy. c. On a second graph, illustrate the effect of a new computerized assembly line in the production of sausages on this economy.arrow_forward
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