Microeconomics (6th Edition)
6th Edition
ISBN: 9780134106243
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 2, Problem 2.1.10PA
Subpart (a):
To determine
Production possibilities frontier for score of economics exam and score of chemistry exam.
Subpart (b):
To determine
Production possibilities frontier for score of economics exam and score of chemistry exam.
Subpart (c):
To determine
Production possibilities frontier for score of economics exam and score of chemistry exam.
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The graph below shows a production possibilities frontier for shoes and candy bars in Z-land. Using the straight-line tool, add a PPF for Y-land. If Y-land uses all its resources to produce shoes, it can make 100 pairs. If it uses all its resources to make candy bars, it can make 400. Assume that the PPF is linear. To refer to the graphing tutorial for this question type, please click here. 1 Shoes 800 750 700 650 600 550 500 450 400 350 300 250 200 1 PPF for Z-land and Y-land SUBMIT ANSWER
According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" draw a production possibilities frontier with movies on the x-axis and other goods and services on the y-axis to illustrate increasing opportunity cost.
Explain why a movement from a point inside a production possibilities frontier to the production possibilities frontier can be described as a free lunch and a movement along a production possibilities frontier is described as a tradeoff.
Chapter 2 Solutions
Microeconomics (6th Edition)
Ch. 2 - Prob. 1TCCh. 2 - Prob. 2TCCh. 2 - Prob. 2.1.1RQCh. 2 - Prob. 2.1.2RQCh. 2 - Prob. 2.1.3RQCh. 2 - Prob. 2.1.4PACh. 2 - Prob. 2.1.5PACh. 2 - Prob. 2.1.6PACh. 2 - Prob. 2.1.7PACh. 2 - Prob. 2.1.8PA
Ch. 2 - Prob. 2.1.9PACh. 2 - Prob. 2.1.10PACh. 2 - Prob. 2.1.11PACh. 2 - Prob. 2.1.12PACh. 2 - Prob. 2.1.13PACh. 2 - Prob. 2.1.14PACh. 2 - Prob. 2.2.1RQCh. 2 - Prob. 2.2.2RQCh. 2 - Prob. 2.2.3PACh. 2 - Prob. 2.2.4PACh. 2 - Prob. 2.2.5PACh. 2 - Prob. 2.2.6PACh. 2 - Prob. 2.2.7PACh. 2 - Prob. 2.2.8PACh. 2 - Prob. 2.2.9PACh. 2 - Prob. 2.2.10PACh. 2 - Prob. 2.2.11PACh. 2 - Prob. 2.2.12PACh. 2 - Prob. 2.2.13PACh. 2 - Prob. 2.2.14PACh. 2 - Prob. 2.2.15PACh. 2 - Prob. 2.3.1RQCh. 2 - Prob. 2.3.2RQCh. 2 - Prob. 2.3.3RQCh. 2 - Prob. 2.3.4RQCh. 2 - Prob. 2.3.5RQCh. 2 - Prob. 2.3.6RQCh. 2 - Prob. 2.3.7PACh. 2 - Prob. 2.3.8PACh. 2 - Prob. 2.3.9PACh. 2 - Prob. 2.3.10PACh. 2 - Prob. 2.3.11PACh. 2 - Prob. 2.3.12PACh. 2 - Prob. 2.3.13PACh. 2 - Prob. 2.3.14PACh. 2 - Prob. 2.3.15PACh. 2 - Prob. 2.3.16PA
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- Explain what is illustrated by the production possibilities frontier. Also, why is a production possibilities frontier typically drawn as a curve, rather than a straight line?arrow_forwardSuppose the fictional country of Everglades produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and electric scooters, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. PPF0701402102803504201801501209060300ELECTRIC SCOOTERS (Thousands)MILLET (Millions of bushels) PPFarrow_forwardDebra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies in 4 hours. a. Who has an absolute advantage at producing cakes and who has an absolute advantage at producing cookies? Briefly explain your answers. b. State Debra’s and Sam’s opportunity costs of producing one cake and one cookie. Draw and place your answer in a table which looks something like this: Cake Cookie Debra Sam c. If both Debra and Sam concentrate on producing only the product in which they have a comparative advantage, how many cakes and how many cookies will they produce?arrow_forward
- On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye Nick 12 3 Rosa 15 5 (ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye. Nick's opportunity cost of producing 1 bushel of rye is__________bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a comparative advantage in the…arrow_forwardWhat can you say about all three of these Production Possibilities Frontiers?arrow_forwardSuppose that there are 10 million workers in Japan and that each of these workers can produce either 2 cars or 20 bushels of wheat in a year. 1. The opportunity cost of producing a car in Japan is (1/10, 5, 10, or 20) bushels of wheat, and the opportunity cost of producing a bushel of wheat in Japan is (1/10, 5, 10, or 20) cars. 2. Use the blue line (circle symbol) to draw Japan's production possibilities frontier (PPF) on the following graph. Then use the black point (plus symbol) to indicate the consumption bundle Japan can achieve without trade if it chooses to consume 15 million cars. ***There is also an equilibrium symbol to be placed on the diagram as an option named (without trade) **** The diagram notes to the left Cars(millioms) numbered from 0-20 in increments of 2's. The bottom part of the graph lists Wheat (Millions of bushels) numbered 0-400 in increments of 50's. 3. Now suppose that the United States offers to buy 5 million cars from Japan in…arrow_forward
- Debra can make either 12 cakes or 16 cookies in 4 hours.Sam can make either 6 cakes or 12 cookies in 4 hours. a) who has an absolute advantage at producing cakes and who has an absolute advantage at producing cookies? Briefly explain your answer. b) if Debra and Sam concentrate on producing only the product in which they have a comparative advantage, how many cakes and how many cookies will they produce? c) state debra's and Sam's opportunity costs of producing one cake and one cookie. Draw and place your answer in a table which looks something like this: Cake. Cookie Debra samarrow_forwardConsider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have 10 hours of time available. They can use their time to do one of 2 things: make pancakes or make hamburgers. Bob can make 2 hamburgers in an hour or 1 pancake in an hour. Jake can make 3 pancakes in an hour and 2 hamburgers in an hour. Use this information to answer the following question: Who has absolute advantage in the production of hamburgers and who has absolute advantage in the production of pancakes?arrow_forwardRefer to the figure above. Based on the shape of the production possibilities frontier, we can assume that ______.arrow_forward
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