Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 2, Problem 2SCQ
Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare wilt line same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the
Figure 2.4 Productive and
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Chapter 2 Solutions
Principles of Economics 2e
Ch. 2 - Suppose Alphonsos town raised the price of bus...Ch. 2 - Return to the example in Figure 2.4. Suppose there...Ch. 2 - Could a nation be producing in a way that is...Ch. 2 - What are the similarities between a consumers...Ch. 2 - Individuals may not act in the rational,...Ch. 2 - Would an op-ed piece in a newspaper urging the...Ch. 2 - Would a research study on the effects of soft...Ch. 2 - Explain why scarcity leads to tradeoffs.Ch. 2 - Explain why individuals make Choices that are...Ch. 2 - What is comparative advantage?
Ch. 2 - What does a production possibilities frontier...Ch. 2 - Why is a production possibilities frontier...Ch. 2 - Explain why societies cannot make a choice above...Ch. 2 - What are diminishing marginal returns?Ch. 2 - What is productive efficiency? Allocative...Ch. 2 - What is the difference between a positive and a...Ch. 2 - Is the economic model of decision-making intended...Ch. 2 - What are four responses to the claim that people...Ch. 2 - Suppose Alphonsos town raises the price of bus...Ch. 2 - During the Second World War, Germanys factories...Ch. 2 - It is clear that productive inefficiency is a...Ch. 2 - What assumptions about the economy must he true...Ch. 2 - Do economists have any particular expertise at...Ch. 2 - If the price of a magazine is 4 each, what is the...Ch. 2 - If the price of a pie is 12, what is the maximum...Ch. 2 - Draw Maries budget constraint with pies on the...Ch. 2 - What is Maries opportunity cost of purchasing a...
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- Production Possibilities Curves (new) - Saved - o Search Ac Layout References Mailings Review View Help Production Possibilities Curves Assignment Suppose that Crystal Falls produces sports drinks and bottles of water. Below are the possible combinations of sports drinks and bottles of water that Crystal Falls can produce. Combination Sports drinks (X axis) Bottles of water (Y axis) A 32 12 27 22 20 30 11 36 A On the graph below, plot the Production Possibilities Curve for Crystal Falls B. What is the opportunity cost of the first twWelve sports drinks produced? C. What is the opportunity cost of increasing production from 12 sports drinks to 22 sports drinks? D. What is the opportunity cost of increasing production from 22 sports drinks to 30 sports drinks? E. What is the opportunity cost of increasing production from 30 sports drinks to 36 sports drinks? F What is happening to the opportunity cost as Crystal Falls produces more sports drinks? What is the onnorhinty cost of the first…arrow_forwardple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…arrow_forwardD). Draw a Production Possibilities Frontier for two goods: airplanes and soybeans. Choose the combination of output you prefer and, accordingly, the slope of your preference. Show three different points on the graph that represent an inefficient, an efficient, and a not feasible outcomes, respectively. E). Define positive and normative statements. Give examples.arrow_forward
- The table shows the marginal benefit of pizza and the marginal cost of pizza in terms of soda forgone. How many pizzas are produced when the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza? ... If pizzas are produced, the quantity of soda that people are willing to give up to get an additional pizza is greater than the quantity of soda that they must give up to get that additional pizza. OA. 100 OB. less than 100 OC. more than 100 OD. any quantity other than 100 Quantity (pizzas per day) 50 100 150 200 250 Marginal benefit Marginal cost (cans of soda per pizza) 32 7 3 2 1 67249 32 44 52arrow_forwardvidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.arrow_forward
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