Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 3, Problem 10IAPA
To determine
Graphical representation.
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Graph the PPF and explain.
A
B
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D
E
F
Sanitizer(y)
100
95
85
65
35
0
Rice (x)
0
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4. Compare the points inside the PPF and outside the PPF. Explain.
4. Steve can bake either 4 loaves of bread or 12 dozen cookies a day. Sarah can bake either
4 loaves of bread or 8 dozen cookies a day.
a. Show the production possibilities frontiers for Steve and Sarah
b. Suppose trade is not allowed between Steve and Sarah and as a result, both Steve and
Sarah spent half a day (12 hours) baking bread and the other half a day baking cookie.
Show both the production and consumption bundles for Steve and Sarah on their
respective PPFs, when trade is not allowed between Steve and Sarah.
c. Show, using production possibility frontiers in (a), that Steve and Sarah would be
better off specializing in their baking activities and then trading, rather than baking
only for themselves. Be specific and state the production and consumption bundles
with trade.
Chapter 3 Solutions
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
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- Between a straight line PPF and concave PPF, which one is more realistic? Why? Explain with example and graph.arrow_forwardMarlaria can be controlled The world health organization malaria chief says that it is too costly to try to fully eradicate the disease. He says that by using nets, medicine, and DDT it is possible to eliminate 90% of malaria cases. But to eliminate 100% of cases would be extremely costly. 4. Make a graph of the production possibilities frontier with malaria cases on the X-axis and other goods and services on the Y- Axis. ( compatible with Microsoft word would be ideal ) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardIllustrate and explain the Production possibilities frontier (PPF)arrow_forward
- Q1. Draw and explain a production possibilities frontier for an economy that produces milk and flowers. What happens to this frontier if a disease kills half of the economy’s cow? Q2. Imagine a society that produces “guns” (military goods) and “butter” (consumer goods). (1) Please draw a PPF for guns and butter, using the concept of opportunity cost. (2) Suppose that the society has two political parties, called the Hawks (who want a strong military and the Doves (who want a smaller military). Show a point on your PPF that the Hawks might choose and a point that the Doves might choose. Q3. An economy consists of three workers: Ronaldo, Messi, and Sonny. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Ronaldo can either mow one lawn or wash one car; Messi can either mow one lawn or wash two cars; Sonny can either mow two lawns or wash one car. (1) Calculate how much of each service is produced under the following circumstances, which…arrow_forwardNumber of Tanks (1000’s) Number of Cars (1000’s) A. 0 150 B. 10 145 C. 20 130 D. 30 100 E. 40 60 F. 50 0 a) Graph the above information on a PPF. b)If we are operating at point C, what is the opportunity cost of moving to point D? c)If we are operating at point E, what is the opportunity cost of moving to point D? d)Where is the opportunity cost greater when giving up cars for tanks - moving from point B to C or from E toF? State the numbers. e) Where is the opportunity cost greater when giving up tanks for cars - moving from Point E to D or from point C to B? State the numberarrow_forwardDerive the production possibilities frontier (PPF) for Home and Foreign and plot it in a graph with good x in the horizontal axis and good y in the vertical axis.arrow_forward
- Kyoko can read 30 pages of astronomy in an hour. She can also read 20 pages of philosophy in an hour. She spends 6 hours per day studying. Use the blue line (circle symbol) to draw Kyoko's production possibilities frontier (PPF) for reading astronomy and philosophy.arrow_forwardCarrot Apple 0 10 1 9 2 7 3 4 4 0 Using the table above, draw the PPF for Happyland. 1.Using the PPF drawn above identify the point of inefficiency and label it A. Why is this considered to be inefficient. 2. Identify on the graph above the point of unattainability and label it B. Why is this considered to be unattainable.arrow_forwardQuestion 4a. What is the Production Possibility Frontier? b. How is the PPF applicable to international trade? c. Carrot Apple 0 10 1 9 2 7 3 4 4 0 Using the table above, draw the PPF for Happyland. d. Using the PPF drawn above identify the point of inefficiency and label it A. Why is this considered to be inefficient?e. Identify on the graph above the point of unattainability and label it B. Why is this considered to be unatainable?arrow_forward
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