MACROECONOMICS
14th Edition
ISBN: 9781337794985
Author: Baumol
Publisher: CENGAGE L
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Question
Chapter 3, Problem 2TY
To determine
The graphical representation of the production possibilities frontier for the nation of Stromboli.
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Graphically show the production possibilities frontier for the nation of Stomboli, using the data given in the following table. Does the principle of increasing costs hold on Stromboli?
Graphically show the production possibilities frontier for the nation of Stromboli, using the data given in the following table. Does the principle of increasing cost hold in Stromboli?
Stromboli’s 2019 Production Possibilities
Pizzas per Year Pizza Ovens per Year
75,000,000 0
60,000,000 6,000
45,000,000 11,000
30,000,000 15,000
15,000,000 18,000
0 20,000
The slope of the production possibilities frontier is called
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- If the production possibilities frontier can be expressed as 4X2+y2=16, then the point X=√3; Y+2 is a)inside the production possibilities frontier b)outside the production possibilities frontier c)in the wrong quadrant to be on the graph d)on the production possibilities frontierarrow_forwardCan you help answer the two questions below from the attached image: The shape of Germany's production possibilities frontier (PPF) should reflect the fact that as Germany produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet decrease/increase/or remains constant . Based on the previous description, the trade-off Germany faces between producing tablets and smartphones is best represented by Graph 1 or Graph 2 .arrow_forwardIn the context of the production possibilities frontier, opportunity cost can be measured by the A) ratio of the costs of the two goods being produced. B) slope of the frontier. C) ratio of the amounts of the two goods being produced. D) amount of labor needed to produce the goods and services.arrow_forward
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