The PPF curve shows a curved, egative relationship between two ods. This means that an increase in e production of one good requires which of the following? e greater sacrifices of the other good. e smaller sacrifices of the other good.
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- 12 Investment Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of a country. Which allocation would be the most likely explanation for shift number 3? (A) R (B) W (C) x (D) Y (E) Shift number 3 is not possible. LHH actment ConsumptionThe budget constraint model and the production possibilities frontier (PPF) model both illustrate (select ALL that apply): O allocative efficiency O productive effieciency O a curved line to represent both the budget constraint and the PPF the tradeoffs in choosing more of one good at the cost of less of the other O comparative advantage O constraints on what we can have due to scarce resources6. Efficiency in the production possibilities model Suppose Italy produces only two goods: potatoes and cars. The following graph shows Italy's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. A B с D E CARS (In millions) F 100 8 60 9 8 0 PPF <+ U 0 Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, feasible, or infeasible. Check all that apply. Point Inefficient Efficient Feasible U U L 0 xc U E 40 60 POTATOES (In millions) xo 00 000 100 Infeasible 000 ? 000 C
- An economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit of labour can produce either 1unit of X or 4units of Y (or linear combination of the two).A unit of capital can produce either 4units of X or 1unit of Y (or linear combination of the two)there are 100units of each means of production. (i) Draw the production possibility frontier of the economy when the two goods can only be produced by a mixture of both factors. (ii)What will be the opportunity cost of X if the economy produces 50units of X ? (iii) Given that the production technology is linear ,will the opportunity cost of X remain unchanged when we produce 90units of X ? (iv)Briefly explain the difference between the PPC with a constant opportunity cost and the PPC with an increasing opportunity cost as more output of one good is produced. Use a well labeled diagram to explain your answer?7. Two people make up a small economy producing oats and/or shirts. The table below shows the maximum each individual can produce in one day for each good (and any linear combination). Sam Lindsay Oats 300 150 Shirts 100 75 a) Who has the comparative advantage in producing Oats? In producing shirts? b) In terms of shirts, what is the cost of producing one unit of oats for Sam? For Lindsay? c) If the total number of shirts produced is 100, then how many units of oats will be produced if production takes place according to comparative advantage?4. The following question refers to the diagram below, which illustrates the PPF for a producer of two goods, x and y. PPF Which of the following statements is TRUE? 1. The marginal cost of producing x is higher at high levels of x than it is at low levels of II. The marginal cost of producing y is higher at high levels of y than it is at low levels of y. III. The marginal cost of producing both x and y is constant in the level of production. a) I only. b) Il only. c) Ill only. d) I and II only.
- 2. Consider an economy that produces only two goods: asparagus and candy canes. The following table describes the quantities of each good that can be produced: Candy Canes 60 40 20 0 Asparagus 0 10 20 30 (a) Plot the production possibilities frontier for this economy. Be sure to label both axes and each intercept. (b) Does this PPF follow the law of increasing opportunity cost? Why or why not? (c) A major pandemic arises that wipes out one third of the population. Illustrate and explain how this would affect the PPF from part (a).1. Pareto Optimality: В A X2 X, M Private Goods and Services per Year 1.1 From the Production Possibility Curve (PPC) above, explain why any point on PPC, such as points A and B, is “Pareto Efficiency". Briefly explain the concept and its implication. 1.2 Bangkok is about to have a new governor as the election for the governorship of Bangkok will be held on 22 May 2022. The city of Bangkok is locally governed by the Bangkok Metropolitan Administration (BMA), which is also considered a local government of Thailand. People always have different opinions about the proper level of public expenditure. state your own perspective regarding current scale of public sector in Bangkok. Should Bangkok increase or decrease the current budget? Why? Use the PPC below to incorporate in your explanation and reasoning, in order to describe the direction of reallocation you preferred. Provide example projects/measures/policy you would like to see its budget rise (or cut). Government Goods and Services…3. Efficiency in the production possibilities model Suppose South Africa produces only two goods: alfalfa and blu rays. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 80 PPF 60 40 20 D 20 40 60 80 100 ALFALFA (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable A B E F BLU RAYS (Milions)
- 3. Efficiency in the production possibilities model Suppose the fictional country of Katmai produces only two goods: millet and handbags. The following graph plots Katmai's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. HANDBAGS (Mona) A B C D 100 E 8 F 00 18 8 PPF Point Inefficient Efficient Unattainable 0 D 0 0 D +< 0 D 20 Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply E D 60 MILLET (Millions of bushels) 00 8 OOD O x0 80 100 ⓇA ng.cengage.com + Welcome to Johnston Community College Bb Support Materials and Text Chapters Two and Three - .. * MindTap - Cengage Learning >> CENGAGE MINDTAP Q Search this course Homework (Ch 02) 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. A-Z Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. 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. (?) 360 300 PPF 240 180 At 120 60 PPF 10 20 30 40 50 60 WHEAT (Millions of bushels) O 9 2 9 O E…14. Efficiency in the production possibilities model Suppose the fictional country of Haleakala produces only two goods: sorghum and axles. The following graph plots Haleakala's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. AXLES (Millions) 100 80 20 0 0 PPF D 20 +w E Xc 40 + B F XA 60 SORGHUM (Millions of bushels) 80 100
