Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks like, which if it used all its resources, can produce either 300 units of national security or 140 units of health care, or some combination of the two. 2. Explain what the opportunity cost is and calculate it for this example (assume constant opportunity cost).
Q: 1. In some countries the government makes most of the decisions about what will be produced, how it…
A: Hello, thank you for the question. Since there are multiple questions posted under a single thread,…
Q: onstruct a Production Possibilities Curve in Excel based on the following Production possibilities…
A: Note: As per the guidelines we will answer only three subparts. Please resubmit the question again…
Q: a. What is the opportunity cost of producing 25 more units of capital goods if this economy is…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: True or False. Please explain why the statement is true or false. 1. Consider and economy that…
A: When there is an improvement in technology then the cost of producing wines decrease. This implies a…
Q: Below is the production possibilities table for consumer goods (maize) and capital goods…
A: Since you have asked multiple subparts, we would answering the first three for you. To get the…
Q: Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only…
A: Opportunity cost (OC) of one good (commodity) in terms of other is the units of production of…
Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…
A: Hi, thanks for the question. Since there are multiple subparts, we will answer for the first three…
Q: What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an…
A: The wants and desires of humans are unlimited but the resources available to satisfy those wants and…
Q: he idea that because of scarcity, producing more of one good or service means producing less of…
A: Scarcity refers to one of the basic problems of economics. Scarcity means that resources are limited…
Q: Imagine a society that produces military goods and consumer goods, which we will call "guns" and…
A: Production possibility frontier shows all possible points of production of two goods for the…
Q: Evidence accumulates that the use of fertilizers, which increases agricultural production greatly,…
A: As it is said, more the use of chemical fertilizers, more there would be agricultural production and…
Q: Suppose that Teavana produces boxes of Jade Citrus Mint Tea and Spiced Apple Cider. Below are the…
A: Economy is producing two goods Tea and apple cider using the all resources available and given…
Q: Suppose an economy produces clothing and food only. The following table shows the production…
A: The production possibilities frontier (PPF) represents all the possible production combination of…
Q: 1.2 Which of the following is NOT a primary factor of production? a) A business owner b) A doctor c)…
A: 12) Out of the given option, business owner is not a primary factor of production. Reason:- There…
Q: Assume that the people of Phobos and Deimos (the moons of Mars) use equal resources to produce…
A: Answer: (a). Production possibility curve (PPC): a production possibility curve shows the different…
Q: 1. (1 pt) Since people have (abundant, scarce) wants and (abundant, scarce) resources, they are…
A: Economics is the study of allocating scarce resources among alternative uses to satisfy human wants.…
Q: Production Possibilities Schedule Production Scenario Widgets Gizmos A 30 В 28 22 2 D 12 3 E a)…
A: The production possibility frontier (PPF) shows different combination of two inputs which can be…
Q: Like a good economist, you calculated the cost of getting your college degree, including the…
A: Let's summarize the given information Tuition cost in university is $12000 per year The total cost…
Q: 1. Below is the production possibilities table for consumer goods (washing machine) and capital…
A: Production possibility frontier (PPF) shows the different combinations of two goods that an economy…
Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…
A: The opportunity cost of doing an activity is the foregone value of next best alternative. Mike…
Q: In a month, Chuck can produce a maximum of either 60 bushels of pears or 30 bushels of apples, or…
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: 6. In Presidentville, only two goods, cigarettes and UBI, are produced. There are two tribes in…
A:
Q: Consumption goods 7. The production possibilities A frontier (beside) shows the available tradeoffs…
A: The production possibility frontier (PPF) depicts the combination of two goods that a nation can…
Q: 3. If the economy characterized by this production possibilities table and curve were producing 3…
A: The question talks about PPC which is such a curve that represent possible combination of two goods…
Q: a. If a business is producing 4 mobile phones and 15 cameras, would they be efficient? If no, what…
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…
Q: You have exams in economics and chemistry coming up and 5 hours available for studying. The…
A: Production Possibility Frontier (PPF) In the business examination, the creation plausibility…
Q: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…
A: The production possibility curve is a graphical representation of combinations of two goods that an…
Q: 1. Define both of the following terminology, and then discuss the economic relationship between the…
A: The both of the above mentioned can be explained as the follows :
Q: The Principle of Opportunity Cost Apply the principle of opportunity cost. 1.1 Consider Figure 2.1…
A: Opportunity Cost: It is the gain or benefit from the next best alternative that a person has given…
Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Economics is the social science that studies the choices that individuals, businesses, governments,…
A: One of the most important concepts, which is the reason why the individuals face the dilemma of…
Q: roblem: Scarcity and Choice 25 B 15 10 5. 0. 80 160 240 320 400 480 560 640 STEEL (Thousands of…
A: Opportunity cost refers to the loss which is incurred by giving up the best alternative while making…
Q: Direction: Plot the Production Possibilities Frontier of the below-data with good X on the…
A: Production possibility frontier is a curve that shows different bundles of good X and good Y that is…
Q: 2. You have 3 hours of free time. And you can think of 3 different uses of your time: 1) watching…
A: Opportunity cost is the value of next best alternative forgone while making choice. In other words,…
Q: 6. In Presidentville, only two goods, cigarettes and UBI, are produced. There are two tribes in…
A: Note:- Since we can only answer up to three subpart, we'll answer the first three. Please repost the…
Q: What happens if a country produces a combination of goods that efficiently uses all of the resources…
A: Ppc shows the possibility of production with given resources and technology . Those points or…
Q: An economy. produces 2 goods, computers and cell phones. Show graphically and explain how an…
A: When an economy produces 2 goods, computers and cell phones and there is improvement in technology…
Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…
A: Given data, Mike Vacuum 1 room = one hour 2 loads of laundry = one hour Debbie Vacuum 2 rooms = one…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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?Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specifific assumptions is this production possibilities curve based?b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflfl ects the law of increasing opportunity costs.c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?d. What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): Production Alternatives Type of Production A B D E Automobiles 4 8 Forklifts 30 27 21 12 a. Show these data graphically. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total). 10 Tools 8 PPC 4 2 10 20 30 40 50 Forklifts Upon what specific assumptions is this production possibilities curve based? (Click to select) Automobiles
- Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…
- Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…
- Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction?With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is…