Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice, and efficiency. Graph 2: Draw a production possibilities model which illustrates economic growth. Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost.

Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice, and efficiency. Graph 2: Draw a production possibilities model which illustrates economic growth. Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 11SQP

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Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency. Graph 2: Draw a production possibilities model which illustrates economic growth. Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost. Graph 4: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis Butter. Put two points, A and B, on the curve. Using the two points, explain the concept of government (or market) failure.
Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency. Graph 2: Draw a production possibilities model which illustrates economic growth.
A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Question 39Select one: a. the opportunity cost of shirts in terms of pants b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the tradeoff between production of pants and production of shirts
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.  Explain why scarcity exists in this economy. Use the data as evidence of your reasoning.  What is the maximum quantity of guns that can be produced?  What is the maximum quantity of butter than can be produced?  Draw the nation’s production possibility curve.  What is the opportunity cost of guns in this nation?  Explain why the nation can’t produce both 3 guns and 4 butters.  Explain why the nation shouldn’t produce both 1 gun and 2 butters.
A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Select one: a. the tradeoff between production of pants and production of shirts b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the opportunity cost of shirts in terms of pants
Answer the following questions: 1) What is the production possibilities frontier? 2) Why do economists use models? 3) How does a society benefit from the production of capital goods? 4) What is the opportunity cost to the society of investing in the capital? 5) Why do economists consider the bowed production possibilities curve to be more realistic? 6) How can societies achieve economic growth?
What does a production possibilities graph show in economics? how many items can be produced in a specific amount of time possible production costs one's final choice one's top two choices when making a decision
Question 1 Explain how each of the following situations would affect a nation's production possibilities curve. (i) A technological innovation allows the nation to more efficiently convert solar energy into electiricty (ii) Covid-19 increases the number of unemployed workers in the nation. (iii) A global pandemic results in 6 million confirmed cases and death of over 400,000 individuals. (iv) A switch to online deliver increases access to education in the nation's colleges and universities but might have a detrimental impact on the quality of education. (v) The nation passes a law requiring all employers to give the employee 16 weeks of paid of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time.
Question Evidence 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.
8. Shifts in production possibilities Suppose the United States produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and industrial copiers, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. 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. 540 450 PPF 380 270 180 90 PPF 100 200 300 400 500 600 ALFALFA (Millions of bushels) INDUSTRIAL COPIERS (Thousands)
Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency.
4. Shifts in production possibilities Suppose the fictional country of Denali produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rye, an agricultural good, and telephoto lenses, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. 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. TELEPHOTO LENSES (Thousands) 540 450 360 270 180 90 0 0 100 200 PPF 300 400 500 BOU PPF