Answer all parts please. Provide working where necessary Question 2Types ofABсDEProductionCereal0250450650850Bread130117109890a. Using the table above draw a production possibility curve for cereal and bread using the dataabove.b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable(C).c. What is the opportunity cost of moving from A to B? 2d. What is the opportunity cost of moving from point B to point C?e. What is the opportunity cost of moving from point D to point E?f. "In what way does an understanding of the shift of the PPC help businesses/ countries makeproduction decisions?

Let's make the process more understandable with an example: a. Imagine we have five types of…

Answered: Question 2 Types of A B с D E…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 6P

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The quantities shown are taken from a production possibilities frontier for an economy with diminishing returns. The blank in the table could be which value? Bags Courses 40 300 60 ? 80 100
PPC Practice Activity D O Format Tools Add-ons Help Last edit was 10 hours ago Normal text BIUA E E E E Times New. - 11 a. Draw a production possibilities curve for butter and guns using the data above. b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C). c. What is the opportunity cost of moving from point A to point B? d. What is the opportunity cost of moving from point B to point C? e. What is the opportunity cost of moving from point D to point E? Here is the production possibilities table for war goods and civilian goods: Production Alternative B Types of Production Robots 250 450 650 850 Wheat 130 117 109 89 Draw a production possibilities curve for robots and wheat using the data above. b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C). c. What is the opportunity cost of moving from point A to point B? d. What is the opportunity cost of moving from point B to point C? e. What is…
What is production possibilities curve
Give typing answer with explanation and conclusion A country can produce 38 quail eggs and 62 potatoes. What is the opportunity cost of 1 potato?
c. Graphically illustrate a production possibilities curve for books and ice cream.
Draw a production possibilities frontier diagram for a farm able to produce corn or soybeans. What does a production possibilities frontier illustrate?
Draw the production possibilities frontier on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis Annual Production of Y Annual Production of X 0 20 45 60 70 75 1300 1200 900 6:00 350 0 b. If the economy is producing 45 units of X and 900 units of Y, what is the opportunity cost of producing an extra 15 units of X. Show on graph. C. If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of X. Show on graph.
Construct a Production Possibilities Curve in Excel based on the following Production possibilities Schedule: Missiles Milk (millions of gallons) 0 4010 34 20 2730 1940 1050 0 What is the "shape" or the "slope" of the frontier or curve? Calculate the opportunity cost of producing the "first" batch of 10 missiles. Calculate the opportunity cost of producing the "last" batch of 10 missiles. What would it mean if the economy was operating at the frontier? What would happen to the frontier if the production technology improves?
Draw a production possibilities curve showing the number of apples and pears that one person can pick in a given time period. Show efficient, inefficient, and impossible levels of output. Explain why a combination of apples and pears (i.e. a level of output at a middle point along the curve) gives you more fruit that if you had picked only apples. The highest quality cricket bats, used by Test cricketers, sell for over $1,000AUD. They are made from a special type of willow tree grown specifically for that purpose. Similar bats, made from cheaper willow, sell for less than $200. Suppose a plant disease destroys half of the world’s high quality willow trees. The stock of cheaper willow trees is unaffected. (a) Explain how the market for high quality cricket bats might be affected by this change. (b) Explain how the market for cricket bats made from cheaper willow might be affected by the change in the market for high quality bats.
What does a point inside the production possibilities frontier (PPF) represent? A. An efficient allocation of resources B. An underutilization of resources C. A technologically advanced production point D. An unattainable production level given current resources
A point inside a production possibilities frontier?
Here is the production possibilities table for war goods and civilian goods: Production Alternative A D E Types of Production 250 450 650 850 Robots 130 117 109 89 Wheat Draw a production possibilities curve for robots and wheat using the data above. b. Label the points where the economy would be efficient (A), underutilized (B) and unattain able (C). What is the opportunity cost of moving from point A to point B? d. What is the opportunity cost of moving from point B to point C? What is the opportunity cost of moving from point D to point E? a. С. е.

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