a) output combinations D and E represent full and efficient use of resources, but A, C and F rep resource use. b) output combination D represents the most efficient use of resources. c) output combinations A, D, E and C all represent full and efficient resource use. d) output combination A and C represents less efficient resource use than either D or E.
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- Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.Study the following diagram and answer the question that follows: Submarines d b 0 e Type here to search a Galaxy Note20 Ultra 5G 9 The production of Od submarines and Oa hospitals... Hospitals OA. Is productively inefficient given the available resources. OB. Is productively efficient given the available resources. OC. Is productively impossible given the available resources. OD. Increases the available resources. BUATE E COMPIn the use of the resources, it is important to any the concept of opportunity cost . Define oportunity cost in economic terms
- Production possibility curve shows maximum efficiency means O a. Resources are wasted O b. None of the options O. Resources are not wasted O d. Resources are not completely usedEM.35 Which of the following is most likely to happen as an economy moves along a production possibility frontier producing more services and fewer goods? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a marginal costs of producing more services will rise, but allocative efficiency may increase. b marginal costs of producing more services will decrease, but allocative efficiency may increase. c marginal costs of producing more services will rise and allocative efficiency will decrease as a result. d marginal costs of producing more services will decrease and the allocative efficiency will increase as a result.Table 19.15 shows how the average costs of production for semiconductors (the "chips" in computer memories) change as the quantity of semiconductors built at that factory increases. a. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? b. If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? c. Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers. Quantity of Semiconductors 10,000 20,000 30,000 40,000 100,000 Table 19.15 Average Total Cost $8 each $5 each $3 each $2 each $2 each
- Homework (Ch 02) 100 Tools 80 PPE 60 70, 41 20 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 C E F OO0 O00 +u LAPTOPS (MIllions)Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs 0 20 40 60 80 100 Possibility Cheese Wine output 0 15 25 33 38 41 A 0 % inputs 0 20 40 60 80 100 a. From this data, complete Utopia's production possibilities table below. B Wine output 0 20 35 48 53 55 75 b. Utopia (Click to select) produce 33 cheese and 48 wine. c. If Utopia is at D, the total cost of 5 more cheese is d. If Utopia is at D. the total cost of 13 more wine is wine. cheese. 0Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal Product
- viting this editorial? Alexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sand- wiches that they are able to produce. Alexi up Tony Output Per Hour Street Tacos Cuban Sandwiches 80 100 20 30 a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro- duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer. c. Assume that Alexi works 20 hours per week in the busi- ness. Assuming Alexi is in business on her own, graph the possible combinations of street tacos and Cuban sand- wiches that she could produce in a week. Do the same for Tony. d. If Alexi devoted half of her time…Economics QuestionUsing the following graph, which statement is true about opportunity costs of production for a technological increase in car production? planes cars It decreases for both planes and cars It increases for planes and decreases for cars. It increases for cars and decreases for planes. It increases for cars and stays the same for planes. O It increases for planes and stays the same for cars.