Spring 2024 Principles of Macro Assignment 3 (PPF)

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Northwest Missouri State University *

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52150

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Economics

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Feb 20, 2024

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Principles of Macro Spring 2024 Name:___Katie Schultz _____ Assignment #4 Assignment instructions: Read each question carefully and answer in the space provided. Please highlight your answers or use a different colored font. Submit your assignment as a Word document attachment through NW Online. Be sure to double check that your assignment is attached properly to your submission! 1. The PPF above illustrates production options for a local restaurant. Use the PPF to answer the following questions. Please fill your answers in the second column of the table. Answer: a) Which labeled points are attainable (possible) levels of production? C, D, E, F, G, B b) Which labeled points are efficient levels of production? C, D, E, F, G c) Which of the labeled points are inefficient levels of production? B d) What is the opportunity cost of producing 6 more sandwiches when moving production from point D to point E? 5 fewer smoothies e) What is the opportunity cost of producing 3 more sandwiches when moving production from point F to point G? 14 fewer smoothies (0) f) What is the opportunity cost of producing 8 more smoothies when moving production from point F to point E? 5 fewer sandwiches g) What is the opportunity cost of producing 3 more smoothies when moving production from point D to point C? 12 fewer sandwiches (0) h) What is the opportunity cost of producing 11 more sandwiches when moving production from point B to point F? The same amount of smoothies are produced – 14 i) Does this restaurant experience constant or increasing opportunity costs? Increasing j) Are the restaurant’s available resources used to produced smoothies and sandwiches specialized or not specialized? Specialized

k) Is it possible for the restaurant to produce 22 smoothies and 26 sandwiches? Why or why not? No, because the resources are not there, and when looking at the graph it is easy to see that when 22 smoothies are made, only 18 sandwiches can be produced. l) Is it possible for the restaurant to produce 20 smoothies and 15 sandwiches? Why or why not? Yes, because 22 smoothies are able to be produced while 18 sandwiches are made meaning that it would be very possible for the 2 less smoothies to be made while still getting 15 sandwiches. 2. The graphs above show PPFs for an economy that produces wheat and cars. For each of the following scenarios, tell which graph (A, B, C, or D) correctly illustrates the change that would occur to the economy’s PPF. Please fill your answers in the second column of the table. Answer: a) There is an advance in the production technology for producing wheat that makes wheat production faster and easier. C b) More workers move into the economy. C c) There is a decrease in the amount of steel available for producing cars. D d) The economy experiences a decrease in resources used to produce both wheat and cars. A e) There is an increase in the amount of fertile farmland available to produce wheat. B

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