Can someone help me with this? ### Understanding the Impact of Economic Changes on the Production Possibilities Curve#### 3. Economics and the Production Possibilities Curve**a) How would the economic contraction brought about by the COVID-19 slowdown be represented using the production possibilities curve?**Economic contraction caused by the COVID-19 pandemic can be depicted on the production possibilities curve (PPC) as a shift inward. This inward shift represents a reduction in the economy's productive capacity. Due to factors such as decreased labor force participation, disruptions in supply chains, or reduced capital, the economy is no longer able to produce the same amounts of goods and services as before, at any given combination.**b) How does increased productivity affect the production possibilities curve?**Increased productivity is shown as an outward shift of the production possibilities curve. This indicates an enhancement in the economy's efficiency and capacity to produce more goods and services. Improved technology, better education, or advanced methods of production can lead to such an increase. The outward shift means that the economy can produce more of both goods without sacrificing the quantity of one for the other.**Graphical Representations:**1. **Graph for Economic Contraction due to COVID-19:** - The original PPC would show the maximum possible combinations of two goods that the economy can produce. - The inward shift of this curve represents the reduced capacity due to the economic effects of the pandemic.2. **Graph for Increased Productivity:** - The original PPC indicates the initial production capabilities. - An outward shift of this curve illustrates an increase in the economy’s ability to produce more goods and services due to enhanced productivity.These graphical representations help in visualizing the changes in an economy’s productive capabilities due to various events and developments.(For a detailed visual understanding, graphs illustrating these economic changes should be included here.)

The production possibility curve (PPC) is a graphical representation that shows possible…

3. a) How would economic contraction brought about by Covid - 19 slowdown be represented using production possibilities curve? b) How does increased productivity affect the production possibilities curve? One graph for each question.

3. a) How would economic contraction brought about by Covid - 19 slowdown be represented using production possibilities curve? b) How does increased productivity affect the production possibilities curve? One graph for each question.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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