3. Efficiency in the production possibilities modelSuppose South Africa produces only two goods: wheat and blu rays. The following graph shows South Africa's current production possibilities frontier,along with six output combinations represented by black points (plus symbols) labeled A to F.10080PPF20F20406080100WHEAT (Millions of bushels)10++<BLU RAYS (Millions) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check allthat apply.PointInefficientEfficientUnattainableВCEF口|0|0|0|0|0O O 0

Production possibility frontier shows the possible combination of two goods which can be produced…

3. Efficiency in the production possibilities model Suppose South Africa produces only two goods: wheat and blu rays. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 メ& 80 PPF 60 20 20 40 60 80 100 WHEAT (Millions of bushels) BLU RAYS (Millions)

3. Efficiency in the production possibilities model Suppose South Africa produces only two goods: wheat and blu rays. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 メ& 80 PPF 60 20 20 40 60 80 100 WHEAT (Millions of bushels) BLU RAYS (Millions)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

OUTPUT OF TANKS Graph 2.1 B E OUTPUT OF AUTOMOBILES PPC2 PPC1 Bulgaria's production possibilities curve is displayed above. A movement of the production mix from point D to point F could be caused by: Select one: a. An decrease in the quantity of raw materials available. b. A shift of factors of production from one industry to another. c. A change in consumer preferences d. More labor
K Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Mexico Hamburgers (in tons) 0 40 80 120 Which country has an absolute advantage in producing tacos? Mexico Tacos (in tons) 108 72 36 0 Hamburgers (in tons) 0 8 16 24 Tacos (in tons) 60 40 20 Which country has a comparative advantage in producing tacos? The United States Suppose the United States is currently producing 80 tons of hamburgers and 36 tons of tacos and Mexico is currently producing 16 tons of hamburgers and 20 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer) and a total of additional ton(s) of tacos can be produced.
Nation 1: Mexico Good 1: televisions Nations Given: Mexico and Canada produce only two goods. They have the same fixed resources are equally efficient and both countries have constant opportunity costs between the two goods. in one month Mexico can produce 250,000 televisions or 70,000 washing machines Canada can produce 120,000 televisions or 50,000 washing machines. Fill in the table below. + Mexico Canada I Max Production Nation 2: Canada A) Graph the given information. Good 2: Washing machines Opportunity Cost Opportunity Cost
Solve the problem. Show work and do not use AI
Opportunity Cost and the Gains from Specializ PPF Review Problems What is the opportunity cost of an extra calculator for Smith? What is the opportunity cost of an extra calculator for Jones? Who has the absolute advantage in computer production? Who has the absolute advantage in calculator production? Who has the comparative advantage in calculator production? Who has the comparative advantage in computer production? Jones 6 120
Each other option
14. Efficiency in the production possibilities model Suppose the fictional country of Haleakala produces only two goods: sorghum and axles. The following graph plots Haleakala's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. AXLES (Millions) 100 80 20 0 0 PPF D 20 +w E Xc 40 + B F XA 60 SORGHUM (Millions of bushels) 80 100
A ng.cengage.com + Welcome to Johnston Community College Bb Support Materials and Text Chapters Two and Three - .. * MindTap - Cengage Learning >> CENGAGE MINDTAP Q Search this course Homework (Ch 02) 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. A-Z Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. 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. (?) 360 300 PPF 240 180 At 120 60 PPF 10 20 30 40 50 60 WHEAT (Millions of bushels) O 9 2 9 O E…
14
2. Comparative and absolute advantage Elijah and Aneesha are farmers. Each one owns a 16-acre plot of land. The following table shows the amount of squash and maize each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing squash or maize or to produce squash on some of the land and maize on the rest. Elijah Aneesha MAIZE (Pounds) On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. 160 144 128 112 96 80 64 48 32 16 0 Squash (Pounds per acre) 8 28 0 Maize (Pounds per acre) 8 7 80 160 240 320 400 480 560 640 720 800 SQUASH (Pounds) Elijah's PPF Elijah's opportunity cost of producing 1 pound of maize is maize is pounds of squash. Because Elijah has a comparative advantage in the production of maize, and Aneesha's PPF has an absolute advantage in the production of squash, and ? has an absolute advantage in the…
Suppose that France and Germany both produce wine and cheese. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Cheese (Pounds) 16 Wine (Bottles) Cheese (Pounds) 12 8. 4. 25 20 15 2 3 3 4 10 4 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O A. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. O B. France has a comparative advantage producing wine and cheese. OC. Germany has a comparative advantage producing wine and cheese. -OD. Neither has a comparative advantage producing wine or cheese. OE. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. Suppose that France is currently producing 1 bottle of wine and 12 pounds of cheese and Germany is currently producing 3 bottles of wine and 10 pounds of cheese. Then, assume instead that France and…
COFFEE (Millions of pounds) 48 42 36 30 24 18 12 6 0 PPF 1 Maldonia 36 30 POTATOES (Millions of pounds) 06 12 18 24 42 48 COFFEE (Millions of pounds) 48 42 36 30 24 18 12 6 0 PPF 1 0 6 Lamponia 18 42 12 24 30 36 POTATOES (Millions of pounds) 48 Consider the above two graphs which represent production possibilities. What are the comparative advantages? Maldonia has a comparative advantage in potatoes and Lamponia has a comparative advantage in coffee Maldonia has a comparative advantage in both goods O Lamponia has a comparative advantage in both goods O Maldonia has a comparative advantage in coffee adn Lamponia has a comparative advantage in potatoes