3. What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs? Economic resources are the natural, human, and manufactured inputs used to produce goods and services. Economic resources fall into four main categories: and of _) because they are used to produce Economic resources are also called (f goods and services. They are called (inputs) because they go in to a production process (like ingredients go into a bowl to make a cake), with the resulting goods and services also being referred to as output.

3. What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs? Economic resources are the natural, human, and manufactured inputs used to produce goods and services. Economic resources fall into four main categories: and of _) because they are used to produce Economic resources are also called (f goods and services. They are called (inputs) because they go in to a production process (like ingredients go into a bowl to make a cake), with the resulting goods and services also being referred to as output.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Briefly explain what the term "agglomeration economies" refers to and briefly describe what the fundamental reason for the development of this particular type of economy relates to. Provide two examples of factors associated with agglomeration economies and identify what these factors help to explain. Identify two factors that would lead to diseconomies and briefly explain how the future of many of the world's cities will be likely be determined. 2. Describe the concept of diminishing returns in production. Explain why diminishing returns occurs.
23 Introduction to Economics Please solve it very quickly ????
7.
47. Consider the production possibility frontier of an economy in Figure 1-1. If the economy is governed by rational actors, it is likely to choose between how many of the production points labeled in the figure? a. 5 b. 4 24234L c. 3 d. 2 Computers 50 40 ON 30 OS 25 0 Figure 1-1 € 7580 85 100 Adoles
7. Which of the above figures represents economic growth caused by an improvement in the technology of producing product of both X and Y? a) FIG A b) FIG B c) FIG C d) FIG D
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In the graph above, the resources in this economy are A. specialized at producing corn. B. specialized at producing robots. C. not specialized toward either corn nor robots (they're generic).
2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) 300 200 100 0 Active Land also produces only food and suntan oil, and its production possibilities are: Food (pounds per month) 150 100 50 0 Draw the two PPFs Suntan oil (gallons per month) 0 50 100 150 Suntan oil (gallons per month) 0 100 2000 300 a. What are the opportunity costs of food and suntan oil in Happy Land? b. Why are the opportunity costs the same at each output level? c. What are the opportunity costs of food and suntan oil in Active Land? d. If each nation specialized where they have a comparative advantage; and then traded, find the acceptable ranges for trade. 1 pound of food would have to trade between which values of suntan oil? 1 pound of suntan oil would have to trade between which values of food? e. If each nation produces where they have a comparative advantage, and the terms of trade are 50 pounds of food for 75 gallons of suntan oil,…
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6. Suppose the United States can produce cattle or corn with a given amount of resources. Attached is a graph depicting the production possibility frontier for the United States and the marginal benefit and cost of a bushel of corn. You are asked to discuss the relationship between the marginal cost and marginal benefit of corn and the production of both corn and cattle. Production Possibility Frontier MC $9 40 30 B 20 3 MB 10 15 20 10 15 20 Bushels of Corn Quantity of Bushels of Corn (in billions) (in billions) (a) Determine whether there is an overallocation of resources, underallocation of resources, and optimal allocation of resources. For example, at 10 billion bushels of corn production, what are the marginal cost and marginal benefit? MB: Do they meet the marginal principle of MB=MC? (Yes, No) If not, what problem happens? There an ( underallocation, overallocation ) of resources to corn production. MC: Similarly mention in case of at 15 billion bushels and 20 billion bushels.…
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