An inefficient use of resources may be illustrated with a production possibility curve as

Q: The law referenced in the previous question is based on the fact that: Economic resources are not…

A: The law of scarcity is a fundamental principle in economics that recognizes the limited nature of…

Q: Suppose Ireland produces only two goods: barley and tablets. The following graph shows Ireland's…

A: In business examination, the production possibility frontier (PPF) is a bend showing the differing…

Q: Which of the following are examples of opportunity cost?  (please choose all the answers that are…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: Solve the attahment.

A: Production Possibility Curve shows the efficient allocation of the resources with given technology…

Q: O The MRS is the trade-off between grain and free time that Angela is constrained to make. O At a…

A: The feasible frontier is the most attainable combination of commodities or activities that an…

Q: Country X has received an injection of additional 50 million dollars to its budget to spend on the…

A: Production possibility frontier: - it is the graphical representation of different combinations of…

Q: The production possibility frontier (PPF) in the Grossman model is as below. Individuals would never…

A: ANSWER   Free lunch zone = Area where small improvements in health, yield large improvements in…

Q: Consider a production possibilities curve. The origin and two points A and B may be connected by one…

A: Scarcity is an economic concept that relates to the reality that there is a finite number of human…

Q: Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it?…

A: Production possibility frontier: - it is the graphical representation of different combinations of…

Q: 40.000 C А Robots 5.000 10.000 15.000 In the graph above, if the economy is at point C, it follows…

A: The Production Possibilities Curve (PPC) shows the possible combinations of goods that an economy…

Q: Refer to the production possibilities schedule below, which shows a hypothetical society's…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: Discuss how the production possibility frontier model can be used to basic economic problem of…

A: "Since you have posted multiple questions ,we will solve first question for you.If you want…

Q: A farmer works on a plot of land owned by a landlord. The figure below illustrates the feasible…

A: As there are multiple parts, first three would be answered. To get the answers to the rest of the…

Q: Alarm & Tint, Inc., has 10 workers working a total of 400 hours per week. Tinting takes 2 hours per…

A: Production possibility frontier is the boundary of the feasible outputs of the commodities or…

Q: Production at a point inside the production possibilities frontier is unattainable and inefficient…

A: A production possibilities curve shows the various combinations of two goods that an economy can…

Q: If we wanted to make the statement that a particular point on a production possibility ter was DULIT…

A: A point is said to be productive and efficient if it lies on the production possibility frontier.…

Q: Consider an economy that has a labor endowment of L = 40 units.  The production functions are x =…

A: Labor endowment in the economy: L=40 unitsThe production function of good x:  The production…

Q: Illustrate and explain the Production possibilities frontier (PPF)

A: The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…

Q: The ________ production points on a production possibilities frontier are the points on and inside…

A: Production possibility frontier (PPF) refers to the curve that shows the combination of goods which…

Q: The production possibilities frontier (PPF). has a constant opportunity cost exhibits increasing…

A: Correct : reflects output assuming the full use of society's resources

Q: It is clear that productive inefficiency is a waste since resources are being used in a way that…

A: Productive inefficiency means that the same output can be produced at a lower cost of production. It…

Q: What is the optimal amount of output that should be produced? O A. 8 B. 9 OC.5

A: The optimal level of output is at point where Marginal revenue or price is equal to Marginal cost.…

Q: If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3…

A: Given,   PPF: 4X2+ Y2 = 16  X = √3, Y = 2

Q: production possibility curve shows the possible combination of two goods with utilization of…

A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…

Q: A great nation of Wakanda has two sectors. The largest sector of the economy involves mining…

A: The production possibility frontier Frontier is a graphed curve that shows the possible output of…

Q: Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of…

A: Opportunity cost: It is the loss of other alternatives when one alternative is chosen.

Q: Production is inefficient if the economy is producing at a point a) on the production possibilities…

A: Production is inefficient when with given resources the economy can produce more goods . It in other…

Q: s why the market fails

A: Market failure refers to a situation when the market fails to efficiently distributes goods and…

Q: efficient production can be carried out anyway on or below the production possibilities frontier.…

A: Just as individuals cannot have everything they need and must instead make choices, society as an…

Q: an economy is producing the mix of goods and services that society wants, this is an example of…

A: The allocative efficiency is a reflection of the peoples satisfaction gaining from the fulfilment of…

Q: Suppose that the community of Markstown produces two goods: Michelob light beer (MLB) and…

A: The PPC is a graphical representation that shows the various combinations of goods and services that…

Q: The production possibilities curve can best be described as representing the economics principle of…

A: In economics, the production possibility curve is one of the effective economic measure to be used…

Q: OOO O When one member of a society ow making that member worse off, the allocative efficient.…

A: In economics, different conditions are explained by different economy terms such as productive…

Q: The population is an important aspect for the resources allocation.  Evaluate this statement.

A: Resource allocation refers to the process of distributing and assigning available resources in a way…

Q: Which arrow reflects the tuition that Andrea pays for this Which arrow reflects the money that a…

A: The circular flow of income is a model to understand the flow of income and factors of production…

Q: 31. PPC is also called: (a) Opportunity cost curve (b) Transformation curve (c) Production…

A: Production possibility curve is the locus of combinations of goods which the economy can produce…

Q: Sometimes economies or firms produce inefficiently, which is represented by a point in the…

A: The objective of the question is to identify the term that describes a point on the production…