### Production Possibilities Curve (PPC) of Robots and Corn#### Graph DescriptionThe graph presents a Production Possibilities Curve (PPC) illustrating the trade-off between producing Robots and Corn. This curve helps in understanding the opportunity cost associated with the production of two goods.#### Graph Axes- **Vertical Axis (Y-Axis)**: Quantities of Corn, ranging from 0 to 120,000.- **Horizontal Axis (X-Axis)**: Quantities of Robots, ranging from 0 to 15,000.Several points are plotted on the graph:- **Point A**: 10,000 Robots and 40,000 Corn- **Point B**: 5,000 Robots and 80,000 Corn- **Point C**: 5,000 Robots and 40,000 Corn- **Point D**: 10,000 Robots and 80,000 Corn The curve denotes different combinations of Robots and Corn that can be produced efficiently given the available resources.#### Interpreting the Graph- **Point on the Curve:** Represents an efficient allocation of resources (e.g., Point A and Point B).- **Point inside the Curve:** Implies under-utilization of resources (e.g., Point C).- **Point outside the Curve:** Indicates a combination that is not achievable with the current resources (e.g., Point D).#### Opportunity CostThe opportunity cost of producing one more Robot can be determined by examining the slope of the PPC. The steeper the slope, the greater the opportunity cost.#### Example CalculationTo determine the opportunity cost of producing one more Robot:- Moving from Point B to Point A involves producing 5,000 more Robots (from 5,000 to 10,000 Robots).- The corresponding decrease in Corn production is from 80,000 to 40,000, which is a 40,000 Corn decrease.- Therefore, the opportunity cost for each additional Robot = $ \frac{40,000 \text{ Corn}}{5,000 \text{ Robots}} = 8 \text{ Corn} $.#### QuestionIn the graph above, the opportunity cost of producing one more robot is:- **A)** 1 corn.- **B)** 8 corn.- **C)** 5,000 corn.- **D)** 15,000 corn.**Correct Answer: B) 8 corn.

As wants and desires of the individuals in the economy are unlimited but the resources available to…

Answered: Com 120.000 80.000 40.000 A Robots…

Com 120.000 80.000 40.000 A Robots 5.000 10.000 15.000 In the graph above, the opportunity cost of producing one more robot is 1 corn. 8 corn. 5,000 corn. 15,000 corn.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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