ECO 120: Course Assignment 1-Demonstration Assignment Due: 2/22/21 by 8AM EST Submit on Moodle Directions: This assignment includes demonstration problems that will be submitted to Moodle. Demonstration - You will graph, evaluate, and submit a graded response to the |demonstration questions below. Answer each question separately, produce at least 3 graphs. Scan your graphs as a single document or embed images (.jpg or other image files) into a Word document (.doc or .docx) or PDF with your written responses to submit as a single document in your Moodle assignment. You may use the textbook and course materials for expansionary purposes in the demonstration response. Reference and cite (footnote) quotes and content from the text or other resources in the graded demonstration. This assignment is governed by the Oglethorpe University Honor Code. It must be completed independently. Demonstration: Submit your responses to the following questions on the due date. 1. Draw a production possibility frontier (ppf) with the number of pounds of corn that can be produced in one hour on the vertical axis and the number of yards cloth that can be produced in one hour on the horizontal axis using the information in the table below. The following table reveals various production possibilities for the firm: Possibility Corn Cloth A. 50 45 37 27 15 C D 3. 4 5 E 2. On the ppf graph drawn in question 1: (a) explain why production combinations located on the ppf are superior to combinations located inside the ppf, and (b) explain why production combinations above the ppf are not attainable during a current one-hour period but could be attainable in a future one-hour period. 3. In a separate graph, demonstrate the marginal cost of cloth production per hour. 4. What is allocative efficiency and how does it relate to the ppf? Explain and show though a graph of the market for cloth.
ECO 120: Course Assignment 1-Demonstration Assignment Due: 2/22/21 by 8AM EST Submit on Moodle Directions: This assignment includes demonstration problems that will be submitted to Moodle. Demonstration - You will graph, evaluate, and submit a graded response to the |demonstration questions below. Answer each question separately, produce at least 3 graphs. Scan your graphs as a single document or embed images (.jpg or other image files) into a Word document (.doc or .docx) or PDF with your written responses to submit as a single document in your Moodle assignment. You may use the textbook and course materials for expansionary purposes in the demonstration response. Reference and cite (footnote) quotes and content from the text or other resources in the graded demonstration. This assignment is governed by the Oglethorpe University Honor Code. It must be completed independently. Demonstration: Submit your responses to the following questions on the due date. 1. Draw a production possibility frontier (ppf) with the number of pounds of corn that can be produced in one hour on the vertical axis and the number of yards cloth that can be produced in one hour on the horizontal axis using the information in the table below. The following table reveals various production possibilities for the firm: Possibility Corn Cloth A. 50 45 37 27 15 C D 3. 4 5 E 2. On the ppf graph drawn in question 1: (a) explain why production combinations located on the ppf are superior to combinations located inside the ppf, and (b) explain why production combinations above the ppf are not attainable during a current one-hour period but could be attainable in a future one-hour period. 3. In a separate graph, demonstrate the marginal cost of cloth production per hour. 4. What is allocative efficiency and how does it relate to the ppf? Explain and show though a graph of the market for cloth.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:ECO 120: Course Assignment 1-Demonstration Assignment
Due: 2/22/21 by 8AM EST
Submit on Moodle
Directions: This assignment includes demonstration problems that will be submitted to
Moodle.
Demonstration - You will graph, evaluate, and submit a graded response to the
demonstration questions below. Answer each question separately, produce at least 3
graphs. Scan your graphs as a single document or embed images (jpg or other image
files) into a Word document (.doc or .docx) or PDF with your written responses to
submit as a single document in your Moodle assignment.
You may use the textbook and course materials for expansionary purposes in the
demonstration response. Reference and cite (footnote) quotes and content from the text
or other resources in the graded demonstration. This assignment is governed by the
| Oglethorpe University Honor Code. It must be completed independently.
Demonstration: Submit your responses to the following questions on the due date.
1. Draw a production possibility frontier (ppf) with the number of pounds of corn
that can be produced in one hour on the vertical axis and the number of yards
cloth that can be produced in one hour on the horizontal axis using the
information in the table below. The following table reveals various production
possibilities for the firm:
Possibility
A
В
Corn
Cloth
50
45
37
27
15
1
2
D
E
2. On the ppf graph drawn in question 1: (a) explain why production combinations
located on the ppf are superior to combinations located inside the ppf, and (b)
explain why production combinations above the ppf are not attainable during a
current one-hour period but could be attainable in a future one-hour period.
3. In a separate graph, demonstrate the marginal cost of cloth production per hour.
4. What is allocative efficiency and how does it relate to the ppf? Explain and show
though a graph of the market for cloth.
Expert Solution
Introduction
Production possibility curve or the production possibility frontier curve is a graphical presentation of all the possible combination of two goods which a society can produce by making full and efficient use of the given resources and technology.
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