2. Below is a production possibilities table for automobiles and forklifts: Type of Production Automobiles Forklifts Pro 0 2 30 27 4 21 6 12 8 0 (a) Graph the production possibilities frontier for this economy (with Automobiles on the horizontal axis and forklifts on the vertical axis). Is production at a point outside the production possibilities curve currently possible? (b) If the economy characterized by the production possibilities above were producing 3 automobiles and 20 forklifts, what could you conclude about its use of available resources? (c) Is the opportunity cost (in terms of Forklifts) of producing additional units of Automobiles increasing, decreasing, or constant? Explain. (c) Explain how (if at all) each of the following affects production possibilities frontier: i. The quality of education increases. ii. The number of unemployed workers increases. iii. A new technique improves the efficiency of extracting copper from ore (a major input in production of automobiles and forklifts). iv. A devastating earthquake destroys numerous production facilities.

2. Below is a production possibilities table for automobiles and forklifts: Type of Production Automobiles Forklifts Pro 0 2 30 27 4 21 6 12 8 0 (a) Graph the production possibilities frontier for this economy (with Automobiles on the horizontal axis and forklifts on the vertical axis). Is production at a point outside the production possibilities curve currently possible? (b) If the economy characterized by the production possibilities above were producing 3 automobiles and 20 forklifts, what could you conclude about its use of available resources? (c) Is the opportunity cost (in terms of Forklifts) of producing additional units of Automobiles increasing, decreasing, or constant? Explain. (c) Explain how (if at all) each of the following affects production possibilities frontier: i. The quality of education increases. ii. The number of unemployed workers increases. iii. A new technique improves the efficiency of extracting copper from ore (a major input in production of automobiles and forklifts). iv. A devastating earthquake destroys numerous production facilities.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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