2. Efficiency in the production possibilities modelSuppose South Africa produces only two goods: barley and laptops. The following graph shows South Africa's current production possibilities curve,along vith six output combinations represented by black points (plus symbols) labelled A to F.100a0PPC6020E20406080100BARLEY (Millions of bushels)LAPTOPS (Milliors) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or notattainable. Check all that apply.PointInefficientEfficientAttainableNot attainableABD

A Production Possibility Curve (PPC) represents the maximum possible combinations of two goods that…

Answered: ency in the pro model Suppose South…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The accompanying graph contains the production possibilities frontier (PPF) for Rubberland. Rubberland only makes two products, rubber band balls and rubber hoses, and on a given day can produce according to the PPF in the graph. Point A on the PPF represents the combination of the two goods Rubberland currently produces. When a new method of rubber processing is discovered, the productivity of all Rubberland's inputs increases. Please shift the PPF to show this change. Assume that Rubberland does not make more rubber band balls than they originally made at point A but still maximize their productive capabilities. Move point A to their new production point. How many more rubber hoses do they now produce per day than before?
Consider two neighboring island countries called Felicidad and Contente. They each have 4 million labor hours available per week that they can use to produce jeans, rye, or a combination of both. The following table shows the amount of jeans or rye that can be produced using 1 hour of labor. Country Jeans Rye (Pairs per hour of labor) (Bushels per hour of labor) Felicidad 5 20 Contente 8 16 Initially, suppose Contente uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce rye, while Felicidad uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce rye. Consequently, Felicidad produces 15 million pairs of jeans and 20 million bushels of rye, and Contente produces 8 million pairs of jeans and 48 million bushels of rye. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and…
Level 2: Opportunity Cost, Comparative Advantage, and Specialization The opportunity cost of gathering firewood is then the calories of fish given up per log of firewood gained. (Fill in the blanks in the formula and perform the calculation). Opportunity Cost of Gathering = cals fish logs woo = calories per log
On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. ZUCCHN (Pune) 3152832 144 30 0 9 400 40 40 72000 WATERMELON (Pounds) watermelon, NO 160 240 David's opportunity cost of producing 1 pound of zucchini is pound of zucchini is David's PPF 1x Morgan's PPF has an absolute advantage in the production of watermelon, and has an absolute advantage in the production of zucchini. pounds of watermelon, whereas Morgan's opportunity cost of producing 11 opportunity cost of producing zucchini than Morgan, has a comparative advantage in the production of pounds of watermelon. Because David has a has a comparative advantage in the production of zucchini, and
A ng.cengage.com + Welcome to Johnston Community College Bb Support Materials and Text Chapters Two and Three - .. * MindTap - Cengage Learning >> CENGAGE MINDTAP Q Search this course Homework (Ch 02) 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. A-Z Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. (?) 360 300 PPF 240 180 At 120 60 PPF 10 20 30 40 50 60 WHEAT (Millions of bushels) O 9 2 9 O E…
Note: Please help with last graph and if anything already done is incorrect!
Based on the production possibility frontier below, what is the opportunity cost of producing the first 6 TVs (the answer will be in number of cars)(only enter the number)? (The number in the table represent daily production in thousands of units) Cars; 0, 1, 2, 3, 4, 5 TVs: 20, 18, 15, 11, 6, 0
LaTonya can make 4 cakes or 10 pies in one day working at the bakery. Tom can make, 8 cakes or 33 pies in one day working at the bakery. What is LaTonya's opportunity cost of producing 1 pie? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up. Your Answer: Answer units
The graph shows the Production Possibility Frontiers of Writ (orange, dotted line) and Greg (green, solid line) when they gather pumpkins or branches individually. Drag and drop the points A, B and C to form the Production Possibility Frontier when Wirt and Greg specialize and exchange the production of branches and pumpkins. Note: Use the circle in the top, left corner of the textbox as the point. Drab Point A as the top left point. Drag Point B to the point at which the joint PPF changes slope. Drag Point C to the bottom right point. Total Branches 6 5 4 3 2 1 O 0 1 2 3 4 5 6 Point A Point B Point C Greg's PPF Wirt's PPF Total Pumpkins
Draw two Linear Production Possibilities Curves for two countries: Portugal and England and two products :Wine (kegs) and Cloth (Sheets). On Portugal's graph show the maximum production per worker of cloth sheets of 100 units on the Y axis. On the X axis show the maximum production of Wine at 150 kegs. For England's graph show the outputs at 90 cloth sheets on the Y axis and 60 Wine kegs on the X axis
Refer to the accompanying figure. If this economy were currently operating at point D, then in order to make more movies: A Movies (number per year) B D Milk (gallons per year) the first productive resources to switch to making movies should be those with the lowest opportunity cost of making milk. no productive resources would need to switch from making milk to movies because each resource should continue to be used according to its comparative advantage. no productive resources would need to switch from making milk to movies because point D is already efficient. the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk.
Q.3. Figure below shows the production possibilities frontier for a music processing plant that can produce both compact disks and cassettes. What is the opportunity cost of moving from point B to C? Compact Disks (CDs) per Hour 180 120 60 T I 50 B 80 100 Cassettes per Hour

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