FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best describes Point A? OIt is efficient. O It is preferable to Point D. It is inefficient. It is unattainable. Clohing
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- A nomadic tribe in Lapland spends all its productive time hunting reindeer. Someof the reindeer meat is kept for consumption and the remainder is sold at a nearbytrading station in return for other goods. It is observed that when the price ofreindeer meat increases the amount the tribe is willing to supply decreases.(a) Sketch this situation in a diagram, with axes ‘reindeer meat’ and ‘all othergoods’. (Hint: locate the production position and sketch the consumptionopportunities line before and after the price change).(b) Determine if reindeer meat is an inferior good to the tribe?(Hint: consider what happens to the consumption position).(c) How does the analysis change if the tribe can hunt and trade fish as well as thereindeer? (Hint: now label the axes ‘reindeer meat’ and ‘fish’ and considerboth the production and consumption decisionsWhy is a production possibilities frontier typically drawn as a curve, rather than a straight line?Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?
- What is productive efficiency? Allocative efficiency?Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…
- K Joey "Jaws" Chesnut really likes eating Krystal burgers. The following table shows Joey's total cost (TC), marginal cost (MC), total benefits (TB), and marginal benefits (MB) for consuming Krystal burgers. Marginal Cost ructor Quantity of Krystal Burgers 0 1 456A W N 3 7 Total Cost $0.00 $1.00 $2.00 $.0 $4.00 $5.00 $6.00 N/A $1.00 $ $1.00 $1.00 $1.00 $1.00 $1.00 a.) Fill in the missing numbers table above. b.) How many Krystal burgers should Joey "Jaws" Chesnut optimally eat? Total Benefit $0.00 $4.41 $6.45 $8.03 $9.14 $10.05 Krystal burgers Clear all Marginal Benefit N/A $2.32 $2.09 $ $1.58 $1.11 $0.91 $0.36 Check answer 9. | ТСНIIP UI UDC | LTIvaty ruilty. I I CHTIIDDIUTƏ | LUTILOLL US TAfcasible production combination for a firm producing/twO: outputs must.be (aOutside tlie pröduction sstbitities fronticrtPPF)" (b) Iaside the PPF ) On the PPE.at-the-pointoftangency with-the iso-revenue LineK The figure shows the production possibilities frontier for Suzie's Squeeze, a smoothies producer. Draw a point at which the firm achieves production efficiency Label it Efficient Draw a point that is attainable but Inefficient. Label it Inefficient. GELES What does it mean to say that production is efficient? When production is efficient. OA. there is no tradeoff betweenfruit drinks and veggie drinks OB. the firm can produce more veggie drinkswithout producing fewerfruit drinks OC. the firm can produce more veggie drinksonly by producingfewerfruit drinks OD. some resources areunused or misallocated roo 80 70- 60- 50. 40 3n 100 á Veggie drinks (per hour) Fruit >>> Draw only the objects drinks (per hour) PPF specified in the question. O TA
- 3. a. What method is used to ration goods in a market econo- my? How does this rationing method influence the incen- tive of individuals to supply goods, services, and resourc- es to others? b. How are grades rationed in your economics class? How does this rationing method influence student behavior? Suppose the highest grades were rationed to those whom the teacher liked best. How would this method of ration- ing influence student behavior? 12.When does market equilibrium occur? Show the market clearing price and the correspondingquantity by using graph. Figure 1. Production Possibility Curve (Maize and Apple) c Figure 1. Production Possibility Curve (Maize and Apple) YA Хл PPFThe data beloN shows how the marginal benefit of attending Durham Bulls baseball games varies for Joan with the number of games attended this season. Number of Games Attended This Season Marginal Benefit (5) 1 25 20 15 10 5. 5. The price of a ticket is $18 and is equal to the marginal cost of attending each game. Assuming that Joan behaves rationally, she will attend OA. 2 games this season, OB. 3 games this season. OC.5 games this season, O0.1 garme this season OE. 4 games this season.