Q: What is production possibilities curve
A: In economics, scarcity refers to the shortage of resources which give rise to choices. There are…
Q: The following can cause the production possibilities curve to shift to the right? a. Indifference…
A: Answer: Correct option: (d) Explanation: The production possibility curve refers to the curve that…
Q: An inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would…
A:
Q: Which of the following statements about the production possibilities curve is the most accurate? O…
A: The production possibility curve in economics is a curve that explains the combination of two goods…
Q: What is the production possibilities curve? Explain the concepts of efficiency and inefficiency in…
A: (Q) What is the production possibilities curve? Definition: Production Possibility Curve (PPF) The…
Q: Draw a production possibilities curve showing the number of apples and pears that one person can…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: During the Second World War, Germany’s factories were decimated. It also suffered many human…
A: PPC or production possibility curve is the locus of all the combinations of goods and services that…
Q: shift the production possibilities curve from PP2 to PP3 shift the production possibilitles curve…
A: The production possibility frontier would result in the maximum output that can be produced with the…
Q: What does a Production Possibilities Curve depict? What is the Law of Demand? What components will…
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…
Q: B PP PP PP Consumer Goods Refer to the diagram. An improvement in technology will Multiple Choice…
A: The graph shows production possibility curve that shows combinations of two goods that can be…
Q: Briefly discuss why societies cannot make a choice above their production possibilities curve and…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: Which of the following would cause an outward shift of the production possibilities frontier?
A: The production possibility frontier represents the different combinations of two goods that can be…
Q: A production possibilities curve (PPC) represents the maximum amount of two goods or services…
A: Both PPC and LRAS curve reflect full capacity and resource utilization in the economy.
Q: what are the assumptions of the production possibilities curve in economics I need 3 assumptions
A: According to the given question Simply we can say that a production possibility curve is a curve…
Q: What are the two major ways in which an economy can grow and push out its production possibilities…
A: The production possibilities curve denotes the maximum output that an economy can produce at its…
Q: What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an…
A: The wants and desires of humans are unlimited but the resources available to satisfy those wants and…
Q: If an economy is operating at a point inside the production possibilities curve? a. its resources…
A: The PPC is the production possibility curve that illustrates the different combinations of two…
Q: Which of the following would shift an economy's production possibilities curve to the left? Select…
A: Production possibility curve shows the combination of production of two different goods at a limited…
Q: Movement along a production possibilities curve shows which of the following? a. The trade-offs…
A: The production possibilities curve is a curve that shows the various combinations of two goods that…
Q: Production Alternative Types of Production A B C D E Butter 10 14 16 Guns 50 40 30 20 a. Draw a…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: Using this table, draw a production possibilities curve. What assumptions is this production…
A: Given
Q: A tropical storm creates a shortage of the items . how would this affect the production…
A: In an economy, the production possibility curve is used by represent the connection between total…
Q: Suppose there is rovement in medical technology that enables more healthcare with the same amount of…
A: The PPC is the production possibility curve which illustrates the different combinations of two…
Q: Every point on the production possibilities curve represents? a. a greater increase in supply b.…
A: The production possibility curve is the graphical representation of the different combinations of…
Q: During the American Civil War, the South’s factories and farm land were decimated. It also suffered…
A: The production possibility curve shows the combinations of outcome/output a firm can produce by…
Q: A production possibilities curve: a. Eliminates the need to make choices regarding the use of…
A: Production possibility curve shows the trade off between combinations of 2 goods or services.
Q: Which of the following may lead to an outward shift of the production possibilities curve? a.…
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: If a new type of seed were developed that made it easier to grow a particular crop, how would the…
A: Production possibility curve is a graphical presentation of all the possible combination of two…
Q: What is the opportunity cost of increasing the number of movies produced?
A: Opportunity cost refers to the given up benefits to obtain some other benefits.
Q: The leader of a political party made the following campaign promise: "My administration will…
A: Production possibility frontier shows combinations of two goods that can be produced with the given…
Q: What should I assume when I am asked to make a Production Possibilities Curve?
A: The production possibility curve is the curve that shows different combinations of goods that can be…
Q: Referring to the table in question 10, suppose improvement occurs in the technology of producing…
A: The production possibility frontier refers to the possibilities of production by a firm. The…
Q: What is the production possibilities frontier? A. a map that shows areas of the world in which…
A: Economics relates to the organization of money, business, and industry.
Q: When an economist say a resource is free what does it mean
A: Free Resources A resource that can be used to manufacture consumer-satisfying products and services…
Q: Suppose a production possibilities frontier includes the following combinations: Cars Washing…
A: At 50 cars, there would be 800 washing machines that would be produced. So either 50 cars or 800…
Q: What is the opportunity cost of beer as production moves from point C to Point A?.
A: Opportunity cost in PPC is the marginal rate of transformation. MRT= Loss/Gain MRT from point C to…
Q: Why is it inefficient for an economy to be inside the production possibilities frontier?
A: The production possibility frontier shows the relationship between what an economy can produce…
Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…
A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…
Q: explain a production possibilities frontier for an economy that produces cheese and milk. What…
A: Production possibility frontier shows the combination of two goods that can be produced with the…
Q: Evidence accumulates that the use of fertilizers, which increases agricultural production greatly,…
A: As it is said, more the use of chemical fertilizers, more there would be agricultural production and…
Q: Which statement concerning a production possibilities curve is not true? a. it is usally linear b.…
A: The production possibility curve represents graphically all the production possibilities of two…
Q: Use the following table to answer the question below. Dave's Production Possibilities Schedule…
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Q: Based on the graph, what is the opportunity cost of moving from point B to point D? Baseballs A 200…
A: Opportunity cost is the foregone benefit when an alternative is preferred.
Q: FIGURE 2-10 Apples (bushels) Refer to Figure 2-10. What movement along the production possibilities…
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- What does a Production Possibilities Curve depict? What is the Law of Demand? What components will cause a Shift in the Demand curve?What should I assume when I am asked to make a Production Possibilities Curve?Which of the following statements about the production possibilities curve is the most accurate? OIt is a curve that shows the quantity of output that will be offered for sale at various prices. It is a graph that shows the various combinations of output it is possible for an economy to produce given its available resources and technology. It is a graph that shows the combinations of output that are most profitable to produce. It is a graph that shows the various combinations of resources that can be used to produce a given level of output.
- What do you mean by the production possibilities of an economyDraw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?An inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?
- During the Second World War, Germany’s factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?How will a reduction in the number of hours worked each day affect an economy's production possibilities curve? How will technological innovations that boost labor productivity affect an economy's production possibilities curve?To say that “there is a scarcity of diamond” means that
- If an unattainable point outside a production possibilities curve can become an attainable and even an efficient point, can an inefficient point become an efficient point in the production possibilities curve model? Explain with a graph.Can the Production Possibilities Curve shift left? If not, explain why. If it can, explain what might cause this to happen.Draw a production possibilities curve showing the number of apples and pears that one person can pick in a given time period. Show efficient, inefficient, and impossible levels of output. Explain why a combination of apples and pears (i.e. a level of output at a middle point along the curve) gives you more fruit that if you had picked only apples. The highest quality cricket bats, used by Test cricketers, sell for over $1,000AUD. They are made from a special type of willow tree grown specifically for that purpose. Similar bats, made from cheaper willow, sell for less than $200. Suppose a plant disease destroys half of the world’s high quality willow trees. The stock of cheaper willow trees is unaffected. (a) Explain how the market for high quality cricket bats might be affected by this change. (b) Explain how the market for cricket bats made from cheaper willow might be affected by the change in the market for high quality bats.