If it is not possible to increase the output of one good without decreasing the output of the other, when there are only two goods, then this situation would describe a point on a production possibilities frontier for the producer. the outcome can be described as efficient. there is no unemployment of resources. All of these outcomes are correct.

Q: 1. An economy can produce Food using labor and capital and Cloth using labor and land. The total…

A: A mathematical relationship that depicts the amount of output that can be produced from a given set…

Q: b) If the economy is at production C, what is the opportunity cost of 1 more Missile measured in…

A: Points A, B, and C on the PPF reflect various production levels that may be achieved by effective…

Q: In the specific model with two consumption goods and labour (mobile) and land and capital (specific…

A: Trade is the export and imports of goods and services between different countries. Imports are the…

Q: Answer the question based on the following information: Suppose 30 units of product A can be…

A: A technological relation is used in the production produced by the input and output. It expresses…

Q: Which of the following are examples of opportunity cost?  (please choose all the answers that are…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: Use the scenario to answer the following questions Natasha can produce either 5,000 pounds of cheese…

A: Answer: e (500) Explanation: Opportunity cost is the number of units of a good sacrificed to produce…

Q: Consider a Production Possibility Frontier that bows outward. Suppose the production of one good…

A: If a Production Possibility Frontier bows outward, this implies the law of increasing opportunity…

Q: Define the economic principle of opportunity cost.

A: When another item or activity is chosen, an opportunity cost is described as the amount of a…

Q: Good b 0 a g bo .f .e h .d Good A Refer to Exhibit 2.2, which shows the production possibilities…

A: PPF is the production possibility frontier.PPF shows the production possibility of two goods in an…

Q: 40.000 C А Robots 5.000 10.000 15.000 In the graph above, if the economy is at point C, it follows…

A: The Production Possibilities Curve (PPC) shows the possible combinations of goods that an economy…

Q: Suppose prices of labor and capital are $4 and $5 respectively. And 30 units of product A can be…

A: Cost is the expenditure that is occurred in producing goods and services in an economy. It is used…

Q: Good B .d. b a Good A Refer to Exhibit 2.2, which shows the production possibilities frontier for…

A: The PPF is a set of points in macroeconomics where a country's economy is most efficiently…

Q: Due to resource scarcity, O economic activities have opportunity costs generally lower than their…

A: Option C Resource scarcity means that all economic activities have a opportunity cost associated…

Q: A manager asks an employee, "Should we distribute tickets to the concert on a…

A: The basic fundamental economic questions faced by every market system is What to produce, How to…

Q: Combinations of goods on the production possibilities curve O can be produced using currently…

A: Correct : can be produced using currently available resources and technology.

Q: Imagine that you are considering starting your own business. Please share what you think would be…

A: The potential advantages that an individual, investor, or organization foregoes by choosing one…

Q: Refer to the above information. Production Techniques: II I III IV Labor Сapital Answer the next two…

A: Profit=Total revenue-Total costNow,Total revenue=quantity*priceTR=30*1TR=$30

Q: What mix of inputs should be used to produce a given level of output?

A: The production function refers to the function that determines the maximum quantity of output that…

Q: A point inside a production possibilities frontier OA. is unattainable. OB. indicates that some…

A: Understanding the position of a point inside a production possibilities frontier (PPF) is crucial…

Q: Problem 1. Suppose the economy consists of three individuals, Brian, Dave, and Reynold who can only…

A: Opportunity cost is defined as the cost of next best alternative foregone .

Q: Food output QUESTION 20 Study the diagram and answer the question. Production possibility frontier A…

A: Explanation in DetailThe production possibilities frontier (PPF) is a graphical representation that…

Q: If a good is labour intensive it means that no capital is used in the manufacturing of that good.…

A: The statement is false

Q: According to Marx, which of the following is true? O capitalism causes one social class to conflict…

A: The objective of the question is to identify which of the given statements aligns with the theories…

Q: Suppose that you have 10 acres of land that is being fully used to grow potatoes. All 10 acres are…

A: Answer: If all the 10 acres of land are equally productive in the production of potatoes and 1…

Q: It is clear that productive inefficiency is a waste since resources are being used in a way that…

A: Productive inefficiency means that the same output can be produced at a lower cost of production. It…

Q: Is this a good example of opportunity cost? Why or why not. “In 2019, I started my small business by…

A: “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.