In the fictitious country of Canela, just two goods are produced-cars and cookies. The production alternatives are set out below Type of Production A 8 С D E Cars 0 2 4 6 8 Cookies crates) 30000 27000 21000 12000 10 Apply the economic concepts, principles, theories, and models covered so far in ECN501 to appropriately analyze, evaluate and discuss production possibilities, productive efficiency, and allocative efficiency in Canola For the toolbar, press ALTHF10 PC) or ALT+FN-F10
Q: a) Identify two public goods and explain why they are public goods b) Why does a positive…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: 1. A firm's production function is given by q = KL² - L³ for K>0 and L>0. Suppose K is fixed at…
A: The production function is a tool that is used in the field of economics to determine how effective…
Q: What rule is created by the Basel Accord?
A: Basel 1 was framed with the fundamental goal of listing a minimum capital prerequisite for banks.…
Q: Mcdonald’s, a big burger joint, is charging $6 for its very famous Big Mac hamburger and selling…
A: PED i.e price elasticity of demand measures the degree of responsiveness of demand of a commodity…
Q: global wconomy, technology the future, industry 4.0. Explain in details
A: GLOBAL ECONOMY : The global economy can be defined as the sum of all activities that occur both…
Q: Blake decides to spend a spring day in the field planting wheat with some help from some workers he…
A: Question 1 Accounting profit = Revenue - Explicit cost = 870 - 50 - 150 - 100 = 570
Q: suppose you start saving for retirement when you are 26 years old. You invest $5,000 the first year…
A: Above question contains an annuity series with a geometric gradient of 3% . PW = A [1 -…
Q: Handheld fiber-optic meters with white light po- larization interferometry are useful for measuring…
A: The Break even point is the point of No profit no loss as at this point the firm is earning a zero…
Q: Scenario: A typical resident of the country of Kareful consumes a simple basket of goods consisting…
A: Inflation rate is the percentage change in average price level of goods and services.
Q: Classify each of the following statements as positive or normative Statement Firms can increase…
A: Positive economics describes and explains diverse economic phenomena or the "what is" scenario.…
Q: Using political economy, describe a contemporary common private sector job (say, anurse at a private…
A: Surplus value: - Surplus value is the amount that a capitalist keeps out of the total amount…
Q: The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle…
A: Total revenue refers to the total receipts which the seller earns by selling his goods and services…
Q: increase in the reserve requirement Multiple Choice ___ increases the money supply by increasing…
A: Reserve requirements are how much money that banks should have, in their vaults or at the nearest…
Q: Q4. For a firm in Perfect competition, the profit maximization output rule is either MR-MC
A: A profit-maximizing firm produces at the intersection point of MR and MC. i.e., MR = MC is the…
Q: Using the information under Table C (Image), able to find and solve for the following, please show…
A: Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…
Q: When ONLY total costs (TC) are known, such as shown in Table 1 below, explain how to calculate each…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: At a certain interest rate compounded quarterly, P1T will amount to $5T in 10 years. What is the…
A: Given Present value P=$1T Future value F= $5T Time = 10 years We have to calculate the rate of…
Q: Give an example of a concept you think may be associated with strong macroeconomic performance.…
A: Discalmlier: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: 5. If the MARR is 12% per year, compare the alternatives shown below on the basis of a present-worth…
A: The measure that depicts the current value of the future cash flow stream or future money sum at a…
Q: the competition price? Assume all other things are equal, of course, or a comparison is meaningless…
A: In monopoly, there is a single firm producing unique good while in perfect competition, there are…
Q: What challenges do economies face in light of optimal allocation and public goods
A: For the most part, the public money idea manages the ideal distribution of assets involving it for…
Q: The consumption function is given by: C = 200+0.75 (Y-T). The investment function is I = 200-25r.…
A: The curve that depicts various interest rate and income combinations for which demand for money is…
Q: Suppose that the market demand and supply curves for doughnuts (good X) are given by QD = 50 – 40P +…
A: Given; Demand function; QD=50-40P+0.03I+10PYSupply function; QS=-150+60-10W a) Income elasticity of…
Q: Price Quantity supplied Quantity demanded $200 3,500 1,500 $175 3,000 2,000 $150 2,500 2,500 $125…
A: equilibrium price is the price where quantity demand and quantity supplied in the economy is equal…
Q: MODIFIED TRUE OR FALSE The ultimate purpose of development economics is to help us understand…
A: Development Economics:- Development economics can be explained as a discipline of economics that…
Q: Question #2: Consider the accompanying cash flow series at an interest rate = 10%. What is the…
A: The representation of cash flow refers to the net amount of cash and cash equivalents existing…
Q: The economy is experiencing a $225 million inflationary gap. If the government decided to solve this…
A: Given; Inflationary Gap= $225 million MPC= 0.9 Formula to calculate tax multiplier:-…
Q: Price (dollars per pair of gloves) 25 20 15 10 5 S = MSC D=MSB 0 1 2 3 4 5 Quantity (thousands of…
A: A deadweight loss is a cost to society created by market inefficiency due to the disequilibrium of…
Q: What can you say about the statement "when extreme heat damages flower yields of growers in…
A: Supply curve shows a positive relationship between price and quantity supplied. Both move in…
Q: Discuss the reason(s) why countries need to be rank in terms of its Human Development Index.
A: Human Development Index (HDI) is a tool used to summarize the level of human development. It helps…
Q: Discuss 2 explanations economists give for the slow recovery after the Great Recession.
A: During the era of year 2000 the return from the treasury bonds were low and at that time the…
Q: 19)Consider the following scenario. The currency deposit ratio is 0.5, the required reserve ratio is…
A: Money multiplier refers to the number that a certain increase in the monetary base gets multiplied…
Q: 3. The following table gives the supply schedule for Purcell Ltd, a UK based rug producer. Price (£)…
A:
Q: Questions 1.4 and 1.5 refer to a consumer with preferences over food (x) and clothing (y)…
A: The consumer price index (CPI) is a broad indicator for evaluating price changes in a basket of…
Q: What are the present worth and the accumulated amount of a 5 - year annuity paying P 6,000 at the…
A: Given information, Annuity (A): P 6000 Interest rate (i): 12% Time period (N): 5 years To find:…
Q: Katalin has the utility of U(x 1, x 2 ) = max{3x 1, 4x 2 } of purchasing products 1 and 2. Katalin…
A: According to the income effect, when the price of an item falls, it appears as though the buyer's…
Q: The volatility of short-term economic growth gives rise to the balance of payments. O the business…
A: Economic growth means rise in the amount of goods and services from one period to another.
Q: The following is a linear trend fitted to a series expressed in thousands of dollars. T = 381.99…
A: Linear Trend equation refers to the equation that shows the relationship between two variables. The…
Q: The treadmill market is a competitive industry with long-run economic costs. Provided the following…
A: Perfect competition is a market structure that comprises numerous sellers selling items with…
Q: ces Problem 08-06 The diagram below shows the demand, marginal revenue, and marginal cost of a…
A: A monopoly is a single firm in the market producing unique good.
Q: What is the dead-weight loss? Question 7 options: None of the other answers is correct The…
A: A dead weight loss can be defined as the cost to society created by market inefficiency, which…
Q: The profit function of our firm is a piecewise function depending on 2 goods: TI(Q₁, Q₂) = AQ² - 30…
A: Profit function : π = AQ12 - 3Q22 + Q1Q2 + 35Q1 + 82Q2 - 245 Original profit at Q1 = 5 , Q2= 10 π1…
Q: Differentiate the equation of demand for real money balances inthe Keynesian model based on the LFT…
A: Keynesian model of the demand for real money balances and the classical model of demand for real…
Q: Define Cultivate selected demand?
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: D). Suppose that the market price is above the equilibrium price. What happens? Explain. E). Suppose…
A: Equilibrium is defined as that point in the economy where the forces of demand and supply become…
Q: 2. (a) Using your knowledge of the circular flow of income and interpreting the data given above,…
A: The circular flow of income shows the major exchanges of the flow of income, goods, and services,…
Q: QUESTION 39 Figure 10-6 24 PRICE (Dolars per unt) 20 Supply Demand H 600 600 300 400 QUANTITY (Units…
A: External Cost Externalities in the economy are known as external costs. It refers to the additional…
Q: If Central Bank buys security bills in the open market; then what happens to equilibrium interest…
A:
Q: Problem 3 A debt of $10,000 must be paid in a series of equal monthly payments for 5 years. The…
A: The information given is as follows:- Debt value given = $10,000 Time period for equal
Q: Consider the table below to answer the question that follows: Q TFC TVC TC AFC AVC ATC MC 0 500 0…
A: AFC=TFCQAVC=TVCQATC=TCQMC=∆TC∆Q Q TFC TVC TC AFC AVC ATC MC 0 500 0 500 - 0 - - 5 500 10…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.PPF 60 40 5, 10 20 D 20 60 80 100 CORN (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable A B C ロ|ロ|0|0|0|0 口|口|□|0|□ 口|ロ|□|0|□|□ CARS (Millions)The Boswell Fruit Farm produces only oranges and papaya. Table 1 below shows the maximum possible output combinations of the two fruits using all resources and currently available technology. Answer the questions below and show calculations where appropriate. Table 1 Boswell Fruit Farm Possible Output Combinations Oranges Papayas (thousands of kilos) (thousands of kilos) A 140 0 B 120 20 C 100 38 D 80 52 E 60 64 F 40 74 G 20 80 H 0 82 Which of the possible output combinations represent the lowest opportunity cost for one thousand kilo of papayas? Show your calculation to support your answer.
- Sketch a plausible production possibility frontier that shows in general various combinations of wheat and potatoes a farmer can produce with the fixed amount of resources available to him? Label your diagram well for example your axesbut you dont have to use any specifc numberAn economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit of labour can produce either 1unit of X or 4units of Y (or linear combination of the two).A unit of capital can produce either 4units of X or 1unit of Y (or linear combination of the two)there are 100units of each means of production. (i) Draw the production possibility frontier of the economy when the two goods can only be produced by a mixture of both factors. (ii)What will be the opportunity cost of X if the economy produces 50units of X ? (iii) Given that the production technology is linear ,will the opportunity cost of X remain unchanged when we produce 90units of X ? (iv)Briefly explain the difference between the PPC with a constant opportunity cost and the PPC with an increasing opportunity cost as more output of one good is produced. Use a well labeled diagram to explain your answer?A) 1/2 hour (B) 6 hours 1/16 hour CASHEWS (Pounds) D) 2 hours 400 360 320 280 240 200 160 120 80 40 Brazil's PPF Refer to Figure 3B. If the production possibilities frontier shown is for 16 hours of production, then how long does it take this country to make one pound of peanuts? 1 2 3 4 5 6 7 PEANUTS (Pounds) 8 9 10
- 6.On a production possibilities frontier, produ ction is efficient if the production point is Gaseballs 200 150 MENL202 ABDAL AYMENL20211 B 100 ABDAL ANA DALLAH AENL20211 AYMENL20211 50 GANA ABDALLAH AYMENL20211 GANA ABDALLAH 100 200 ALLAH Figure 2-6 300 400 Bananas ALLAH AYMENL20211 CANA AYMENL20211 ABDALLAH GANA AYMENL20211 GANA ABDALLAH AYMENL20211 ABDALLAH AYMENL20211 A inside the frontier. on or inside the frontier. C outside the frontier. D on the frontier. ANA DALLAH GANA RDALLAH GANA BDALLAH GANA RDALLAH GANA ADALLAHThe table below represents the combinations of beet and corn produced on å tract of lahd o given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 6000 bushels of corn and 1300 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef d. 200 bushels of corn and 1475 kg of beef e. 8000 bushels of corn and 1200 kg of beef250 A 225 200 175 150 125 100 75 E 50 25 20 40 60 80 100 Oil Drills On the PPF shown in the figure above, which points represent inefficient production points? Select one: a. points C and E b. points D and A c. points B and D d. points A and E Solar Panels
- go.view.usg.edu/ Question If the production of wheat increases from point B to point A, what is the opportunity cost? Reflect in ePortfolio Tons of Wheat 100 90 75 45 25 A 20 B 75 80 F 90 D 100Problem 3Suppose the following data reflect the production possibilities for providing healthcare and education:Units per YearHealth Care 400 370 330 270 190 100 0Education 0 20 40 50 60 70 80(a) Graph the production possibilities curve.(b) If maximum health care is provided, how much education will be provided?(c) What is the opportunity cost of increasing health care from 270 to 330 units?Table 1: Production Capacity of COVID-FREE LAND.Toilet Rolls 30,000 28,000 24,000 18,000 10,000 0Sanitizers 0 1,000 2,000 3,000 4,000 5,000Use information in Table 1 above to answer the following questions:a. Using the above figures, graph the production possibilities Frontier (PPF) of COVID_FREELAND (Hint! Use Microsoft Excel, for accuracy)b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID- 19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.