Solution sent me all part b. How would the immigration of 10 munchkins, i.e., 10 units of labor, affect the PPF equation? Showgraphically on the same diagram and explain.c. What is the marginal cost of x when x = 20? What is the marginal cost of y when x = 20? 2-4. The land of Oz produces dreams (denoted by x) and wishes (denoted by y). The productionpossibilities function in the current year is given by:y = 2L²+ 3K²-0.4x²where K is units of capital, and L is units of labor. Assume the current stock of resources is L= 20 and K= 10. The marginal cost of x is given by the slope of the production possibilities frontier, PPF, a givenpoint and is a function of x. Notice the slope of this nonlinear function is not constant. In this case, theslope, i'.y/i'.x, equals -0.8x (or, the first derivative dy/dx equals - 0.8x.)a. Draw Oz's PPF and state whether resources are perfectly substitutable or not. Explain your answer.

Answered: Image /qna-images/answer/91a7c1ed-1488-46a2-a435-27757f470752.jpg

p. How would the immigration of 10 munchkins, i.e., 10 units of labor, affect the PPF equation? Show graphically on the same diagram and explain. c. What is the marginal cost of x when x = 20? What is the marginal cost of y when x = 20?

p. How would the immigration of 10 munchkins, i.e., 10 units of labor, affect the PPF equation? Show graphically on the same diagram and explain. c. What is the marginal cost of x when x = 20? What is the marginal cost of y when x = 20?

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Chapter1: Making Economics Decisions

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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.

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Solution sent me all part

b. How would the immigration of 10 munchkins, i.e., 10 units of labor, affect the PPF equation? Show
graphically on the same diagram and explain.
c. What is the marginal cost of x when x = 20? What is the marginal cost of y when x = 20?

2-4. The land of Oz produces dreams (denoted by x) and wishes (denoted by y). The production
possibilities function in the current year is given by:
y = 2L²+ 3K²-0.4x²
where K is units of capital, and L is units of labor. Assume the current stock of resources is L= 20 and K
= 10. The marginal cost of x is given by the slope of the production possibilities frontier, PPF, a given
point and is a function of x. Notice the slope of this nonlinear function is not constant. In this case, the
slope, i'.y/i'.x, equals -0.8x (or, the first derivative dy/dx equals - 0.8x.)
a. Draw Oz's PPF and state whether resources are perfectly substitutable or not. Explain your answer.

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