part 4 5 6 Q6 The production possibilities curve below applies to an economy, Prospera that produces only ice-cream sodas and industrial robots. What is the opportunity cost of industrial robots in terms of ice cream sodas when Prospera moves from point a to b and b to c? What is the opportunity cost of ice cream sodas in terms of industrial robots when Prospera moves from point e to d and d to c? How a technological improvement in the assembly of industrial robots would affect the production possibilities curve? If industrial robots can be viewed as a capital good, then describe how this economy’s decision to produce more industrial robots will affect its future production possibilities curve? Can Prospera produce 6 industrial robots and 40 ice-cream sodas Why? How would you describe production in Prospera, If 4 industrial robots and 20 ice-cream sodas are produced?
part 4 5 6 Q6 The production possibilities curve below applies to an economy, Prospera that produces only ice-cream sodas and industrial robots. What is the opportunity cost of industrial robots in terms of ice cream sodas when Prospera moves from point a to b and b to c? What is the opportunity cost of ice cream sodas in terms of industrial robots when Prospera moves from point e to d and d to c? How a technological improvement in the assembly of industrial robots would affect the production possibilities curve? If industrial robots can be viewed as a capital good, then describe how this economy’s decision to produce more industrial robots will affect its future production possibilities curve? Can Prospera produce 6 industrial robots and 40 ice-cream sodas Why? How would you describe production in Prospera, If 4 industrial robots and 20 ice-cream sodas are produced?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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part 4 5 6
Q6 The production possibilities curve below applies to an economy, Prospera that produces only ice-cream sodas and industrial robots.
- What is the
opportunity cost of industrial robots in terms of ice cream sodas when Prospera moves from point a to b and b to c? - What is the opportunity cost of ice cream sodas in terms of industrial robots when Prospera moves from point e to d and d to c?
- How a technological improvement in the assembly of industrial robots would affect the production possibilities curve?
- If industrial robots can be viewed as a capital good, then describe how this economy’s decision to produce more industrial robots will affect its future production possibilities curve?
- Can Prospera produce 6 industrial robots and 40 ice-cream sodas Why?
- How would you describe production in Prospera, If 4 industrial robots and 20 ice-cream sodas are produced?
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