Please explain and demonstrate the following questions. Refer to the table below, which shows the maximum number of goods X and Y that producers A and B can produce in one day. Q15. If there are 20 units of good X being produced efficiently each day, how many units of good Y will be produced each day? a) 30 b) 40 c) 50 d) 60 Q16. If there are 20 units of good Y being produced efficiently each day, how many units of good X will be produced each day? a) 40 b) 60 c) 80 d) 100

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A: Opportunity cost (OC), is the loss of Quantity of a good which when another good is being produced.

Q: utility function

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Q: Two countries (Home and Foreign) use labor to produce two goods: Cloth and Wheat. The number of…

A: a) aLc, aLw, aLc*, aLw* are the unit labor required for the production of respective goods in home…

Q: Consider the following economy: There are three goods, legume, tillip and quillip, two consumers…

A: Pareto efficient if no one may be made better off without inflicting harm to a person else. Pareto…

Q: (a) Which producer has an absolute advantage in the production of Pastries? Which producer has an…

A: Absolute advantage refers to the ability to produce more goods and services than the competitor.…

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Q: Alice can produce goods X and Y.  It takes her 1 hour of labor to produce 2 units of X.  It takes 2…

A: Alice can produce goods X and Y.  It takes her 1 hour of labor to produce 2 units of X.  It takes 2…

Q: Which of the following is a TRUE statement? Explain why.  1. If for a PPF, there is allocative…

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A: Absolute Advantage is the situation where the nation has the ability to produce greater quantity of…

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Q: Categorize each of the following five goods as a Private Good, Common Good, Club Good, or Public…

A: Private goods are items that belong to an individual or a group and cannot be used by anyone else…

Q: 40 PPF 3 30 P 20 10 PPF 2 PPF 1 10 20 30 40 50 product X product Y

A: Production possibility frontiers explain the trade off between two goods or services.

Q: • Refer to fig. 2.1 in the text. 1. Identify the optimal level of production of this good. 2. In…

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A: The graph shows the Marginal Benefit (MB) and Marginal Cost (MC) curves for baseballs in an economy.

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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.