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Production possibilities frontier illustrates both production efficiency and
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- Production possibilities frontier illustrates both production efficiency and opportunity cost.DiscussWhich concept is NOT illustrated by the production possibilities frontier? A. tradeoffs B. efficiency C. opportunity cost D. equityExplain the following in not more than half a page Opportunity cost. Production possibility frontier. scarcity
- Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier.Which of the following is not illustrated by a production possibility frontier (PPF)? Select one: a. the equilibrium price b. scarcity O c. productive efficiency d. necessity for choice e. opportunity costAn economy's production possibilities frontier is fixed in the long run. True False
- Graph a production possibilities frontier and illustrate the concepts of trade-off and opportunity cost.Drag the production possibilities frontier on the graph to show the effects of a time saving innovation in the manufacturing of carsUsing the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency .
- I don't understand how to draw a production possibilities frontier.Explain the link between scarcity and opportunity cost Explain the link between scarcity and competitionThe prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle and horses can step in and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle. Draw a production possibilities frontier showing a rancher's production option between cattle production and prairie dog production showing increasing opportunity cost and show what would happen in each of the following situations. (Use a separate graph for each situation.) a. The outcome is efficient, with ranchers choosing to produce equal numbers of cattle and prairie dogs. b. As a protest against the government introducing the gray wolf back into the wild in their state, ranchers decide to withhold 25 percent of the available grassland for grazing. c.…