Answered: Refer to Exhibit 2-2. If PPF 2 is the…

Refer to Exhibit 2-2. If PPF 2 is the relevant production possibilities frontier, then illustrates productive efficiency. point CB OD OF both b and c

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

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.

Question

Guns (thousands of units)
Exhibit 2-2
PPF 3
PPF 2
G
H
PPF 1
Butter (thousands of units)
Refer to Exhibit 2-2. If PPF 2 is the relevant production possibilities frontier, then
illustrates productive efficiency.
point
B
F
both b and c

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based on the image and the PPF is point b efficient? why?
Use the PPF to answer the following questions: (a) At point F, how many sweaters are being produced? How many hard drives? (b) Label points A-H as either efficient, inefficient, or unattainable. (c) Can we determine if point F is productively efficient? If so, is it productively efficient? (d) Can we determine if point F is allocatively efficient? If so, is it allocatively efficient?
Suppose that the opportunity cost of producing 10 chickens is always 8 turkeys. Giventhis, the relevant production possibility frontier must be:
Graphing QuestionSuppose that WestJet can provide 700 flights per day and the opportunity cost of providing a flight is constant. WestJet reaches allocative efficiency when it provides 400 Western flights and 300 Eastern flights per day Draw and label WestJet's production possibilities frontier. Make sure the PPF intersects both axes.Draw a point to show the allocative efficiency. Label it P1Draw a point to show a combination of flights that doesn't use all of WestJet's resources. Label it P2
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This question is a file-upload question. Work your answer in a piece of paper, take a picture with your phone and upload the file. Using the table below answer the following: Points Soda Pizza A 10 В 1 6 3 a) Draw a PPF map (put soda in the vertical axis and pizza in the horizontal axis), showing all the points on the PPF. b) What is the opportunity cost of an extra pizza when you are on segment AB? What about when you are at segment CD? (i.e., how many sodas you have to give up in order to get an extra pizza? SHOW YOUR WORK!) c) What is your PPF's shape? Is it a straight line or does it have a bowed outward shape? Justify! d) Suppose that there is a new technology that affects ONLY the production of soda. Illustrate this effect on your PPF map.
The PPF illustrates the principles of constrained choice, opportunity cost, and scarcity. Consider a PPF below for motorcycles and hybrid cars. D Motorcydes According to Figure above, as the economy moves from Point A to Point B, the opportunity cost of motorcycles, measured in terms of hybrid cars, increases. initially increases, then decreases. one decreases. remains constant. Hybrid cars