Part II. State three reasons for the PPF to shift to the right or left.Describe the circular flow of income and expendituresWhy do you think the PPF of the Philippines will possibly shift to the left?Compare the points inside the PPF and outside the PPFGive four examples of normative and positive statementsHow can you apply the principle of opportunity cost in your study? Please give an exampleDo you think the 24-hour store follow the marginal benefit principles? Why or why notIf the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs.Give an example of positive externality.Explain one factor that determines demandDifferentiate between the consumer and producer surplusWhat information does the demand function convey?What is the information does the point of intersection between demand and supply curve convey?Give at least three conditions for the demand to shift to the right or left.Give an example for the supply curve to shift to the right or leftPlease state the law of supply and give an exampleHow can the elasticity of demand help in pricing strategy?If you are selling a product with inelastic demand will you increase the price? Why or why notPresently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods.If you are selling sports car how can the information on the income elasticity help you sell your product.There was a new store that opened besides your store if the cross elasticity for both of you is positive. Is it advisable to reduce your price? Why or why notIf the government decide to increase taxes on sugar, who do you think will carry the burden of taxation? Please justify your answerConsumers are attracted with products that offer discounts on price, buy-one-take-one scheme and goods with freebies. Why?What is the difference between total utility and marginal utility?What does a negative marginal utility means? Why does it happen?Describe the consumption pattern of the consumer based on the table below unitMU/P (sundae)MU/P fries1st872nd353rd10 Describe the concept of the marginal rate of technical substitutionDifferentiate the isocost from the isoquantWhy is the point of isoquant tangent to the isocost called the optimal combination?Why is the TFC a horizontal line?Describe the behaviour of the ATC in relation to MCWhat is the definite rule to maximize profit?If your price is greater than MC (P>MC) will you continue increasing your production? ExplainWhen the TC = TR can you say that you are breakeven or not? Why or why notYou are operating in a perfect market are you are price taker? Why?

Production possibility frontier illustrates the combinations of quantity of two goods that can be…

Answered: State three reasons for the PPF to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Concept explainers

Question

Part II.

State three reasons for the PPF to shift to the right or left.
Describe the circular flow of income and expenditures
Why do you think the PPF of the Philippines will possibly shift to the left?
Compare the points inside the PPF and outside the PPF
Give four examples of normative and positive statements
How can you apply the principle of opportunity cost in your study? Please give an example
Do you think the 24-hour store follow the marginal benefit principles? Why or why not
If the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs.
Give an example of positive externality.
Explain one factor that determines demand
Differentiate between the consumer and producer surplus
What information does the demand function convey?
What is the information does the point of intersection between demand and supply curve convey?
Give at least three conditions for the demand to shift to the right or left.
Give an example for the supply curve to shift to the right or left
Please state the law of supply and give an example
How can the elasticity of demand help in pricing strategy?
If you are selling a product with inelastic demand will you increase the price? Why or why not
Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods.
If you are selling sports car how can the information on the income elasticity help you sell your product.
There was a new store that opened besides your store if the cross elasticity for both of you is positive. Is it advisable to reduce your price? Why or why not
If the government decide to increase taxes on sugar, who do you think will carry the burden of taxation? Please justify your answer
Consumers are attracted with products that offer discounts on price, buy-one-take-one scheme and goods with freebies. Why?
What is the difference between total utility and marginal utility?
What does a negative marginal utility means? Why does it happen?
Describe the consumption pattern of the consumer based on the table below

unit	MU/P (sundae)	MU/P fries
1st	8	7
2nd	3	5
3rd	1	0

Describe the concept of the marginal rate of technical substitution
Differentiate the isocost from the isoquant
Why is the point of isoquant tangent to the isocost called the optimal combination?
Why is the TFC a horizontal line?
Describe the behaviour of the ATC in relation to MC
What is the definite rule to maximize profit?
If your price is greater than MC (P>MC) will you continue increasing your production? Explain
When the TC = TR can you say that you are breakeven or not? Why or why not
You are operating in a perfect market are you are price taker? Why?

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.