Step 1: Draw a production possibilities frontier (PPF) for this economy. Label blueberries on the vertical axis and batteries on the horizontal axis. Label one point that is "efficient", one point that is "inefficient", and one point that is "unattainable".
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- What is meant by produce outside ppf and produce inside ppfmicroeconomics help.A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals. What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer. What happens to the PPF? Explain. Choose: PPF shifts outwards Produce inside PPF Produce outside PPF Increased production given resources Increase in resources PPF shifts inwards Unused Resources
- Classify the below statements as positive or normative statements: • Canada and Japan account for sizeable portions of the other's exports. • The free trade deal reduces tariffs between the two countries and provides increased access to consumer markets for exporters. Canada and Japan should seek other methods of increasing trade. • The free trade deal between Canada and Japan increases the overall economic well-being (economic surplus) of both countries.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?What does a point inside the production possibilities frontier (PPF) represent? A. An efficient allocation of resources B. An underutilization of resources C. A technologically advanced production point D. An unattainable production level given current resources
- Farm-A and Farm-B grow the following amounts of potatoes and cabbage in their famrs: Farm-A takes one week to produce 101 units of potatoes and 207 units of cabbages Farm-B takes one week to produce 127 units of potatoes and 169 units of cabbages a) What is the opportunity cost of Farm-A to produce 20 units if cabbages Give your answer in 2 decimal places b) What is the opportunity cost of Farm-B to produce 12 units of potatoes Give your answer in 2 decimal placesGraph A Graph B Graph C Graph D Which of the above 4 graphs best represents the change in the PPF if a tornado destroys part of the country?Consider an economy with two producers, Sidney and Connor. Each allocates 8 hours per day between the production of chocolate and bananas. Given 8 hours of labour, Sidney can produce 80kg of chocolate or 16kg of bananas. Connor can produce either 2kg of chocolate or 4kg of bananas per hour. B) Introducing Trade i) Suppose production capacity does not change. Do we expect there to be trade between Sidney and Connor? Why or why not? ii) What are the bounds on the price of bananas (in terms of chocolate) if there is trade? In other words, what range must the price of bananas fall within? iii) Assume a price of 4. In other words, 1kg of bananas cost 4kg of chocolate. Explain why trade is likely to make both Sidney and Connor better off in this case.
- Q. 4 The goal of this assignment is to think about the Productions Possibilities Frontier model and use it to describe a trade-off that you personally have experienced. You will have to identify two simultaneously produced economic outputs (goods, services, benefits, etc.) and the relationship between them. You will need to draw a graph and give information about the graph you made. Each point on the graph is a unique production point representing an amount of health care and military (H and M). We know that the set of production points possible is limited, given our limited resources in society. We can't have infinite amounts of H and M, so naturally, our representation of a productive economy must have a boundary where we have reached our productive capacity.Based off of these choices, which of the following are facts about the U.S. economy? Select all that apply. A. Chinese imports account for less than 20% of all imports into the United States. B. The standard of living in the United States (as measured by real GDP per person) is higher now than it was 50 years ago. C. Most of the goods Americans buy are made in China. D. Federal government jobs have grown rapidly over the past few decades.Draw the following graphs below depicting the following information: Graph 1: Trinbago's PPF Horizontal axis: Wine production Vertical axis: Motor vehicle production The PPF shows the trade-off between producing wine and motor vehicles in Trinbago. It slopes downward due to the opportunity cost of producing one good in terms of the other. Graph 2: Vincyland's PPF Horizontal axis: Wine production Vertical axis: Motor vehicle production The PPF shows the trade-off between producing wine and motor vehicles in Vincyland. It also slopes downward due to the opportunity cost. Graph 3: Comparative Advantage Horizontal axis: Wine production Vertical axis: Motor vehicle production The graph shows the production possibilities for Trinbago and Vincyland and illustrates their comparative advantage based on the slopes of their PPFs. Trinbago will have a comparative advantage in motor vehicle production, while Vincyland will have a comparative advantage in wine production. Graph 4: Trade…