Suppose Poland produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both smartphones and tablets. The shape of Poland's production possibilities frontier (PPF) should reflect the fact that as Poland produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone The following graphs show two possible PPFS for Poland's economy: a straightyline PPF (PPF1) and a bowed-out PPF (PPF2).
Q: Consider the Solow growth model with neither technological nor population change. The parameters of…
A: Given, Savings rate s : 0.3Depreciation rate δ : 0.08There is no technological or population…
Q: With the help of appropriate diagrams, explain how a tax can be used to reduce the consumption of a…
A: Tax are contribution to goverment which are levied on individual as well as or a firm which are…
Q: they did by lottery-for free. That left 53,000 New Yorkers without tickets. It was a scalper's…
A: *Answer: (a) At the church-set price of $0 per ticket, quantity demanded was 93,000 tickets while…
Q: Clarify why companies may need to use modes other than exporting to operate effectively in…
A: The modes other than exporting are: 1. Franchising and licensing 2. Strategic alliances 3.…
Q: He is planning to sell the wellington at 500 pesos for each incurring dire 150,000 pesos in the…
A: *Answer: Demand function is an inverse relation between price and quantity , whereas a supply…
Q: Problem Solving: Copy the questions and analyze the following demand problem. Emphasize the answers…
A: a) Supply Function shows the relationship between the quantity supplied and the price of the rice.…
Q: Table 2 summarizes John's Total Benefit from consumption of pizza per month (measured in dollars).…
A: Marginal benefits = It measures the change in the total benefits if consumer consumes one additional…
Q: uppose that the economy is summarized by the following: Technology (Production Function): Yt = 10…
A: Steady state is reached where the per capita variables no longer change. The per capita income,…
Q: Market for flat-screen TVs: Demand: Qd=2,600-5P Supply: Qs=-1000 +10P What would be the amount of…
A: A price ceiling or price floor distorts the market from equilibrium and leads to either deficit or…
Q: The blue curve on the following graph shows the height of an airplane over 10 minutes of flight. The…
A: Slope is the mathematical instrument used in various studies that measures the rate of change of a…
Q: It is often observed that when house prices are falling, houses remain on the market longer than…
A: The endowment effect depicts a situation in which an individual sets a higher value on an object…
Q: Real GDP in 2015 was SAR 12,247 billion. It was SAR13,206 billion in 2018. The population of Saudi…
A: That total monetary or market worth of all the finished goods and services produced within a…
Q: wers with a double rule. is one of countries which is considered as large producer of rice in Asia.…
A: *Answer:
Q: Explain the relationship between the current account balance given by exports (X) minus imports (M)…
A: Note:- Dear learner you have asked multiple questions, as per our policy we have solved only first…
Q: II. Graphing: Using the Total Production Frontier below, make a TPF graph with proper point and axis…
A: Total production frontier denotes the relationship between number of workers and total quantity…
Q: he answer to, "What goods are to be produced?" eals with: Owho gets the goods. Ohow tastes and…
A: we have to find following question " What goods are to be produced ".
Q: Required: i) Under a fixed exchange rate, a continuous increase in domestic credit will finally…
A:
Q: Table 1 below shows the different categories of money that make up Country A’s money supply. See…
A: DISCLAIMER “Since you have asked multiple questions, we will solve the first 3 subparts for you, as…
Q: Read the following statements carefully and state whether they are TRUE, FALSE or UNCERTAIN…
A: Economics helps to study the production, distribution and consumption of goods and services.
Q: Two firms sell differentiated products and compete in quantities. Inverse demand for the product of…
A: Introduction Oligopoly is a form of market where the existed number of firms is more than 2 and less…
Q: The following table shows the export price index for New Zealand’s merchandise exports to Australia…
A: Export Price Index is defined as the index which calculates the price of specific goods and services…
Q: John deposits $1,800 into his checking account. If the reserve ratio is 10%, what are the required…
A: When an individual puts his deposit into hie bank account, his money is further used by bank as an…
Q: What is the difference between book money and paper money?
A: Barter system is a demonstration of exchanging labor and products between at least two gatherings…
Q: Courtney Kamauf schedules production of a popular Rustic Coffee Table at Kamauf Enterprises, Inc.…
A: Manufacturing is the act of making or constructing commodities and services. The corporation…
Q: Comple and use the following table of information to answer the question below. e replicate the…
A: Cost formulas Total cost is the sum of total fixed cost and total variable cost. i.e., TC = TFC +…
Q: Consider a small open economy given by the following: Consumption Function: Ct = 17.2 + 0.7(Yd)t…
A: 1. In this case, IS curve is actually shows the investment and savings combination that means set of…
Q: Let the global demand q (in thousand-tonnes per day) for one partic- ular metal be related to the…
A: Given information: p = D(q) = 501-0.01q Where p is the price in thousand dollars per tonne q is…
Q: ) True or False: Speculators have got substantial influence on second-generation
A: Excessive borrowing of government or consistent deficit in the balance of payments leads to the…
Q: Explain why in the long run perfect competitive firms can only break even.
A: Perfect competition refers to the market where homogeneous products are produced. An individual firm…
Q: The equation P = -0.5(n-500) (n - 10) describes a company's profit, P based on how many units, n are…
A: Profit: P=-0.5(n-500)(n-10) Expanding the equation: P=-0.5(n2-10n-500n+5000) P=-0.5n2+5n+250n-2500…
Q: Explain what is meant by Human Capital and how it may be acquired. What are the implications of…
A: Human Capital includes education,knowledge, skills and health that human accumulate during their…
Q: When there are fixed costs and a constant marginal cost O a. The average variable cost function is…
A: The cost function shows the relationship between cost and output.
Q: If we assume that labor is the only variable input, the slope of the short run total product curve
A: Marginal Product of labour is defined as the increase in total production of the company when one…
Q: Find the interest on 6,800.00 for three years at 11% simple interest. A) P2,244.00 B) P9,044.00 C)…
A: The cost of borrowing money or the return on savings are both expressed as interest rates. It is…
Q: QUESTION 1 In the equilibrium small open-economy model, suppose that total factor productivity…
A: A small open economy happens in a country whose choices about how to direct its own economy will…
Q: Consider the steady state of the Solow model with population growth and technological progress. (a)…
A: Since the question you have posted consists of multiple parts, we will answer the first three parts…
Q: Great Depression. Suppose President Roosevelt's government had not launched the "New Deal" to help…
A: *Answer: Let us assume that initially economy is at E, Jevel. OYF is the level. of full-employment…
Q: Problem Solving: Copy the questions and analyze the following demand problem. Emphasize the answers…
A: Given Supply schedule At price P1 =2550, quantity supplied Q1=200 At price P2=2000, quantity…
Q: Critically discuss Rostow’s 5 stages of Growth theory and the criticism levelled against it? How can…
A: Rostow’s Growth Theory One of the most influential development theories of the 20th century is…
Q: Pricing at Montoya Steelworks Montoya Steelworks Montoya Steelworks is a fully integrated steel…
A: Monopoly is the market situation where a single seller or producer of a certain good exists in the…
Q: Josh is lost in the desert. He determines that he would pay $50 for a bottle of cold Gatorade. He…
A: Given: Price that Josh is willing to pay = $50 Consumer surplus that he realized (CS) = $47.25
Q: III. PROBLEM SOLVING: Lino Batumbakal is now exploring the option to start selling beef wellington.…
A:
Q: Given the production function y=( ip - Kp)1/p, what is the technical rate of substitution, the…
A: The production function shows the technical relationship between the given input and the achieved…
Q: Firms Markets for Goods and Services Markets for Factors of Production Based on this model,…
A: The circular-flow diagram is a graphical representation of the flows of goods/services and money…
Q: A high school social science teacher reads an article about a shopping mall that sits on the border…
A: s we know that in a market price of goods is determined by the market forces when government…
Q: Specialization can lead to an increase in the production of all goods only if Select one: O a. the…
A: Specialisation is defined as when any nation, any company or any individual to increase its…
Q: 6. Scarcity, opportunity cost, and marginal analysis Kevin is training for a triathlon, a timed race…
A: Trade-off refers to the balancing of factors, all of which are unattainable at the same point of…
Q: Quantity of D 10 8 2 02 4 Quantity of C Refer to the budget line shown in the diagram. The absolute…
A: Please find the answer below. SLOPE: The slope of a line is a measure of its steepness.
Q: asks the question "Consumer Lifetime Value (CLV) does it affect the value we put on consumption ?"
A: Customer lifetime value (CLV) is the sum of a customer's value to a company over the course of their…
Q: 3. Efficiency in the produ Suppose Germany produces only two goods: wheat and cars. The following…
A: A production possibilities frontier (PPF) depicts the combination of two goods that a nation can…
Step by step
Solved in 2 steps
- lexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer.b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer.c. Assume that Alexi works 20 hours per week in the business. Assuming Alexi is in business on his own, graph the possible combinations of street tacos and Cuban sandwiches that he could produce in a week. Do the same for Tony.d. If Alexi devoted half of his time (10 out of 20 hours) to making street tacos…1. The countries France and Italy produce Perfumes and Leather Coats using only labor as an input. AvailableLabor for France and Italy is 3000 and 1000 respectively. Unit of labor per Leather Coat in France is 6 units and inItaly are 2 units. France needs 2 units of labors to produce 1 bottle of Perfume and Italy needs 4 unit of labor. a) Draw the Production Possibility Curve by using relevant information. b) Which country has the comparative advantage in producing Perfume?The diagram shows Peter and Sam's possible outputs per week when they both perform the same jobs. Which of the following is true? TREES TRIMMED 40 10- Sam Peter 40 80 YARDS MOWED O Poter has a comparative advantage in performing both functions. O Peter performs yard-mowing services at a high opportunity cost than Sam O Sam can perform tree-trimming services at a lower opportunity cost than Peter. O Sam had neither an absolute nor a comparative advantage in performing either function O Peter has a comparative advantage in performing both functions.
- Potatoes (tons) 8 100 200 300 400 500 Sausages (tons) 400 350 300 a. If the two countries decided to combine their resources, what is the maximum amount of potatoes the two countries could produce? O 250 tons O 500 tons O 1,000 tons 750 tons 250 b. If the two countries decided to combine their resources, what is the maximum amount of sausages the two countries could produce? 200 Sausages (tons) 158 128 98 150 100 250 tons 350 tons c. If the two countries specialize and produce the good in which they have a comparative advantage. what is the maximum combination of potatoes and sausages they can produce together? 50 60 30 8 150 tons 750 tons O 750 tons of potatoes and 350 tons of sausages 500 tons of potatoes and 200 tons of sausages 650 tons of potatoes and 450 tons of sausages 250 tons of potatoes and 150 tons of sausages d. Using the three combined amounts of production, graph the combined production possibilities frontier for Ireland and Scotland. Instructions: Use the tool provided…Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…
- Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules Production Possibilities Schedules Geppetto Puzzles 80 64 48 32 16 0 Puppets 0 Geppetto: 10 20 30 40 50 Puzzles 50 40 30 20 10 8 puzzles and Lewis Puppets e Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles (Click to select)) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis puzzles and puppets 30 45 60 75 90 puppetsQUESTION 1 Pis Tim Pies Dave 10 The graphs above depict loe Cream loe Cream the amounts of ice cream and pies that Tim and Dave can make in a given weekend. Use this to answer the questions that follow. Suppose that currently Dave is producing 3 units of pies and 2 units of ice cream, while Tim is producing 5 units of pies and 3 units of ice cream. If they instead specialize based upon the principle of comparative advantage, what would be the change in the total number of pies and ice cream produced? O a. +5 pies and +3 ice cream O b. +2 pies and +1 ice cream O c. +2 pies and no change in ice cream O d. +1 pie and +2 ice cream QUESTION 2Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Lewis Puzzles Puppets Puzzles Puppets 90 75 10 8 60 15 12 16 45 20 8 24 30 25 32 40 030 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Puzzles: (Click to select) Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet. How many puzzles and puppets will each one have after they complete their trade? Lewis: puzzles and puppets Geppetto: puzzles and puppets
- Macmillan Learn Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 40 35 30 25 20 15 10 Incorrect 5 O 0 5 10 15 20 25 30 Computer Chips 35 40 Ned's PPP 45 50 What is the opportunity cost of potato chip production in terms of computer chips? 4/3 0 0 0 1/2 50 25 2 3/4SMARTPHONES (Millions) 40 20 0 PPF 0 40 60 CORN (Millions of bushels) Which of the following is true regarding this economic model? O In order to construct such a model, an economist would need real life data regarding countries that produce only two goods. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. O This PPF is not an economic model. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. 20 80 100Draw the production possibilities frontier on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis Annual Production of Y Annual Production of X 0 20 45 60 70 75 1300 1200 900 6:00 350 0 b. If the economy is producing 45 units of X and 900 units of Y, what is the opportunity cost of producing an extra 15 units of X. Show on graph. C. If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of X. Show on graph.