Suppose the fictional country of Katmai produces two types of goods: agricultural and capital. The following diagram shows its current productionpossibilities frontier for millet, an agricultural good, and microprocessors, a capital good.Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers.Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points willsnap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.MICROPROCESSORS (Thousands)18015012090603030o70770140PPF210280350420MILLET (Millions of bushels)PPF

First, understand that the production possibilities frontier (PPF) reflects the possible production…

Answered: Suppose the fictional country of Katmai…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

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Suppose the United Kingdom produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and airplanes, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 360 300 PPF 240 180 PLANES (Thousands) C
Suppose Ireland produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a long drought that reduces the amount of water available for farmers to use for irrigation. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 120 100 PPF 80 20 PPE 60 120 180 240 300 360 CORN (Millions of bushels) INDUSTRIAL ROBOTS (Thousands)
Q. 1
Not a previously graded question. Suppose the fictional country of Katmai produces only two goods: millet and microprocessors. The following graph plots Katmai's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply.
In the Heckscher Ohlin two good (food and cloth), two factor (capital and labour) model suppose that the following information is given: The economy has 6,000 units of capital and 4,000 units of labour. Also, Producing one yard of cloth requires a combination of 4 labour-hours and 4 machine-hours. The production of one unit of food requires 2 labour-hour and 6 machine-hour. There is no possibility of substitution labour for capital. Write out the resource constraint equation for (a) capital (b) labour (c) What can you say about the shape and characteristics of the PPF? (d) Draw the PPF of this economy and explain what is going on.
am. 125.
None
The production possibilities frontier (PPF) for Honduras and Brazil, representing hypothetical levels of production, are shown in the graphs. Assume that, without trade, each country is initially producing and consuming at point A on its PPF curve. Suppose these countries decide to trade. Each country will specialize in the production of the good for which it has a comparative advantage. Assume the countries agree to trade. The terms of trade are 6000 tons of bananas for 4000 tons of steel. Move the post‑trade consumption point for each country to reflect their post‑trade consumption. Which good will each country produce? Honduras will produce bananas and Brazil will produce steel. Brazil will produce both bananas and steel. Honduras will produce both bananas and steel. Honduras will produce steel and Brazil will produce bananas.
Assume there are only two goods in the world: pizza and electric fans. Draw a production possibility frontier (PPF) illustrating the trade-off between the two (specific numbers are not needed – we are only looking for the basic shape of the PPF). On the same graph, draw new frontiers showing 1) what happens if a major plague reduced worldwide population significantly, and 2) if a machine is invented which doubles the number of fans that can be made in a day (but is irrelevant in the production of pizza).
Country X does not allow imports of clothing. In its equilibrium without trade, a sweater costs $20 and the equilibrium quantity is 3 million sweaters. One day, the president decides to open the market to international trade. The market price of a sweater falls to the world price of $16. The number of sweaters consumed in Country X rises to 4 million, while the number of sweaters produced declines to 1 million. a) illustrate in a graph the situation just described. Your graph should show all the numbers. b) Calculate the change in consumer surplus, producer surplus, and total surplus that results from opening up trade.
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