Suppose there is an improvement in medical technology that enables more healthcare to be provided with the same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education?

Q: While serving as Chief Economist for the World Bank, the Neoclassical Economist, Lawrence Summers,…

A: Lawrence Summers' argument is based on the economic principle of cost-benefit analysis. He suggests…

Q: You got a leaf blower for free at a yard sale. You are thinking of using it to clean leaves in your…

A: opportunity cost is the cost of loss of one opportunity to choose the other alternative. In other…

Q: A switch to online delivery, increases access to education in the nation's colledges and…

A: The PPF (Production possibility frontier) indicates a probable mixture of two commodities produced…

Q: What would it take for a point beyond the PPF to ultimately become attainable? Name an important…

A: When resources are limited, the production possibility frontier is a graph that depicts the various…

Q: When will be the PPC curve be a straight line?

A: #PPC refers to the production possibility curve which shows the combination of two goods being…

Q: Which of this is a following is a normative statement: Select one: The correlation between the…

A: Normative statements are not true statements rather they are based on assumptions and value…

Q: 5. Economic growth and PPCs PPC₁ shows the current production possibilities curve (PPC) for the…

A: Production possibility frontier is a curve is a curve that displays the assortment of items that can…

Q: Which of the following is an example of a topic studied in microeconomics? The balance of trade of…

A: Microeconomics is a branch of economic behavior where micro-units or individual economic behavior is…

Q: Like a good economist, you calculated the cost of getting your college degree, including the…

A: As a prudent economist, considering the full cost of a college degree involves not only direct…

Q: Diagrams 1 and 2 below depict the production possibility frontier (PPF) for Rosie’s Bakery. Answer…

A: A curve that illustrates the maximum potential output that an economy can achieve by efficiently…

Q: Use the diagram below uploaded to answer the questions that follow.   (a) What change could cause…

A: In a market, producer engages in economic activities as a supply-side participant. He has to make…

Q: Question 4 John and Sotiris live on trees in two different forests. They each have eight hours to…

A: The production possibility frontier (PPF) depicts the various quantities of each product that may be…

Q: Shifts in production possibilities Suppose South Africa produces two types of goods:…

A: Production-possibility frontier (PPF):Production–possibility frontier or the PPF curve shows the…

Q: Some college students have claimed that because their incomes will be higher as a result of…

A: The opportunity cost is the benefits of next best alternative that is sacrificed. The attending…

Q: You have been working full time but think you would like to earn more money per hour in the future.…

A: For both $10 and $20,30 hours would be the opportunity cost in time.

Q: Three economic questions must be determined in all societies. What are they? What goods will be…

A: Three economic questions must be determined in all societies .what are they.

Q: Your answer has to be more than five(5) sentences for each question based on researched facts and…

A: The Production Possibility Curve (PPC) represents the different combinations of goods and services…

Q: List and discuss three of the better known normative standards income distribution.

A: The measure to which the authorities should transfer income from people with greater income to those…

Q: In the PPF below, if the economy moves from point A to point B, opportunity cost will A Hybrid cars…

A: The trade-off between the many options for creating two items is depicted using production…

Q: Identify the normative economic statement from the following: Due to failing home prices and rising…

A: Positive statement is that statement which is a fact. Whereas the normative statements revolves…

Q: What is the opportunity cost of increasing the time spent on physics from 80 to 100 percent? What is…

A: The opportunity cost is the time spent studying as well as the money that could have been spent…

Q: The following graph shows the production possibilities frontier (PPF) of an economy that produces…

A: Opportunity cost is the forgone profit that the producer would have gained if he had selected the…

Q: Mr Adam has 4 hours of free time (leisure) per day. Mr Adam has two leisure activities (hobbies) –…

A: Production possibility frontier (PPF) for Adam is a curve showing all the combinations of two…

Q: Economics can be defined as the study of how people, businesses, governments, and societies Make…

A: Economics can be defined as the study of how people, businesses, governments, and societies.

Q: Founded in 1975, the  Group of Seven (G7) is an inter-governmental political forum consisting of…

A: Group of Twenty, is a multilateral forum made up of 19 countries and the EU. It focuses on…

Q: Draw a PPF for butter and guns production. a.  Explain verbally and graphically the concept of “free…

A: PPF: production possibility frontier refers to the graphical representation of the combination of 2…

Q: Demonstrate the law of increasing costs with a PPF. Show and explain how it works.

A: An economy's maximum output combinations of 2 items, given its resources and technology, are…

Q: You won a free ticket to see a Bruce Springsteen concert (assume the ticket has no resale value). U2…

A: Opportunity cost is the value of next best alternative foregone.

Q: What is the importance of learning Economics to our present Political and Economical Conditions…

A: The importance of learning Economics to our present Political and Economical Conditions right now…

Q: Due to the pandemic, as economic activity for most countries decreases, what will be the impact on…

A: STEP:1 The production possibility frontier (PPF) shows the amount of two goods that can be produced…

Q: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a…

A: The economic approaches can be mainly studied under two categories- positive statements, that are…

Q: The financial costs of obtaining a college education include tuition and fees, textbooks, and for…

A: Opportunity cost is the forgone benefit from the next best alternative by choosing another…

Q: What is PPP, and why is it useful?

A: PPP refers to purchasing power parity.

Q: Explain what happens to the PPF when: Covid-19 increases the number of unemployed workers in a…

A: A PPF (Production Possibility Frontier) is a curve showing all possible combination of two goods…

Q: Assume you have a production possibilities frontier (PPF) bowed out from the origin with healthcare…

A: The Production Possibility Frontier is the locus point of all the different combinations of the two…

Q: Free Markets are a way of connecting people who may mutually benefit by exchanging goods and…

A: One potential problem that may stand up from a monetary policy solely based on the perception in…

Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.