**Production Possibility Frontier (PPF) Problem**The four people listed below are the only workers in an economy that operates 10 hours per day and only produces two products: basketballs and apple pies.The table below provides the production rates for each worker:| Worker | Basketballs Per Hour | Apple Pies Per Hour ||---------|----------------------|--------------------|| LeBron | 5 | 1 || Anthony | 6 | 4 || Rajon | 2 | 4 || Alex | 3 | 3 |**Question:**If the x-axis on the PPF is apple pies, and the y-axis is basketballs, what is the PPF curve's intercept on the basketball axis?- a. (160, 0)- b. (0, 160) **(Correct Answer)**- c. (0, 12)- d. (120, 0)**Explanation:**To determine the intercept on the basketball axis, calculate the maximum number of basketballs that can be produced if all resources are dedicated to basketball production. The correct answer is point b, indicating that the maximum is achieved when all workers produce only basketballs.

Production possibility frontier (PPF) curve shows the different possible combination of two goods…

The four people listed below are the only workers Ih. Use the table below and the questions below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Pies Per Hour 1 5. LeBron 4 Anthony 2 4 Rajon 3. Alex If the x-axis on the PPF is apple pies, and the y-axis on the PPF is basketballs, what Is the PPF curve's intercept on the basketball axis? O a (160, 0) O b (0, 160) O c (0, 12) (120, 0)

The four people listed below are the only workers Ih. Use the table below and the questions below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Pies Per Hour 1 5. LeBron 4 Anthony 2 4 Rajon 3. Alex If the x-axis on the PPF is apple pies, and the y-axis on the PPF is basketballs, what Is the PPF curve's intercept on the basketball axis? O a (160, 0) O b (0, 160) O c (0, 12) (120, 0)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The accompanying graph contains the production possibilities frontier (PPF) for Rubberland. Rubberland only makes two products, rubber band balls and rubber hoses, and on a given day can produce according to the PPF in the graph. Point A on the PPF represents the combination of the two goods Rubberland currently produces. When a new method of rubber processing is discovered, the productivity of all Rubberland's inputs increases. Please shift the PPF to show this change. Assume that Rubberland does not make more rubber band balls than they originally made at point A but still maximize their productive capabilities. Move point A to their new production point. How many more rubber hoses do they now produce per day than before?
The four people listed below are the only workers In an economy that works 10 hours per day and only produces two products. Use the table below and the questions below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Pies Per Hour LeBron 1 Anthony 6. Rajon Alex X-axis - pies Y-axis - basketballs Who is the only economic actor in this economy that does not have an efficiency bonus due to a product specialization? Rajon LeBron Anthony O d Alex 443
The four people listed below are the only workers in an economy that works 10 hours per day and only produces two products. Use the table below and the questlons below to construct a PPF that displays the maximum efficlent production. Basketballs Per Hour Apple Pies Per Hour LeBron 1 Anthony Rajon Alex 3 X-axis - ples Y-axis - basketballs Point (110, 70) lies on the PPF. Use it along with the intercepts and the answer the Question 4 to plot the PPF curve. Then, locate the polnt (90, 100). What is true about that point's location, relative to the PPF? It lies to the left of the PPF, which means that the economy is operating at less than peak efficiency. It also lies on the PPF, which means that this is a possible combination of basketballs and apple pies that can be achieved with this current configuration of the economy. It lies to the right of the PPF, which means that the economy needs to grow in order to produce this combination of basketballs and apple pies. O b 4 4 623
What does efficiency mean according to the PPF model?
1)What does the law of increasing opportunity cost?2) Does the law of increasing opportunity cost apply for the Production Possibilities Frontier in the case of Rabbits and Berries?3) If the opportunity cost of Rabbits with respect to Berries (and/or vice versa) was constant, what would the PPF look like?
4. a. Suppose that you are on a deserted island and can produce either 32 tons of coconuts OR 16 tons of pineapples. Draw the PPF representing this situation. Assume that coconuts are on the x-axis. Also assume that the PPF is linear. Clearly label your graph. b. For each of the following combinations say whether they are attainable (feasible) or unattainable (infeasible), based on the above information. If they are feasible, say whether they are efficient or inefficient. Also, label the three points on the graph above. (i) 8 tons of coconuts and 12 tons of pineapples: (ii) 16 tons of coconuts and 3 tons of pineapples:
On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye Nick 12 3 Rosa 15 5 (ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye. Nick's opportunity cost of producing 1 bushel of rye is__________bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a comparative advantage in the…
Use the following Production Possibilities Graph to explain the concepts of scarcity, choice, and opportunity cost and how they relate to decision making. Be sure to specify how the PPF graph inllustrates each concept and include numerical values. Butter | 3 25 == 05 15 10 == 1.5 0.0 1.6 Guns 0 2 3 4 Butter 20 12 ● 20 18 16 14 12 4 2 0 Guns (Protective Goods) vs Butter (Consumer Goods) (In billions of metric tons) 1 2 Guns 3
Graphically show William's production possibilities frontier. Debate should be on the vertical axis. Label four points on the graph: (A) a point inside the PPF; (B) a point on the PPF where debate is more valued than studying; (C) a point on the PPF where studying is more valued than debate; (D) a point outside the PPF. Explain the effects of an economy at point A Explain the effects of an economy at point B Explain the effects of an economy at point C Explain the effects of an economy at point at point D (assume that nothing in our economy changes) Does our PPF experience the law of increasing opportunity cost? How do we know? Under what conditions can we have a linear PPF rather than a "bowed-out" PPF? Sketch a PPF that experiences increasing opportunity cost and a PPF that experiences constant opportunity cost.
show graph for pizzas and shoes
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