The shape of Ireland's production possibilities frontier (PPF) should reflect the fact that as Ireland produces more cars and fewer trucks, the opportunity cost of producing each additional car_ The following graphs show two possible PPFS for Ireland's economy: a straight-line PPF (PPF1) and a PPF that is bowed-outward (PPF 2). TRUCKS PPF₁ 1 Graph 1 CARS (?) TRUCKS PPF₂ Graph 2 CARS ased on the previous description, the tradeoff Ireland faces between producing cars and trucks is best represented by ?

The shape of Ireland's production possibilities frontier (PPF) should reflect the fact that as Ireland produces more cars and fewer trucks, the opportunity cost of producing each additional car_ The following graphs show two possible PPFS for Ireland's economy: a straight-line PPF (PPF1) and a PPF that is bowed-outward (PPF 2). TRUCKS PPF₁ 1 Graph 1 CARS (?) TRUCKS PPF₂ Graph 2 CARS ased on the previous description, the tradeoff Ireland faces between producing cars and trucks is best represented by ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Not sure where to adjust the ppf
Suppose the fictional country of Everglades produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and electric scooters, 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 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. PPF0701402102803504201801501209060300ELECTRIC SCOOTERS (Thousands)MILLET (Millions of bushels) PPF
Give a specific example of what would cause the PPF to shift outward. Give a specific example of what would cause an economy to move from a point inside the PPF to a point on the PPF.
Andrew and Beth are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Andrew 18 6. Beth 28 7
If Francois spends all of his time cooking, he is able to cook 40 hamburgers or 60 hotdogs an hour. What is his opportunity cost of cooking 1 hamburger? ____ hotdogs What is his opportunity cost of cooking 1 hotdog?_____ hamburgers
CAPITAL GOODS PPC₂ PPG CONSUMER GOODS Suppose that this year, the economy is operating at point A, but then an earthquake destroys more capital than is being produced during the year. On the following graph, the PPC that best describes the Wilshire economy next year is (Note: PPC and PPC, are the same as on the previous graph.)
Consider Economia, a nation that produces only clothes and food. On their straight-line PPF, food is measured on the horizontal axis and clothes are measured on the vertical axis. If Economia produces no food, it can produce 1200 units of clothing; if it produces no clothing, it can produce 4800 units of food. Calculate the slope of the nation's PPF. Economia would like to produce one more unit of food. To do so, it must sacrifice how many units of clothing?
13. Assuming the PPF is shifting from PPFo to PPFn, which of the following explains the cause or causes of the economic growth depicted in this Figure? a) This Figure represents growth due to an increase in resources and/or improvement in technology that are specific to the production of X. b) This Figure represents growth due to an increase in resources and/or improvement in technology that are specific to the production of Y. c) This Figure represents growth due to an increase in resources and/or improvement in technology that are not specific to either product. d) This Figure represents growth due to an increase in specialization.
CAPITAL GOODS Use the diagram below to answer the questions that follow. M. CONSUMER GOODS (a) What change could cause the PPF to shift from the original curve (HJ) to the new curve (MN)? (b) Under what conditions might an economy be operating at point Z? (c) Why might a government implement a policy to mnove the economy from Point V to Point W? Question 3 F7 PrtSc Insert 88 F10 F11 6 F12 & 9- 7.
Give a definition of an advance in technology. Suppose that you are drawing a PPF for civilian goods and military goods, describe the effect on the PPF of an advance in technology in both civilian goods and military goods. How would the impact on the PPF be different if the technological improvement only helped in the production of military goods, but not civilian goods?
Q3. Under What circumstances the PPF would shift outward?
Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. Draw julias daily PPC What is the opportunity cost to each of making one loaf of bread? Martha's opportunity cost of making a loaf of bread muffins Julia's opportunity cost of making a loaf of bread muffins What is the opportunity cost to each of making one muffin? Martha's opportunity cost of making a muffin loaves of bread Julia's opportunity cost of making a muffin loaves of bread Who has the comparative advantage in making bread? Julia Martha Neither Who has the absolute advantage in making bread? Neither Martha Julia Suppose you are the owner of the bakery. If Julia and Martha are currently both spending all of their time making muffins, then which of them should you ask to start making bread?…