Tirm save and be more competitive in the market. 7. Use the PPF below to answer the following questions: Pitchforks 24 22 20 DI 14 B A OT 10 30 50 90 110 Torches a. Label each point below as efficient, inefficient, or unattainable: A B inefficient efficient inefficient unattainable but efficient E efficient b. What is the output combination at point B? Torches Pitchforks c. If the economy produced only torches, how many could it produce? Anna Laczak d. Why can't the economy produce at point D? e. State one reason why the economy may be able to produce at point D in the future. f. If the economy shifts from point B to point E, what is its opportunity cost (include the quantity)? 31 hp

Tirm save and be more competitive in the market. 7. Use the PPF below to answer the following questions: Pitchforks 24 22 20 DI 14 B A OT 10 30 50 90 110 Torches a. Label each point below as efficient, inefficient, or unattainable: A B inefficient efficient inefficient unattainable but efficient E efficient b. What is the output combination at point B? Torches Pitchforks c. If the economy produced only torches, how many could it produce? Anna Laczak d. Why can't the economy produce at point D? e. State one reason why the economy may be able to produce at point D in the future. f. If the economy shifts from point B to point E, what is its opportunity cost (include the quantity)? 31 hp

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 8PA

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What is productive efficiency? Allocative efficiency?
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Wine Figure 2-1 .... Bread D Refer to Figure 2-1: Along the Possibilites Production Frontier, The most efficient point of Production depicted is Point B Point C Point D B, C, D are equally efficient
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If 10 million toy cars are sold. which means that: The production of toy cars is currently at an inefficient level, and to reach efficiency more should be produced. From the data given it is impossible to tell if toy cars are being produced at the efficient level. O The production of toy cars is currently at an inefficient level, and to reach efficiency less should be produced. The production of toy cars is currently at the efficient level. IF 30 million toy cars are sold, - vwhich means that: The production of toy cars is currently at an inefficient level, and to reach efficiency more should be produced. O From the data given it is impossible to tell if toy cars are being produced at the efficient level. The production of toy cars is currently at the efficient level. The production of toy cars is currently at an inefficient level, and to reach efficiency less should be produced. The optimal allocation of resources would result in the production of toy cars.
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Where does allocative efficiency occur? where the price of a good is equal to the marginal cost of producing it where the greatest quantity of output is available for sale 1S where the price of a good is greater than the marginal cost of producing it O where the price of a good is less than the marginal cost of producing it
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