Answered: Use a production possibilities frontier…

Business

Economics

Use a production possibilities frontier to describe the idea of trade-off.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 10SQ

See similar textbooks

Similar questions

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.
Let's say PPF in the diagram to the right is for the year 2022 — How can we shift out the frontier for 2023 to be able to produce more of both goods? Question 11 options: A) Increase the amount of land, labor, capital and entrepreneurship we have — the factors of production B) Increase the amount of technology we have — new inventions and innovations C) Both of the above will help.
Q1: The following schedule shows the combination of the total production of Aerospace production (Rockets) and agricultural production (Rice) in a specific country, assuming full use of economic resources: Possibility Rockets Production (X Axis) Rice Production (Y Axis) A 14 0 B 12 3 C 9 6 D 5 9 E 0 12 Answer the following questions: Which points on the graph are attainable and efficient? (Why) What is the opportunity cost of moving from point B to C? (the opportunity cost of …………………… is …………………) 3. If the country had a loan from the world-bank and directed the loan to increase the agricultural production, show graphically how the PPF will change?
Two countries, Lambdastan and Kappastan, have identical PPFs. Their production possibilities frontiers are illustrated below. Kappastan produces at point K on its frontier, and Lambdastan produces at point L on its frontier. Which country will grow faster in the future? Explain verbally. Draw Kappastan's new PPF and Lambdastan's new PPF. Capital goods (millions per year) Consumption goods (millions per year)
a) Why is the PPF curve bowed outward. Is it due to increasing opportunity cost or decreasing opportunity cost or constant opportunity cost Type and answer using only one of the underlined words above b) What happens to the PPF curve during a recession? Will it shift inward or outward or remains constant Type and answer using only one of the underlined words above c) Suppose a technology is banned due to its adverse environmental impacts. Would the production possibilty curve shift inward or outward or remain constant due to this Type and answer using only one of the underlined words above d) How will a policy encouraging more immigration would shift the production possibility forntier. It will shift inward or outward or remain constant Type and answer using only one of the underlined words above
Vega and Sentra are two countries that both produce chicken and vegetables. In Vega each worker in a one-hour period can produce either 9.05 pounds of chicken or 5.76 pounds of vegetables. In Sentra each worker in a one-hour period can produce either 25.49 pounds of chicken or 8.17 pounds of vegetables. Suppose both countries have constant opportunity cost of production and decide to specialize and exchange. The country that specializes in vegetables is willing to sell 19 pounds of vegetables for at least pounds of chicken. Enter a numerical value, rounded to two decimal places.
Gives explanation correctly
Meanwhile, in the country of Portugal, wool and wine can also be produced according to a linear PPF. However, when all resources are devoted to production of wine, Portugal can produce 100 barrels, but when all resources are devoted to wool production, portugal can produce 50 bushels. What are the opportunity costs in Portugal of producing a barrel of wine?
Take an example of a two-goods economy and explain the concept of opportunity cost with the help of the Production possibility curve (PPC). Also, draw a PPC and explain why any combination outside the PPC is not possible. (The two-goods : cotton- oil ) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Question 3 The US and France each have 100 hours of Jabor to allocate between producing cheese and bread, With 1 Jabor hour, the US can produce either 100 Joaves of bread, or 1 wheel of cheese. With 1 labor hour, France can produce either 400 loaves of bread, or 2 wheels of cheese. Suppose the countries jointly decide to produce a combined amount of 200 wheels of cheese. What is the maximum amount of bread they can jointly produce? Answers: 20000 Joaves 40000 loaves O Joaves 10000 loaves
How would each of the following events affect a country's production possibilities frontier? A shift outward means the potential to produce even more goods. A shift inward means society now has less potential to produce goods. •[OUTWARD or INWARD] The quality of education increases •[OUTWARD or INWARD] A devastating earthquake destroys numerous production facilities. •[OUTWARD or INWARD] The U.S. Congress passes a law that allows more work visas to be issued to foreigners with specialized technical skills. Question 12 options: A) in order: INWARD, OUTWARD, OUTWARD B) in order: INWARD, INWARD, INWARD C) in order: OUTWARD, OUTWARD, INWARD D) in order: OUTWARD, INWARD, OUTWARD
Suppose that in the country of England, two goods can be produced on available agricultural land: wine and wool. Suppose that the opportunity costs of production are constant, so that the PPF is a straight line. Further, when all resources are devoted to wine production, England can produce 200 (thousand) barrels. When all resources are devoted to wool production, England can produce 400 (thousand) bushels of wool. What are the opportunity costs in England of producing a barrel of wine? Type your numeric answer and submit