What does a production possibilities graph show in economics?         how many items can be produced in a specific amount of time         possible production costs         one's final choice         one's top two choices when making a decision

Q: 12. Assume that a water distribution monopoly serves two consumer types, industrial and residential.…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: What are the benefits of considering the economic decisions?

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: give three examples of important tradeoffs that you face in your life

A: The examples of some important tradeoffs that I will face in life will be : 1) if I want to go to…

Q: you must make decision for one choice, could you discuss what economic principles or concepts that…

A: Consumers' preferences of goods and services are at the heart of economics. Market forces decide the…

Q: how do you deal with opportunity cost

A: Opportunity cost is the cost or value of the next best alternative which an individual foregoes to…

Q: how does scarcity affect enconomic decisions?

A: Scarcity implies that the demand for a good or service is more prominent than the accessibility of…

Q: A student decision about how to allocate his time between studying two subjects ?

A: A student is an individual.

Q: How do you evaluate your opportunity cost in terms of the alternative decisions that you have to…

A: Oportunity cost is the following best elective which we have renounced because of purpose of present…

Q: What are the decisions that people have usually made that incurred opportunity costs?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: Which of the following is false in the dynamic AS-AD model? An increase in the natural level of…

A: AS-AD model: It refers to a model under which the economy can measure the national income with the…

Q: 5. Suppose that Inflation and Unemployment interaction is modeled by p=a-T-BU + gn dл dt du dt -=j…

A: Given: p = a − T − ßU + gπ dπ/dt = j(p − π) dU/dt = −k(m − p) g = 1, j = 1, ß = 1, k = 5, m = 1

Q: hich university you want to get admitted to you must have looked for information and then came to a…

A: Decision:The action or method of deciding for something; determination, as of an issue or doubt…

Q: Why should the economic decision be based on the objective of making the best use of limited…

A: Economic decisions are the decisions by economic agents in order to sort out problems related to…

Q: W hen Jacques Papillon was appointed marketing manager for Argent Tobacco, one of the first things…

A: The key points there that are important to analyze as a decision-maker are: As a decision maker ,…

Q: Suppose the production function for widgets is given by: Q = KL - 0.8K² - 0.2L² where Q represents…

A: Answer: Given, Production function: Q=KL-0.8K2-0.2L2 (a). Average product of labor (APL): APL refers…

Q: What makes Economic Decisions different from other Design Decisions?

A: The engineering economic decisions are investment decisions that are related to engineering…

Q: Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20…

A: Given; Total amount of money he had= $30 Movie cost for both he and his friend= $20 Price of shirt=…

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

Q: Describe the Rational Decision making Process?

A: Rational decision-making is a multi-stage process in which alternatives are selected. The objective…

Q: What do opportunity costs represent?

A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…

Q: How does the scarcity of resources affect the firm’s decision making? Justify your answer through…

A: One of the core principles of economics is scarcity.It indicates that there is a gap between the…

Q: 1. The Following data is given for the period 1999-2003 Interest rate Inflation i TT 1999 4.7 4.4…

A: A multiple regression equation describes the combined effect of all the predictors in the model.…

Q: Getting Employees to Work in the Firm's Best Interests In the late 1990s, a large auction house,…

A: Given the information in the question;    The key points that are important to analyze as a…

Q: Explain what is meant by opportunity cost of choice

A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…

Q: Discuss the principles of individual decision making with examples

A: People continuously make decisions. Their behavior determines the behavior of the economy as the…

Q: Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…