What is allocative efficiency and how does it relate to the PPC

Q: In the economy of Libro, when 7 million yoga mats are produced each year, the citizens of Libro are…

A: The increased pleasure derived from completing an additional unit of an activity is known as a…

Q: Refer to the figure at right. Which allocation is efficient? OA. A and B OB. B and C OC. C and D OD.…

A: The Edgeworth box is a graphical tool used in economics to analyze the allocation of resources…

Q: 1. Draw a curve to show the PPF for retailing before the Internet is available Label it. 2. Draw a…

A: The Production Possibility Frontier (PPF) is a graphical representation that illustrates the…

Q: Draw a correctly labeled steel market. Assume that the government passes strict pollution…

A: The market equilibrium(E) is achieved through the price(P) mechanism. Prices(P) adjust to bring…

Q: Graphically demonstrate how the following economic events influence (ceteris paribus) the…

A: As the existing firms are making strong profits in the market, it attracts new firms who start…

Q: In what direction does the supply curve shift when technology is improved? Draw this curve.

A: Technology is an important determinant of supply. When technology is discovered, it reduces many of…

Q: differences between goods and services?? for economics

A: In economics, products and services are sometimes used interchangeably. Customers are supplied these…

Q: In a village, Lou and Lisa are the only people who buy haircuts.   When the price is $15.00, Lisa…

A: Demand is the quantity of an item or service that consumers buy at various prices during a specific…

Q: The figure shows the market for new homes at the end of 2022. Virtually everyone requires a…

A: Allocative efficiency is a state of the economy in which production represents consumer preferences.…

Q: Briefly explain how an economy could shift production from an inefficient point of production (such…

A: The Production Possibility Frontier (PPF) refers to a graphical representation of the different…

Q: Hubert and Kate are farmers. Each one owns a 20-acre plot of land. The following table shows the…

A: Answer in step 2.

Q: What do I have to do here?

A: The production possibilities frontier shows different combinations of two goods that can be produced…

Q: Represent the supply of housing on a graph under two scenarios. First - an 'anything goe scenario in…

A: The equilibrium is the established where the demand and supply are equal. The change in the demand…

Q: Consider the market for beef burger patties (the meat in hamburgers). Leather is made from the skin…

A: "As per our policy, only the first question will be answered. Kindly repost the question with the…

Q: Demand, Supply and Equilibrium  Draw curves that represent the following relationship  a. The cost…

A: As cost or price increases, demand declines, ceteris paribus. This is in parity with the Law of…

Q: Are allocations methods more or less efficient than other methods?

A: There are different methods adopted for different goods for the allocation of resources. Some of…

Q: Sara and Zoe are the only people in an economy. The following data tells you about their purchases…

A: Demand is the desire of an individual ability and willingness to pay for a product. The demand is…

Q: Suppose that Russia produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. Suppose…

A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…

Q: San Jose Mercury News, March 31, 2020: "As classes go online, students want Stanford to lower…

A: The explanation for whether the students must be given discounts or not is as follows:-

Q: Tim and Alyssa are farmers. Each one owns a 20-acre plot of land. The following table shows the…

A: Given,   Alfalfa Barley   (Bushels per acre) Tim 20 4 Alyssa 28 7

Q: Use the graph input tool to help you answer the following questions. You will not be graded on any…

A: Demand Factor Value Average American household income $40,000 per year Roundtrip airfare…

Q: What is the difference between “define contribution” and “define benefit”?

A: There are different terms used to define different situation of economic and business related…

Q: In the above figure, which of the following is TRUE regarding the movements from point A to B and…

A: Production possibility frontier shows the different combinations of two commodities that are…

Q: Suppose you observed that the consumption of organges increased sharply last year, however thet…

A:

Q: Homework (Ch 03) Attempts: Keep the Highest: 3/4 2. Gains from trade Consider two neighboring island…

A: Opportunity Cost refers to the  next best alternative of production foregone for producing a…

Q: According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" answer the…

A: The opportunity cost is the cost of producing one good in terms of sacrifice of the production of…

Q: The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in…

A: The graph shows the Marginal Benefit (MB) and Marginal Cost (MC) curves for baseballs in an economy.

Q: In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is…

A: Answer 1 In the market, the equilibrium price is $25 and the equilibrium quantity of oranges is 250.…

Q: Hello, I would like help in this graph. Thanks

A: The PPF can be illustrating as follows:

Q: Kevin and Maria are farmers. Each one owns a 20-acre plot of land. The following table shows the…

A: Each of them owns 20 acres of land. Kevin can produce either 40*20 =800 bushels of Alfalfa or 8*20…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.