Q: Explain the following economic concepts with a PPF a) Scarcity b) Economic Inefficiency c)…
A: The production possibility curve shows the combination of two goods that the economy can produce…
Q: Use your own example to explain the reason why, in the real world, business firms and societies face…
A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…
Q: Using the concept of production possibility curve, explain how it can be used to show the…
A: Production possibility curve is a frontier which shows combinations of two goods which an economy or…
Q: A point inside a production possibilities frontier?
A: Production Possibility Frontier: It refers to the graphical representation of various possible…
Q: Which of the following are examples of opportunity cost? (please choose all the answers that are…
A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…
Q: What does the principle of increasing marginal opportunity costs mean
A: Opportunity cost represents the financial cost of the economy regarding a business in making…
Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…
A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…
Q: Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30…
A: The opportunity cost refers to the given up benefits to obtain some other benefits.
Q: Define opportunity cost in three (3) words/phrases and explain why
A: Opportunity cost is forgone best alternative choice.
Q: What is economic
A: Economic is divided into two major discipline that is microeconomics and macroeconomics. Here,…
Q: explain na link between scarcity and opportunity cost
A: Scarcity refers to the limited availability of scarce resources than the required level. Opportunity…
Q: What is Bill's opportunity cost for a pound of berries? Enter a value without commas, symbols or…
A: Opportunity cost in general terms can be understood as the benefits of a good or commodity lost due…
Q: Although attending college is expensive, time-consuming, and requires effort, but people decide to…
A: According to the ration consumer theory, when the marginal benefit (MB) gained from consuming…
Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…
A: Capitalist economy: It is an economic framework where private people or organizations own capital…
Q: The graph below shows the production possibilities of country Scopia which can produce only Give…
A: The given production possibility curve shows the production of tablets and books in country S. When…
Q: Tom's opportunity cost of mowing lawns in terms of trimming bushes is trimmed bushes per mowed lawn.…
A: Tom's PPF is a straight line. PPF is a straight line because the opportunity cost is constant. If…
Q: Use a production possibilities frontier to describe the idea of "efficiency"?
A: Production is efficient if it is produced at production possibility curve.
Q: s this an example of opportunity cost? “To begin, I began selling prints of my pictures in 2019…
A: The cost or value of the next alternative which is best being given up is known as the cost of…
Q: From Opportunity cost point of view. Although attending college is expensive, time-consuming, and…
A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…
Q: Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this…
A: Opportunity cost is the given-up quantities of one good for the additional unit of the other…
Q: imothy quits his job, which pays him $96600 a year to enroll in a 4 years graduate program. His…
A: Opportunity cost (OC) is the forgone benefit that will have been derived by an option not chosen .OC…
Q: if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card what is…
A: Opportunity cost refers to the cost of the next-best alternative foregone while making a decision.…
Q: In a world of scarcity, it is impossible to: A. Satisfy all basic human needs B. Meet all of…
A: Scarcity: It means limited availability of goods and services.
Q: Stromboli's 2018 Production Possibilities Pizzas per Year Pizza Ovens per Year 75,000,000 60,000,000…
A: PPC(production possibility curve) shows us the different combination of two goods( here, pizza and…
Q: opportunity cost of 1
A: The ‘comparative advantage’ states that the country trade with each other with that good in which…
Q: Graphically show the production possibilities frontier for the nation of Stromboli, using the data…
A: 1) Given below is the PPC of Stromboli, which shows the combination of two goods being produced ie…
Q: What’s the difference between trade off and opportunity costs
A: As we know that human wants are limited but means to satisfy these wants are limited. A person has…
Q: How can scarcity of resources be a problem to society
A: Scarcity happens when the availability of resources is less than demand of society. Thus, society…
Q: ny units of X can be produced whe s are utilized in its production
A: Since you have asked multiple questions we will answer the first one for you. When only two goods…
Q: The following graph is the production possibilities curve of a nation. 10 B 9. 7 6. 4 3 2 1 E 1 2 3…
A: The potential benefits that a person, an investor, or a corporation misses out on when they choose…
Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you
A: According to the given question opportunity cost is simple words we can say that it is the cost of…
Q: The slope of the production possibilities frontier is called
A: Production possibility frontier shows the combinations of output that the economy can possibly…
Q: The input factors of production include Land, Labor, Capital, Technology, and Entrepreneurial…
A:
Q: Banana Orange 400 300 200 200 350 100 450 500 •what is the opportunity cost of increasing the…
A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…
Q: The boundary between the combinations of goods and services that can be produced and the…
A: Economics is a discipline that includes all the components present in the economy and has some of…
Q: Discuss the factors of production and how it can be accessed.
A: Factors of production are important for carrying out business activities and for overall economic…
Q: When an economist say a resource is free what does it mean
A: Free Resources A resource that can be used to manufacture consumer-satisfying products and services…
Q: The United States is one of the world's wealthiest countries. Think of a recent case in which the…
A: As the provisions of the oil and gaseous petrol are reducing in the U.S. economy which prompts…
Q: What is the opportunity cost of beer as production moves from point C to Point A?.
A: Opportunity cost in PPC is the marginal rate of transformation. MRT= Loss/Gain MRT from point C to…
Q: What is meant by micro economics?
A: People consume goods and services to satisfy human wants. People have to choose because resources…
Q: Andrew and Beth can each spend 10 hours a day making bread or making shoes. Andrew makes 2 shoes an…
A: Andrew and Beth can each spend 10 hours a day making bread or making shoes. Andrew makes 2 shoes an…
Q: What is opportunity cost in both terms tangible and intangible. Explain with the help of examples?
A: The limited availability of a resource or good against a theoretically unlimited requirement is…
Q: Does an increase in the opportunity cost mean that you have to give up more to obtain something…
A: The benefit which is forgone that would, in turn, had been derived through an option not being…
Q: In a small town, there's a mousepad factory which employs workers at $8 an hour, for forty-hour…
A: Opportunity cost is the cost of loosing one opportunity for gaining the best other one or we can say…
Q: 1. Economic Efficiency 2. Economic System
A: 1. Economic efficiency shows equilibrium between misfortune and advantage. Model scenario: A rancher…
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- If the government says that firm X must pay 50000 in taxes simply because it in the business producing a good. What cost curves if any does this tax affects?How do we calculate each of the following: marginal cost, average total cost, and average variable cost?Define economies of scale and explain why they mightarise
- Alternative ways of making 100 shirts a day are in the table below: Method Labor (hours) Capital (machines) A 10 50 B 20 40 C 50 20 D 100 10 1. Which methods are technologically efficient?In recent years, the United States has experienced large increases in oil production due in large part to a new technology, hydraulic fracturing ("fracking"). Fracking involves injecting a mixture of water, sand, and chemicals into rock formations at high pressure to release oil and natural gas. An article in the Wall Street Journal indicates that economies of scale in fracking may be considerably smaller than in conventional oil drilling. If this view is cor- rect, what would the likely consequences be for the num- ber of firms drilling for oil in the United States?When you explain this answer, can you elaborate on the differences between marginal and total product/cost?
