XApex Learning Coursespublic activity 003002 assessmentK! Kahoot!11.3.2 Quiz: SpecializationQuestion 5 of 10Which term describes a business's decision to focus on producing a smallnumber of products?A. Opportunity costB. SpecializationC. Voluntary exchangeD. Self-sufficiencyPREVIOUSSUBMIT

Detailed explanation: B. SpecializationSpecialization is the process by which a company or a…

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Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 15RQ: What is productive efficiency? Allocative efficiency?

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Similar questions

Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
In choosing a production technology, how will firms react if one input becomes relatively more expensive?
A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
What are diminishing marginal returns?
What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
What is a production technology?
What would be another example of a system in the real world serve could serve as a metaphor for micro and macroeconomics?
Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare wilt line same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education? Figure 2.4 Productive and Allocative Efficiency
HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?
What is the difference between microeconomics and macroeconomics?
What does a production possibilities frontier illustrate?

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