Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 2, Problem 15RQ
What is productive efficiency?
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Chapter 2 Solutions
Principles of Economics 2e
Ch. 2 - Suppose Alphonsos town raised the price of bus...Ch. 2 - Return to the example in Figure 2.4. Suppose there...Ch. 2 - Could a nation be producing in a way that is...Ch. 2 - What are the similarities between a consumers...Ch. 2 - Individuals may not act in the rational,...Ch. 2 - Would an op-ed piece in a newspaper urging the...Ch. 2 - Would a research study on the effects of soft...Ch. 2 - Explain why scarcity leads to tradeoffs.Ch. 2 - Explain why individuals make Choices that are...Ch. 2 - What is comparative advantage?
Ch. 2 - What does a production possibilities frontier...Ch. 2 - Why is a production possibilities frontier...Ch. 2 - Explain why societies cannot make a choice above...Ch. 2 - What are diminishing marginal returns?Ch. 2 - What is productive efficiency? Allocative...Ch. 2 - What is the difference between a positive and a...Ch. 2 - Is the economic model of decision-making intended...Ch. 2 - What are four responses to the claim that people...Ch. 2 - Suppose Alphonsos town raises the price of bus...Ch. 2 - During the Second World War, Germanys factories...Ch. 2 - It is clear that productive inefficiency is a...Ch. 2 - What assumptions about the economy must he true...Ch. 2 - Do economists have any particular expertise at...Ch. 2 - If the price of a magazine is 4 each, what is the...Ch. 2 - If the price of a pie is 12, what is the maximum...Ch. 2 - Draw Maries budget constraint with pies on the...Ch. 2 - What is Maries opportunity cost of purchasing a...
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Similar questions
- Numbers and Graphs: Chapter 01 MARGINAL COST, MARGINAL BENEFIT ($ per hour of reading per w 10 5 A 2 0 5 10 15 20 25 30 35 READING (Hours per week) 40 MC MB 45 50 Now assume that the marginal costs of reading have decreased. MC + Initial Efficient Point New Efficient Point A On the graph, shift the marginal-cost curve (an orange line) to reflect the change in the marginal costs of reading. Then use the gray point (a star symbol) to plot the new efficient point after the shift in the marginal-cost curve. Finally, use the tan area (rectangle symbols) to shade the area representing the change in net benefits associated with this decrease in the marginal cost of reading. After the decrease in the marginal cost of reading, the new efficient level of reading is benefits associated with the efficient level of reading have than it was previously. Furthermore, the net Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer…arrow_forwardWhere does allocative efficiency occur? where the price of a good is equal to the marginal cost of producing it where the greatest quantity of output is available for sale 1S where the price of a good is greater than the marginal cost of producing it O where the price of a good is less than the marginal cost of producing itarrow_forwardHello, this is a microeconomics question. Please use a drawing of a relevant graph to explain how does perfect competition ensure allocative efficiency? Not sure if I'm supposed to use this graph, but if i am please use it as reference when making your explantion to the question of how does perfect competition ensure allocative efficiencyarrow_forward
- What is production efficiencyarrow_forwardWhat are diminishing marginal returns? Using a diagram you have learned show and explain diminishing returns in action.arrow_forwardClancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.arrow_forward
- An anicle on forbes.com discussed a business decision by Mant OHayer, owner of Vital Farms. OHayer was one of the first poultry farmers to begin selling pasture-raised eggr. He commited to raising his chickens with each having 108 teet of oundoor space. According to the article, "It was one of many decisions he made knowing it would likely limit his company's growth." Source: Chloe Sorvino, "How Whole Foods Favorite Vital Farms Made Pasture-Raised Eggs Mainstream," torbes.com, May 31, 2018. a. in what sense did OHayer's decision to take on these additional costs of raising chickens imit his company's growth? OA Chickens raised in larger cages move around more and will therefore eat less chicken teed that those raised in smaler cages OB. Chickens rased in larger cages are less kely to be injured or kled by being pecked by other chickens OC Raising chickens in larger cages reduces the rumber of chickens he can raise on a given amount of land D. Al of the abovearrow_forwardWhat does it mean when you compare allocative efficiency to worker efficiency? What are the significant differences?arrow_forwardBased on the graph provided i. What is Freda’s marginal cost for each cookie? ii. What is Freda’s marginal cost for each Fudge? iii. Please draw Freda’s marginal cost curve for cookies and explain what the slope of the marginal cost curve is.arrow_forward
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