Changes in U.S PPF .

Question

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Answer 1

Question

Chapter 2, Problem 1QP

(a)

To determine

Changes in U.S PPF.

(a)

Expert Solution

Explanation of Solution

A war taken place in the US soil leads to reduction in capital stock, potential resources and also kills people. This in turn shifts the US’s PPF inward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(b)

To determine

Changes in U.S PPF.

(b)

Expert Solution

Explanation of Solution

The discovery of new oil field increases the US’s resources. Thus, it shifts the PPF of U.S outward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(c)

To determine

Changes in U.S PPF.

(c)

Expert Solution

Explanation of Solution

Decreasing unemployment rate represented by the movement of a point that is below the PPF to another point that is near or on the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(d)

To determine

Changes in U.S PPF.

(d)

Expert Solution

Explanation of Solution

The new law decreases the productive efficiency of the labor that leads to the movement of a point which is on the frontier to the point that is inside the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

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19. (20 points in total) Suppose that the market demand curve is p = 80 - 8Qd, where p is the price per unit and Qd is the number of units demanded per week, and the market supply curve is p = 5+7Qs, where Q5 is the quantity supplied per week. a. b. C. d. e. Calculate the equilibrium price and quantity for a competitive market in which there is no market failure. Draw a diagram that includes the demand and supply curves, the values of the vertical- axis intercepts, and the competitive equilibrium quantity and price. Label the curves, axes and areas. Calculate both the marginal willingness to pay and the total willingness to pay for the equilibrium quantity. Calculate both the marginal cost of the equilibrium quantity and variable cost of producing the equilibrium quantity. Calculate the total surplus. How is the value of total surplus related to your calculations in parts c and d?

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Answer 2

Question

Chapter 2, Problem 1QP

(a)

To determine

Changes in U.S PPF.

(a)

Expert Solution

Explanation of Solution

A war taken place in the US soil leads to reduction in capital stock, potential resources and also kills people. This in turn shifts the US’s PPF inward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(b)

To determine

Changes in U.S PPF.

(b)

Expert Solution

Explanation of Solution

The discovery of new oil field increases the US’s resources. Thus, it shifts the PPF of U.S outward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(c)

To determine

Changes in U.S PPF.

(c)

Expert Solution

Explanation of Solution

Decreasing unemployment rate represented by the movement of a point that is below the PPF to another point that is near or on the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(d)

To determine

Changes in U.S PPF.

(d)

Expert Solution

Explanation of Solution

The new law decreases the productive efficiency of the labor that leads to the movement of a point which is on the frontier to the point that is inside the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1QP

(a)

To determine

Changes in U.S PPF.

(a)

Expert Solution

Explanation of Solution

A war taken place in the US soil leads to reduction in capital stock, potential resources and also kills people. This in turn shifts the US’s PPF inward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(b)

To determine

Changes in U.S PPF.

(b)

Expert Solution

Explanation of Solution

The discovery of new oil field increases the US’s resources. Thus, it shifts the PPF of U.S outward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(c)

To determine

Changes in U.S PPF.

(c)

Expert Solution

Explanation of Solution

Decreasing unemployment rate represented by the movement of a point that is below the PPF to another point that is near or on the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(d)

To determine

Changes in U.S PPF.

(d)

Expert Solution

Explanation of Solution

The new law decreases the productive efficiency of the labor that leads to the movement of a point which is on the frontier to the point that is inside the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1QP

(a)

To determine

Changes in U.S PPF.

(a)

Expert Solution

Explanation of Solution

A war taken place in the US soil leads to reduction in capital stock, potential resources and also kills people. This in turn shifts the US’s PPF inward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(b)

To determine

Changes in U.S PPF.

(b)

Expert Solution

Explanation of Solution

The discovery of new oil field increases the US’s resources. Thus, it shifts the PPF of U.S outward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(c)

To determine

Changes in U.S PPF.

(c)

Expert Solution

Explanation of Solution

Decreasing unemployment rate represented by the movement of a point that is below the PPF to another point that is near or on the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(d)

To determine

Changes in U.S PPF.

(d)

Expert Solution

Explanation of Solution

The new law decreases the productive efficiency of the labor that leads to the movement of a point which is on the frontier to the point that is inside the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1QP

(a)

To determine

Changes in U.S PPF.

(a)

Expert Solution

Explanation of Solution

A war taken place in the US soil leads to reduction in capital stock, potential resources and also kills people. This in turn shifts the US’s PPF inward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(b)

To determine

Changes in U.S PPF.

(b)

Expert Solution

Explanation of Solution

The discovery of new oil field increases the US’s resources. Thus, it shifts the PPF of U.S outward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(c)

To determine

Changes in U.S PPF.

(c)

Expert Solution

Explanation of Solution

Decreasing unemployment rate represented by the movement of a point that is below the PPF to another point that is near or on the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

(d)

To determine

Changes in U.S PPF.

(d)

Expert Solution

Explanation of Solution

The new law decreases the productive efficiency of the labor that leads to the movement of a point which is on the frontier to the point that is inside the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 6

Chapter 2, Problem 1QP

(a)

To determine

Changes in U.S PPF.

(a)

Expert Solution

Explanation of Solution

A war taken place in the US soil leads to reduction in capital stock, potential resources and also kills people. This in turn shifts the US’s PPF inward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 7

Chapter 2, Problem 1QP

(a)

To determine

Changes in U.S PPF.

Answer 8

(a)

Expert Solution

Explanation of Solution

A war taken place in the US soil leads to reduction in capital stock, potential resources and also kills people. This in turn shifts the US’s PPF inward.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 13

(b)

To determine

Changes in U.S PPF.

(b)

Expert Solution

Explanation of Solution

The discovery of new oil field increases the US’s resources. Thus, it shifts the PPF of U.S outward.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 14

(b)

To determine

Changes in U.S PPF.

Answer 15

(b)

Expert Solution

Explanation of Solution

The discovery of new oil field increases the US’s resources. Thus, it shifts the PPF of U.S outward.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 20

(c)

To determine

Changes in U.S PPF.

(c)

Expert Solution

Explanation of Solution

Decreasing unemployment rate represented by the movement of a point that is below the PPF to another point that is near or on the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 21

(c)

To determine

Changes in U.S PPF.

Answer 22

(c)

Expert Solution

Explanation of Solution

Decreasing unemployment rate represented by the movement of a point that is below the PPF to another point that is near or on the frontier.

Answer 23

(c)

Expert Solution

Answer 24

(c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 27

(d)

To determine

Changes in U.S PPF.

(d)

Expert Solution

Explanation of Solution

The new law decreases the productive efficiency of the labor that leads to the movement of a point which is on the frontier to the point that is inside the frontier.

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.

Answer 28

(d)

To determine

Changes in U.S PPF.

Answer 29

(d)

Expert Solution

Explanation of Solution

The new law decreases the productive efficiency of the labor that leads to the movement of a point which is on the frontier to the point that is inside the frontier.

Answer 30

(d)

Expert Solution

Answer 31

(d)

Expert Solution

Answer 32

Expert Solution

Answer 33

Economics Concept Introduction

Production possibilities frontier (PPF) curve: PPF curve refers to the combinations of goods and services that can be produced using available resources.