Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Question
Chapter 2, Problem 2QE
To determine
A change in
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“As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the results will be efficient.” Do you agree or disagree with this statement ? give reason
Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier.
“Scarcity is the fundamental problem that every nation in this world faces.” What do you mean by this statement? If you were an economist how would you address this fundamental problem?
Chapter 2 Solutions
Microeconomics
Ch. 2.1 - Prob. 1QCh. 2.1 - Prob. 2QCh. 2.1 - Prob. 3QCh. 2.1 - Prob. 4QCh. 2.1 - Prob. 5QCh. 2.1 - Prob. 6QCh. 2.1 - Prob. 7QCh. 2.1 - Prob. 8QCh. 2.1 - Prob. 9QCh. 2.1 - Prob. 10Q
Ch. 2.A - Prob. 1QECh. 2.A - Prob. 2QECh. 2.A - Prob. 3QECh. 2.A - Prob. 4QECh. 2.A - Prob. 5QECh. 2.A - Prob. 6QECh. 2.A - Prob. 7QECh. 2.A - Prob. 8QECh. 2 - Prob. 1QECh. 2 - Prob. 2QECh. 2 - Prob. 3QECh. 2 - Prob. 4QECh. 2 - Prob. 5QECh. 2 - Prob. 6QECh. 2 - Prob. 7QECh. 2 - Prob. 8QECh. 2 - Prob. 9QECh. 2 - Prob. 10QECh. 2 - Prob. 11QECh. 2 - Prob. 12QECh. 2 - Prob. 1QAPCh. 2 - Prob. 2QAPCh. 2 - Prob. 3QAPCh. 2 - Prob. 4QAPCh. 2 - Prob. 5QAPCh. 2 - Prob. 1IPCh. 2 - Prob. 2IPCh. 2 - Prob. 3IPCh. 2 - Prob. 4IPCh. 2 - Prob. 5IPCh. 2 - Prob. 6IP
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- Under what circumstances in the Philippines can we operate outside the production possibilities curve? Explain your answer.arrow_forwardHow can scarcity of resources be a problem to societyarrow_forwardColin gives away 2 marbles each time he makes a pokemon card construct a graph that represents constant opportunity costarrow_forward
- Suppose the United States produces only two goods: alfalfa and computers. The following graph shows the United States’s current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or unattainable. Check all that apply. (refer to screenshot for table and graph)arrow_forwardMost economists believe the scarcity of resources will persist. Why?arrow_forwardWhy is the Production Possibility Curve (PPC) or Production Possibility Frontier (PPF) concave? What does increasing opportunity costs mean? When we increase production, why does it seem that we have to sacrifice more and more resources?arrow_forward
- mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and Donovan can produce 75 capital or 60 consumables. What is the opportunity cost for capital?arrow_forwardSuppose the fictional country of Katmai produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and microprocessors, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. MICROPROCESSORS (Thousands) 180 150 120 90 60 30 30 o 70 770 140 PPF 210 280 350 420 MILLET (Millions of bushels) PPFarrow_forwardConsider the following production possibilities table that shows different combinations of two goods that can be produced with given resources: Shirts Corn A 0 20 B 10 15 C 20 10 D 30 5 E 40 0 Based on the table, which is true? Group of answer choices Opportunity cost is increasing Opportunity cost is constantarrow_forward
- Use the data in the following graph to illustrate the law of increasing costs numerically. (Hint: Start at point E and move toward point A.) A 180 C D 150 120 90 60 30 30 60 90 120 150 180 Units of digital cameras Moving from point E toward point A, we give up (Click to select) v players. amounts of digital cameras for each gain of (Click to select) V DVD The opportunity cost of moving from: E to D is (Click to select) v digital cameras; D to C, (Click to select) V digital cameras; C to B, (Click to select) V digital cameras; and B to A, (Click to select) digital cameras. Units of DVD playersarrow_forwardwhat happens when we move between two efficient points in a production possibility curve?arrow_forwardA production possibilities curve is bowed out, indicating increasing opportunity cost because ofarrow_forward
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