Survey Of Economics
10th Edition
ISBN: 9781337111522
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 2, Problem 9SQP
To determine
Interpretation of the given statements.
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A tropical storm creates a shortage of the items . how would this affect the production possibilities curve
If an unattainable point outside a production possibilities curve can become an attainable and even an efficient point, can an inefficient point become an efficient point in the production possibilities curve model? Explain with a graph.
Consider a simple economy which produces two goods; pizzas and tractors. Using the production possibilities boundary and graphs for the pizza and tractor market show and explain how the precise allocatively and productively efficient point on the production possibilities boundary can be determined. Please draw a graph to show, not just write step by step.
Chapter 2 Solutions
Survey Of Economics
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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- QUESTION 9 Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010 and ECON1020), and currently finds himself with a 4-hour period in which he can complete either task. Oliver's production possibilities curve for the next 4 hours is shown below. 16 ECON1010 (questions) 12 8 0 1 1 12 1 1 1 24 36 48 ECON1020 (questions) What is Oliver's opportunity cost of writing (producing) a single ECON1020 question? Answer to the nearest two decimal places. [a] ECON1010 questions.arrow_forwardThe graph below is Mendork's production possibility curve for the only two goods that it produces: quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. If Mendork's current production is at point A, what is the (approximate) cost of producing one more quirk? a) 50 quarks B b) 100 quarks c) 200 quarks d) One more quark e) 25 quarksarrow_forwardFIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best describes Point A? It is efficient. It is preferable to Point D. It is inefficient. It is unattainable. Cloihingarrow_forward
- Define the four ecconomic resources (the factor of production).How are they Relevant to the production possibilities curve?arrow_forwardSupermarché Jean Claude has decided to manufacture its own brand of non-alcoholic beverages, called NAB, and chocolate bars, called S-JC. A certain amount of money has been allocated to the production of these two products. Jean Claude believes in the old saying that a picture is worth a thousand words, and once again, he has called on you. This time, he wants to see diagrams that illustrate the effects of each of the following events on the production possibilities for NABS and S-JCs so he can visualize the situation. (a) A new and more efficient method of producing non-alcoholic beverages is discovered. (b) The demand for both non-alcoholic beverages and chocolate bars increases. (c) More workers are hired to produce S-JCs. (d) Resources are transferred from S-JC production to NAB production. (e) All workers are trained so that the quality of their labour services improves. Instructions Produce the series of graphs with accompanying texts (150-175 words) so that Uncle Jean Claude…arrow_forwardHow would each of the following situations affect a nation's production possibilities curve? A law is passed that makes community college tuition free for all U.S. citizens. The PPC shifts and to the An unexpectedly mild spring results in a bumper crop of citrus fruit in both Florida and California, The PPC shifts and to the A change in immigration laws significantly increases the number of immigrant workers entering the country. The PPC shifts and to the The amount of time that unemployed workers can collect unemployment insurance is increased from 26 weeks to 96 weeks during a recession, resulting in workers remaining unemployed for a longer period of time. This the PPC. An innovation in desalinization technology allows for the more efficient conversion of salt water to fresh water. The PPC shifts A radiation leak at a nuclear power plant results in the long-term evacuation of a 10,000 square-mille area, which significantly reduces the nation's productive capacity The PPC shifts and…arrow_forward
- Shifts in production possibilities Suppose South Africa produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and locomotives, 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.arrow_forwardAn economy will be operating on a point inside of its production possibilities frontier if there is inefficiency in resource allocations.what is meant by inefficiency ?you may find it helpful to use an example in your answer.arrow_forwardSketch a production possibilities curve on which you illustrate a shift to the right. ii) State three factor that might cause the production possibilities curve to shift to the right ( use bullets to highlight the start of each point)arrow_forward
- The graph to the right depicts an economy, Home, that produces both flowers and soybeans. Flowers are the labor intensive good and soybeans are the land intensive good. Home presently exports flowers. The graph also indicates Home's optimal point of production, X. Suppose that Home has acquired more land in which it can now produce 12 units of soybeans if all land were devoted toward its production. Using the three-point curved line drawing tool, draw the new production possibilities frontier that indicates this biased growth of land in Home. Properly label this curve. Carefully follow the instructions above and only draw the required object. The growth biased toward land causes OA. export-biased growth. O B. a decrease in the relative price of flowers. OC. a rightward shift of the relative supply curve. O D. import-biased growth. 16- 15- 14- 13- 12- 11- 10- 9- 7- 6- 5- Growth of a Factor Soybean output VV TT 7 8 9 10 11 12 13 14 15 16 Flower output €arrow_forwardWhat do you mean by the production possibilities of an economyarrow_forward“If resources were unlimited and were freely available, there would be no subject called “Economics”. What is the meaning of this statement?arrow_forward
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