Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 3, Problem 10IAPA
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- Between a straight line PPF and concave PPF, which one is more realistic? Why? Explain with example and graph.arrow_forwardThe data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. CombinationCars Television A10000 B800400 C600800 D4001200 E2001600 F02000 4. What is the opportunity cost of television production if we moved from combination E to D? 5. On a new diagram illustrate how a decline in the quality of the labour force would impact the PPF for car and television production.arrow_forwardbased on the image and the PPF is point b efficient? why?arrow_forward
- Carrot Apple 0 10 1 9 2 7 3 4 4 0 Using the table above, draw the PPF for Happyland. 1.Using the PPF drawn above identify the point of inefficiency and label it A. Why is this considered to be inefficient. 2. Identify on the graph above the point of unattainability and label it B. Why is this considered to be unattainable.arrow_forwardPlease help me pleasearrow_forwardUse the PPF to answer the following questions: D. Hard drives A 525 E. 450 400 350 300 250 200 150 100 50 5 10 15 20 25 30 35 40 45 50 Sweaters (thousands)arrow_forward
- The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. Combination Cars Television A 1000 0 B 800 400 C 600 800 D 400 1200 E 200 1600 F 0 2000 Draw the ppf , put cars on the vertical axis and televisions on the horizontal axis. Use the letters P to label an attainable point. Use the letter T to label an unattainable point. Use the letter S to show an attainable and inefficient point List 3 assumptions on which the PPF is drawn. What is the opportunity cost of television production if we moved from combination E to D? On a new diagram illustrate how a decline in the quality of the labour force would impact the PPFfor car and television production. The output per worker increased resulting in more television sets being produced. Use the diagram in part a to illustrate this. How does your diagram illustrate i) choice ii) scarcity If all…arrow_forwardA country produces oranges and rice. The following table shows some of the country's production possibilities. Oranges Rice 25- A 17 13 20- 20 Using the data in the table, draw the country's production possibility curve. * 15- Using the 3-point curved line drawing tool, draw the country's production possibilities curve. Label it 'PPC. 10- Carefully follow the instructions above, and only draw the required object. 5- 0- 10 20 25 Oranges (millions of bushels per year) Rice (millions of bushels per year)arrow_forwardThe table shows Yucatan's production possibities, Food (pounds per month) Food (pounds per month) 200 Sunscreen (gallons per month) and 200 100 and 400 50 and 600 and 800 150- Draw the four points defined in the table. Use the four-point line tool to draw the PPF. Label it. 100 100 IH Yucatan produces 100 pounds of food per month, it must produce 400 galions of sunscreen to achieve production efficiency 50 The opportunity cost of 1 pound of food isegallons of le00 400 Sunscreen (galons per month) le00 sunscreen 200 1000 The opportunity cost of 1 gallon of sunscroen isO pounds of food. > Answer to 2 decmal places. » Draw only the objects specified in the questionarrow_forward
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