Which point(s) on the graph is(are) efficient production possibilities?
Which point(s) on the graph is(are) efficient production possibilities?
Which point(s) on the graph show unemployment of resources?
Which point(s) on the graph is(are) unattainable given current resources and technology?
What is the opportunity cost of moving from point T to point R?
What is the opportunity cost of moving from point R to point Q?
On what circumstance can the economy be producing at points S and X?
Homework Answers
Efficient production points are R and U
Unemployment resource points are T and W
Unattainable points at given resources are S and X
Opportunity cost of moving from point T (80,130) to R (80,160)= 160-130/80-80= infinity
Opportunity cost of moving from point R (80,160) to Q (20,200)= 200-160/20-60= -1
The economy can produce at point S and X only if trading is performed with other nations. Trade allows a nation to access commodities which are not being produced domestically, As a result, the nation can consume outside the production possibility curve.
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Which point(s) on the graph is(are) efficient production possibilities?
Consider two points on the production possibilities frontier point X, at which there are 100 cars...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Here is the production possibilities table for war goods and civilian goods:
Here is the production possibilities table for war goods and civilian goods: Production AlternativesType of ProductionABCDE Robots0250450650850Wheat130117109890 a. Draw a production possibilities curve for robots and wheat using the data above. b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C). c. What is the opportunity cost of moving from point A to point B? d. What is the opportunity cost of moving from point B to point C? e. What is the opportunity cost of moving from point D to...
Below is a production possibilities table for cars an corn in a small town. Good produced...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
on a production possibilities curve, an inefficient point is: On a graph of a production possibilities...
on a production possibilities curve, an inefficient point
is:
On a graph of a production possibilities curve, an inefficient point is: not necessarily an attainable point. necessarily an unattainable point. possibly an unattainable point
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and steel. The black points symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates Graph 1 32 28 24 PF 16 100 200 300 400 500 600 700 800 STEEL (Millions of tons) Suppose the economy initially produces 12,000 garments of clothing and 500 million tons of steel, which is represented by point...
urgent please Production Possibilities Analysis The table below is a set of hypothetical production possibilities for...
urgent please
Production Possibilities Analysis The table below is a set of hypothetical production possibilities for a nation. . Automobiles Beef Combination (thousands) (thousands of tons) 10 4 0 9-4 10 a. Plot these production possibilities data. What is. the opportunity cost of the first 2,000 automobiles produced? Between which points is the oppor- tunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? b. Label a point P inside the...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a graph. Military 110 5 10s o 95 15 80 Consumer 0 60 40 35 50 10 20 60 Suppose the Economy is operating at point B. What is the opportunity cost of 10 additional units of consumer goods? Between which points is the opportunity cost of b producing consumer goods at maximum? A combination of 70 units of military goods and 45 units of...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one unattainable point to an efficient point on the frontier. as we move from an inefficient point to the origin. as we move from one point on the frontier to another point on the frontier. at any one single point on the graph. as we move from the origin to any inefficient point.
Please answer both questions, with an explanation Suppose the given production possibilities frontier (PPF) graph shows...
Please answer both questions, with an explanation
Suppose the given production possibilities frontier (PPF) graph shows the fictitious country of Ruritania currently producing at the point labeled Start. If a decision is reached to provide more public goods, to which point will Ruritania move? O D O c O B Start С What is the opportunity cost of that decision? O There is no opportunity cost since the economy is still producing on the PPF. Public goods The private goods...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and coal. The black points (cross symbols) represent three possible output levels in a given month. (Hint: You can click on the points to see their exact coordinates.) Refer to the following graph to answer the questions that follow. 32 28 24 PPF 20 + B CLOTHING (Millions of garments) 16 + 12 4 0 0 100 200 600 700 800 300 400 500 COAL...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
on a production possibilities curve, an inefficient point
is:
On a graph of a production possibilities curve, an inefficient point is: not necessarily an attainable point. necessarily an unattainable point. possibly an unattainable point
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and steel. The black points symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates Graph 1 32 28 24 PF 16 100 200 300 400 500 600 700 800 STEEL (Millions of tons) Suppose the economy initially produces 12,000 garments of clothing and 500 million tons of steel, which is represented by point...
urgent please
Production Possibilities Analysis The table below is a set of hypothetical production possibilities for a nation. . Automobiles Beef Combination (thousands) (thousands of tons) 10 4 0 9-4 10 a. Plot these production possibilities data. What is. the opportunity cost of the first 2,000 automobiles produced? Between which points is the oppor- tunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? b. Label a point P inside the...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a graph. Military 110 5 10s o 95 15 80 Consumer 0 60 40 35 50 10 20 60 Suppose the Economy is operating at point B. What is the opportunity cost of 10 additional units of consumer goods? Between which points is the opportunity cost of b producing consumer goods at maximum? A combination of 70 units of military goods and 45 units of...
Please answer both questions, with an explanation
Suppose the given production possibilities frontier (PPF) graph shows the fictitious country of Ruritania currently producing at the point labeled Start. If a decision is reached to provide more public goods, to which point will Ruritania move? O D O c O B Start С What is the opportunity cost of that decision? O There is no opportunity cost since the economy is still producing on the PPF. Public goods The private goods...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and coal. The black points (cross symbols) represent three possible output levels in a given month. (Hint: You can click on the points to see their exact coordinates.) Refer to the following graph to answer the questions that follow. 32 28 24 PPF 20 + B CLOTHING (Millions of garments) 16 + 12 4 0 0 100 200 600 700 800 300 400 500 COAL...
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