if a production combination in a country's production possibilities diagram is inside the production possibilities frontier,...
if a production combination in a country's production possibilities diagram is inside the production possibilities frontier, and the country be producing on its production on its production efficiency locus in the Edgeworth box diagram? why or why not
Homework Answers
If the current production combination lies inside the production possiblity frontier, then it means the country is under producing and can still produce more. This means it is lacking efficiency in production and thus this point will lie not on the efficiency locus in the Edgeworth box.
This is because efficiency is not being maximized.
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if a production combination in a country's production
possibilities diagram is inside the production possibilities
frontier,...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F G Vaccine doses (millions) Guns 10,000 19,000 24,000 28,000 30,000 31,000 17. According to the information in Table 2.1, what is the opportunity cost of producing the first one million vaccines? (a) 1,000 guns (b) 30,000 guns (e) 31,000 guns (d) one million vaccines (e) five million vaccines 19. In Table 2.1, opportunity costs (a) Increase as more vaccines are produced (b) A reconstanta...
production possibilities frontier
Explain the production efficiency in production possibilities frontier. Illustrate a graph that shows inefficient, efficient, and unattainable point on a production possibilities frontier.
production efficiency in production possibilities frontier.
a) Explain the production efficiency in production possibilities frontier. b) Draw a graph that shows inefficient, efficient, and unattainable point on a production possibilities frontier.
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate...
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate products must be sacrificed in order for production to increase. O technology must improve in order for production to increase. O human capital must improve in order to production to increase. O more resources must be discovered in order for production to increase. O production can increase if resources are used more efficiently.
Explain the production efficiency in production possibilities frontier.
Explain the production efficiency in production possibilities frontier. Draw a graph that shows inefficient, efficient, and unattainable point on a production possibilities frontier.
1. International trade... a. Shifts a country's production possibility frontier outwards b. Shifts a country's production...
1. International trade... a. Shifts a country's production possibility frontier outwards b. Shifts a country's production possibility frontier inwards c. Moves production within a country's production possibility frontier d. Enables a country to consume outside of its production possibility frontier 2. A customs union... a. Allows members to determine their own trade policies with each other b. Allows members to determine their own trade policies with non-member countries c. Has free trade among member countries but common trade policies with...
production possibilities frontier
Using the production possibilities frontier below, complete the following questions. (a) Calculate the opportunity cost of point A move to point B. (2 marks) (b) Calculate the opportunity cost of point C move to point D. (2 marks) (c) Illustrate and explain what would happen to the production possibilities frontier if there were a technological breakthrough in producing tubas. ...
1.Say an economy is producing on its production possibilities frontier (PPF) with a combination of 0...
1.Say an economy is producing on its production possibilities frontier (PPF) with a combination of 0 units of clothing and 100 units of food. This combination is an example of Select one: Neither productive efficiency or allocative efficiency Productive efficiency but probably not allocative efficiency Allocative efficiency but probably not productive efficiency Both productive efficiency and allocative efficiency 2. Consider a perfectly competitive firm with an average total cost (ATC) of $26 and an average variable cost (AVC) of $18....
Consider the Production Possibilities Frontier (PPF) for a country, Theophili. Using a diagram, show whether each...
Consider the Production Possibilities Frontier (PPF) for a country, Theophili. Using a diagram, show whether each of the following events causes the PPF to contract, expand, or not change at all. Assume that Theophili can either produce candles or liturgical books. a) The country experiences immigration of skilled workers. b) An earthquake destroys half of the country’s factories, and kills half of its workers. c) A new technology improves the production process of both candles and liturgical books. d) Theophili...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F G Vaccine doses (millions) Guns 10,000 19,000 24,000 28,000 30,000 31,000 17. According to the information in Table 2.1, what is the opportunity cost of producing the first one million vaccines? (a) 1,000 guns (b) 30,000 guns (e) 31,000 guns (d) one million vaccines (e) five million vaccines 19. In Table 2.1, opportunity costs (a) Increase as more vaccines are produced (b) A reconstanta...
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate products must be sacrificed in order for production to increase. O technology must improve in order for production to increase. O human capital must improve in order to production to increase. O more resources must be discovered in order for production to increase. O production can increase if resources are used more efficiently.
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> Helpful! Explanations with figures?
Ujah Julius C Sun, Feb 6, 2022 1:20 PM