11. Working with Numbers and Graphs Q11 Suppose that an economy, producing at point A on...
11. Working with Numbers and Graphs Q11
Suppose that an economy, producing at point A on a production possibilities frontier, produces 450 units of good X and 400 units of good Y. Also suppose that, with the same resources and technology, the economy could produce at point B, which represents 600 units of good X and 550 units of good Y.
True or False: It follows that when the economy is producing at point A, it is productive inefficient.
True or False: It follows that when the economy is producing at point B, it is productive efficient.
Homework Answers
a) "True"
At the full capacity i.e. working at point B and using the same resources the economy can produce more when compared to point A. So, yes the economy is working inefficiently when producing at point A.
b) "True"
Here, the economy is producing at the maximum i.e. utilizing the resources to the maximum. It is productive efficient.
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11. Working with Numbers and Graphs Q11
Suppose that an economy, producing at point A on...
11. Working with Numbers and Graphs Q11 Suppose that an economy, producing at point A on...
11. Working with Numbers and Graphs Q11 Suppose that an economy, producing at point A on a production possibilities frontier, produces 200 units of good X and 500 units of good Y. Also suppose that, with the same resources and technology, the economy could produce at point B, which represents 350 units of good X and 750 units of good Y. True or False: It follows that when the economy is producing at point A, it is productive inefficient. True...
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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...
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Suppose the accompanying graph represents the Canadian production possibilities frontier between producing maple syrup and timber. . Place point A at a location that is obtainable but inefficient Place point B at a location that is unobtainable Place point C at a location that is efficient. Production Possibilities for Canada
We were unable to transcribe this imageAssume that the resources best sulted to producing a partícular service are preferentially used in the production of that service and that as the economy moves down along the production possibiNties frontlier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol to identify point...
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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