Question

Problem number 5 Letter D help!!!!!

20 PART ONE Introduction to Economics and the Economy 5. Refer to the following production possibilities table for consumer 6. Look at the marg curve sh crease o 7. Referri curs in t nology possibi occurs Draw t duction ment i goods (automobiles) and capital goods (forklifts): L01.6 a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? d. Is production at a point outside the production possibilities 8. Becau curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production higher for the the fut incom percer at rou cent p pres betwe possibilities curve? Production Alternatives Type of Production Automobiles Forklifts A B 4 6 8 30 27 21 12 0 0 2

Answer 1

5) (d)

(i) Currently, production outside the production possibility curve is not possible because the level of technology is given.

(ii) If future technology advances and the production possibility curve shofts outward, future advancement in technology may allow production beyond the production possibility curve.

(iii) Yes, International trade is beneficial as it depends on a country's comparative advantage in the production of a good. International trade allows a country to consume outside its production possibility curve.

Answer 2

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