Homework Answers
The production possibility curve is concave due to the increasing opportunity cost that is the nation has to give up more and more resources for producing an additional unit of the other product.
The technological innovation would enable more products with the given resource so the production possibility curve would shift outward but here the technological progress has happened only for Apple watches so the left part side of the PPF shift outward as shown in the graph. Here the opportunity for producing the i phone will increase.
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Draw a concave PPF for Apple in its production of iPhones (horizontal axis) and Watches (vertical...
a) Draw a production possibility frontier for blue jeans and computers that illustrates the law of...
a) Draw a production possibility frontier for blue jeans and computers that illustrates the law of increasing opportunity cost. b) Clearly explain how you know that your graph follows the law of increasing opportunity cost. c) Suppose a new technology for producing blue jeans is developed that allows more blue jeans to be produced with the same amount of resources as before. Show this change on your diagram. Explain what happens to the opportunity cost of producing computers and why
FUNDAMENTALS IN-CLASS WORKSHEET 1 This question examines the production possibilities of a small country, Millsville. You...
FUNDAMENTALS IN-CLASS WORKSHEET 1 This question examines the production possibilities of a small country, Millsville. You will construct the production possibilities frontier (PPF) for Millsville and identify its opportunity cost of producing different goods. Millsville can use its limited resources to produce only applesauce and apple juice. Below, you are provided with feasible combinations of applesauce and apple juice that Millsville can produce, and that employ all of Millsville’s productive resources. Applesauce (jars) Apple Juice (bottles) 5 0 4 2...
FUNDAMENTALS IN-CLASS WORKSHEET 1 This question examines the production possibilities of a small country, Millsville. You...
FUNDAMENTALS IN-CLASS WORKSHEET 1 This question examines the production possibilities of a small country, Millsville. You will construct the production possibilities frontier (PPF) for Millsville and identify its opportunity cost of producing different goods. Millsville can use its limited resources to produce only applesauce and apple juice. Below, you are provided with feasible combinations of applesauce and apple juice that Millsville can produce, and that employ all of Millsville’s productive resources. Applesauce (jars) Apple Juice (bottles) 5 0 4 2...
need help with d and e 1. Comparative Advantage (1.5 marks) Analyze the following two countries....
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
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...
eco
1) Explain production possibilities frontier (PPF) by putting tables on the Horizontal axis and chairs on the vertical axis. What is Bill’s opportunity cost of producing one additional table? 2) Currently Bill is producing 70 tables and 120 chairs. a) Is this allocation of resources efficient? Why?b) Show this allocation on the graph and advise Bill how he can be more efficient.Question-2 Explain by applying these concepts with examples. (2 Marks) a. Rational people respond to incentivesb. Role of prices...
Suppose a farmer has several plots of land on which he can grow wheat or corn. The following table lists his options for...
Suppose a farmer has several plots of land on which he can grow wheat or corn. The following table lists his options for production: Option Wheat Corn A 100 0 B 80 35 C 60 65 D 40 85 E 20 105 F 0 110 a) Construct a graph of the farmer’s PPF with corn on the Y-axis and wheat on the X-axis. Plot points A through F on the PPF. b) What is the opportunity cost of an additional...
1 (20). Evidence accurmilates that the use ofchemical fertilizers, which increases agricutural production greatly, damages water...
1 (20). Evidence accurmilates that the use ofchemical fertilizers, which increases agricutural production greatly, damages water quality. Analyse the choice between more food and cleaner water involved in using such fertilizers. Use a production possibility fontier (PPF) with agricuhural output on the vertical axis and water quality on the horizontal axis: a. Pick a point on the PPF that reflects some combination ofagriculturaloutput and water quality and mark t pomt A; in an economic sense, what does this point show...
puse of the Assignments is to assess the student in each unit to practical problem-solving scenarios....
puse of the Assignments is to assess the student in each unit to practical problem-solving scenarios. lent's ability to apply the economic concepts learned Instructions ATV 000 for your purchase y cost of one ATV? Students are to complete the exercises in Word (or so for evaluation. crises in Word (or some other compatible word processor) and submit Questions 1. The purpose of economics is to provide a way to recognize that because of scarcity something cannot Consequently, we must...
Bill can produce either tables or chairs. Bill can work up to 10 hours a day....
Bill can produce either tables or
chairs. Bill can work up to 10 hours a day. His production
possibilities are given in the table below:
1. Construct the production possibilities frontier (PPF) for
Bill. Put tables on the Horizontal axis and chairs on the vertical
axis.
2. What is Bill’s opportunity cost of producing one additional
table?
3. What is Bill’s opportunity cost of producing one additional
chair?
4. Currently Bill is producing 20 tables and 40 chairs.
a. Is...
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
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...
1 (20). Evidence accurmilates that the use ofchemical fertilizers, which increases agricutural production greatly, damages water quality. Analyse the choice between more food and cleaner water involved in using such fertilizers. Use a production possibility fontier (PPF) with agricuhural output on the vertical axis and water quality on the horizontal axis: a. Pick a point on the PPF that reflects some combination ofagriculturaloutput and water quality and mark t pomt A; in an economic sense, what does this point show...
puse of the Assignments is to assess the student in each unit to practical problem-solving scenarios. lent's ability to apply the economic concepts learned Instructions ATV 000 for your purchase y cost of one ATV? Students are to complete the exercises in Word (or so for evaluation. crises in Word (or some other compatible word processor) and submit Questions 1. The purpose of economics is to provide a way to recognize that because of scarcity something cannot Consequently, we must...
Bill can produce either tables or
chairs. Bill can work up to 10 hours a day. His production
possibilities are given in the table below:
1. Construct the production possibilities frontier (PPF) for
Bill. Put tables on the Horizontal axis and chairs on the vertical
axis.
2. What is Bill’s opportunity cost of producing one additional
table?
3. What is Bill’s opportunity cost of producing one additional
chair?
4. Currently Bill is producing 20 tables and 40 chairs.
a. Is...
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