Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?...
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line? Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
Homework Answers
Since resources are limited,a society will need to give up more and more of a resource to produce another resource.This is why the production possibility curve is concave in shape.A point beyond the PPF shows an attainable combination-a combination of goods that can't be produced given the current resoucres.
A point inside the PPF shows inefficiency or wastage of resources.
Thus,a society must produce on the PPF.
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Why is a production possibilities frontier typically drawn as a
curve, rather than a straight line?...
What is a production possibilities frontier? Why is it typically drawn as a curve rather than a straight line? How can a...
What is a production possibilities frontier? Why is it typically drawn as a curve rather than a straight line? How can a frontier explain the concept of productive efficiency? Provide examples and explain your answer.
Please answer the following in a few sentences each. 1. Why is a production possibilities frontier...
Please answer the following in a few sentences each. 1. Why is a production possibilities frontier typically drawn as a curve, rather than a straight line? Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it. 2. During the Second World War, Germany’s factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve? How is a similar effect...
Why is the production possibilities frontier (PPF) typically bowed-outward? Under what circumstances would the PPF be...
Why is the production possibilities frontier (PPF) typically bowed-outward? Under what circumstances would the PPF be a straight line?
Why is the shape of the production possibilities frontier often curved instead of straight.
Why is the shape of the production possibilities frontier often curved instead of straight.
Part I. Under what conditions is the production possibilities frontier linear rather than bowed out Explain...
Part I. Under what conditions is the production possibilities frontier linear rather than bowed out Explain how absolute advantage and comparative advantage differ. Draw a production possibilities frontier for a society that produces food and clothing. Show an efficient point, an inefficient point, and an infeasible point. Show the effects of a drought. Define microeconomics and macroeconomics Which of the following questions is studied in microeconomics? a. Should I go to college or get a job after I graduate? b....
Consider the production possibilities frontier (PPF) that shows the trade-off between the production of cotton and...
Consider the production possibilities frontier (PPF) that shows
the trade-off between the production of cotton and the production
of soybeans depicted in the figure to the right.
Use the three-point curved line drawing tool to show the effect
that
improved fertilizersimproved fertilizers
would have on the initial production possibilities frontier by
drawing a new production possibilities frontier. Properly label
this curve. .
Carefully follow the instructions above, and only draw the
required objects.
PPF1 Quantity of soybeans
Draw a production possibilities frontier curve. Illustrate the set of points that is feasible, the set...
Draw a production possibilities frontier curve. Illustrate the set of points that is feasible, the set of points that is efficient, the set of points that is inefficient, and the set of points that is not feasible. If you prefer not to draw then explain.
A production possibilities curve that is a straight line represents the case of a. decreasing costs....
A production possibilities curve that is a straight line represents the case of a. decreasing costs. b. constant opportunity costs but decreasing real costs. c. increasing costs. constant costs. d. constant opportunity costs but increasing real costs.
What does a straight-line production possibilities curve illustrate? The opportunity cost of production does NOT vary...
What does a straight-line production possibilities curve illustrate? The opportunity cost of production does NOT vary along the curve. The output combinations along the curve provide equal levels of satisfaction to consumers. The opportunity cost of production of the good on the Y-axis increases as you move down along the curve. The market price of the two goods is the same everywhere along the curve.
1. Give the three reasons that explain why the division of labor increases an economy’s level...
1. Give the three reasons that explain why the division of labor increases an economy’s level of production. 2. What are three reasons to study economics? 3. Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert. 4....
Part I. Under what conditions is the production possibilities frontier linear rather than bowed out Explain how absolute advantage and comparative advantage differ. Draw a production possibilities frontier for a society that produces food and clothing. Show an efficient point, an inefficient point, and an infeasible point. Show the effects of a drought. Define microeconomics and macroeconomics Which of the following questions is studied in microeconomics? a. Should I go to college or get a job after I graduate? b....
Consider the production possibilities frontier (PPF) that shows
the trade-off between the production of cotton and the production
of soybeans depicted in the figure to the right.
Use the three-point curved line drawing tool to show the effect
that
improved fertilizersimproved fertilizers
would have on the initial production possibilities frontier by
drawing a new production possibilities frontier. Properly label
this curve. .
Carefully follow the instructions above, and only draw the
required objects.
PPF1 Quantity of soybeans
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