Explain the meaning of a Production Possibilities Frontier’s slope. What economic concept does it measure? Use...
Explain the meaning of a Production Possibilities Frontier’s slope. What economic concept does it measure? Use your answer to explain why a typical PPF bows outward.
Homework Answers
Since the production possibility can be defined as a line which is summation of different combinations of two different goods which can be produced with the available resources by using it efficiently. If the technology improves or resources increase, then the PPF shifts outward.
The opportunity costs can be defined as the lost units of output of other goods for producing an additional unit of output of a good.
The PPF measures the opportunity cost.
A country has comparative advantage in the production of that good in which it has lower opportunity cost.
When opportunity cost is constant, then PPF will be straight line but in case of increasing opportunity cost, the PPF bowed outward.
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Explain the meaning of a Production Possibilities
Frontier’s slope. What economic concept does it measure? Use...
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?
Please help! 6. In the production possibilities framework, economic growth is depicted by the PPF a...
Please help!
6. In the production possibilities framework, economic growth is depicted by the PPF a shift outward in the PPF O a shift inward in the PPF O the slope of the PPF becoming steeper O a movement from one point along the PPF to another point along the same PPF O none of the above 7. Jose has one evening in which to prepare for two exams and can employ two possible strategies: Score in Economics Score in....
4. The point M on the accompanying production possibilities curve that is determined by the free...
4. The point M on the accompanying production possibilities curve that is determined by the free market. In your opinion as an economist, where is the socially optimal mix of output? Mark this on the PPC as point S and explain why you think this mix of output is superior to point M. Use the concept of allocative efficiency to help you explain your answer. depicts the mix of output Public Goods Private Goods Note: Point M is on the...
Use the production possibilities frontier (PPF) to demonstrate economic growth. 1. With consumption goods on one...
Use the production possibilities frontier (PPF) to demonstrate economic growth. 1. With consumption goods on one axis and capital goods on the other, show how the combination of goods selected this period affects the PPF in the next period. 2. Extend this comparison by choosing a different point on this period’s PPF and determining whether that combination leads to more or less growth over the next period.
Illustrate three of the following concepts using properly drawn and labeled production possibilities frontier graphs. Use...
Illustrate three of the following concepts using properly drawn and labeled production possibilities frontier graphs. Use a separate ppf graph for each concept you select. 1. scarcity and trade-offs 2. unemployment 3. opportunity cost 4. economic growth
1. What are some of the requirements for Economic Models? 2. What does a production possibilities...
1. What are some of the requirements for Economic Models? 2. What does a production possibilities curve depict? 3. How does one calculate Fixed Costs, Variable Costs, Marginal Costs, and Profits? 4. How does the government examine Cost-Benefit analysis? 5. What are the impacts of Human and Physical Capital in a Global Economy 6. What are the three types of efficiency necessary to achieve economic efficiency?
Explain the function of the goods and services market and the factors of production market in...
Explain the function of the goods and services market and the factors of production market in the Circular Flow Model. Explain both real and money flows and the role of prices in both the product and factor markets. Using an example, explain why the production possibilities frontier is bowed outward. Use the production possibilities frontier to explain fully economic growth, efficiency, and inefficiency. Suppose that China can use cheaper labour to produce every product more cheaply than Canada. Explain why...
The concept of Opportunity Cost, and Production Possibilities is introduced in Chapter 1. Select one of...
The concept of Opportunity Cost, and Production Possibilities is introduced in Chapter 1. Select one of the following questions to answer: You do not have to do all of the below select but be sure to pick and answer one of them and discuss the economic concept involved as support of your answer where possible. QuestionI How might a nation's production possibilities be affected by the following? 1. New solar technology 2. An increase in immigration 3. An increase in...
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.
2. Explain the concept of an incremental economic analysis. 3. What economic criterion would you use to choose th...
2. Explain the concept of an incremental economic analysis. 3. What economic criterion would you use to choose the best piece of equipment among three alternatives, each with a different operating cost, capital cost, and equipment life? 4. Do you agree with the statement "Monte-Carlo simulation enables the design engi- neer to eliminate risk in economic analysis"? Please explain your answer. 5. In evaluating a large project, what are the advantages and disadvantages of proba- bilistic analysis?
2. Explain the...
Please help!
6. In the production possibilities framework, economic growth is depicted by the PPF a shift outward in the PPF O a shift inward in the PPF O the slope of the PPF becoming steeper O a movement from one point along the PPF to another point along the same PPF O none of the above 7. Jose has one evening in which to prepare for two exams and can employ two possible strategies: Score in Economics Score in....
4. The point M on the accompanying production possibilities curve that is determined by the free market. In your opinion as an economist, where is the socially optimal mix of output? Mark this on the PPC as point S and explain why you think this mix of output is superior to point M. Use the concept of allocative efficiency to help you explain your answer. depicts the mix of output Public Goods Private Goods Note: Point M is on the...
The concept of Opportunity Cost, and Production Possibilities is introduced in Chapter 1. Select one of the following questions to answer: You do not have to do all of the below select but be sure to pick and answer one of them and discuss the economic concept involved as support of your answer where possible. QuestionI How might a nation's production possibilities be affected by the following? 1. New solar technology 2. An increase in immigration 3. An increase in...
2. Explain the concept of an incremental economic analysis. 3. What economic criterion would you use to choose the best piece of equipment among three alternatives, each with a different operating cost, capital cost, and equipment life? 4. Do you agree with the statement "Monte-Carlo simulation enables the design engi- neer to eliminate risk in economic analysis"? Please explain your answer. 5. In evaluating a large project, what are the advantages and disadvantages of proba- bilistic analysis?
2. Explain the...
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