Homework Answers
(1) The production possibility curve ABCDE is bowed outward (concave) as opposed to bowed inward (convex). this is because opportunity costs increase as more of a particular good is produced.
Answer: Option (C)
(2) At point A, firm is producing 14 chairs and 0 desks.
And, at point B firm is producing 12 chairs and 2 desks.
Hence, in order to increase the production of desks by 2 there is a need to decrease the production of chair from 14 to 12.
Hence, the cost of one more desk (at point A) = (decrease in chair production / increase in desk production)
the cost of one more desk (at point A) = 2 /2
the cost of one more desk (at point A) = 1 chair.
Answer: Option (B)
(3) Point A, B, C, D and E represent full employment.
Any point inside the PPC represent the inefficient use of the given resources (unemployment)
Any point which lies on the PPC represent the efficient use of the given resources (full employment)
Any point which lies outside the PPC are unattainable production point with the given level of resources.
Answer: Option (C)
(4) Point A, B, C, D and E represent full employment (efficient utilization of resources)
Since At point E, firm is making only 8 desks and 0 chairs.
and, At point C, firm is making 4 desks and 9 chairs.
So, efficient combination of desks and chair is 4 desks and 9 chairs.
Answer: Option (D)
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answer all please and thank you
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