Why does the production possibilities frontier bow out? Give an example of two goods for which...
Why does the production possibilities frontier bow out? Give an example of two goods for which this would be the case.
Homework Answers
The reason is that as more of one good is substituted for other good the opportunity cost increases. Given more resources it can shift outward. But given that there are limited number of resources the ppf tends to be concave because as more and more of one good is substituted for other good, the costs of such substitution increase. This can happen in production of coffee and tea.
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Why does the production possibilities frontier bow out? Give an
example of two goods for which...
QUESTION 9 When a country a produces on its production possibilities frontier involving two goods, then...
QUESTION 9 When a country a produces on its production possibilities frontier involving two goods, then trade with other countries can be beneficial if it specializes in the production of the good in which it has a comparative disadvantage True False
if a production combination in a country's production possibilities diagram is inside the production possibilities frontier,...
if a production combination in a country's production possibilities diagram is inside the production possibilities frontier, and the country be producing on its production on its production efficiency locus in the Edgeworth box diagram? why or why not
production possibilities frontier
Using the production possibilities frontier below, complete the following questions. (a) Calculate the opportunity cost of point A move to point B. (2 marks) (b) Calculate the opportunity cost of point C move to point D. (2 marks) (c) Illustrate and explain what would happen to the production possibilities frontier if there were a technological breakthrough in producing tubas. ...
Consider two points on the production possibilities frontier point X, at which there are 100 cars...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
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.
Question 7 Figure 1 Not yet answered Points out of 1.00 Perry's Production Possibilities Frontier Jordan's...
Question 7 Figure 1 Not yet answered Points out of 1.00 Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Flag question + 5 + 6 + 7 + + + ww Refer to Figure 1. Perry should specialize in the production of Select one: a novel b. poems. c. both goods d. neither good.
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.
Figure 1 Questo 8 Not yet answered Jordan's Production Possibilities Frontier Perry's Production Possibilities Frontier Points...
Figure 1 Questo 8 Not yet answered Jordan's Production Possibilities Frontier Perry's Production Possibilities Frontier Points out at 100 P Flag question Refer to Figure 1. The opportunity cost of 1 novel for Perry is Select one: a. 1/6 poem b. 2 poems c. 6 poems d. 12 poems.
The figure above shows a production possibilities frontier (PPF) for a society that makes two goods-pizza...
The figure above shows a production possibilities frontier (PPF) for a society that makes two goods-pizza and wings. For each point in the figure, select the correct button below to show whether the point represents an efficient use of resources, an inefficient use of resources, or is unattainable. Point A: Point B: Point C: Point D: Point F:
QUESTION 9 When a country a produces on its production possibilities frontier involving two goods, then trade with other countries can be beneficial if it specializes in the production of the good in which it has a comparative disadvantage True False
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Question 7 Figure 1 Not yet answered Points out of 1.00 Perry's Production Possibilities Frontier Jordan's Production Possibilities Frontier Flag question + 5 + 6 + 7 + + + ww Refer to Figure 1. Perry should specialize in the production of Select one: a novel b. poems. c. both goods d. neither good.
Figure 1 Questo 8 Not yet answered Jordan's Production Possibilities Frontier Perry's Production Possibilities Frontier Points out at 100 P Flag question Refer to Figure 1. The opportunity cost of 1 novel for Perry is Select one: a. 1/6 poem b. 2 poems c. 6 poems d. 12 poems.
The figure above shows a production possibilities frontier (PPF) for a society that makes two goods-pizza and wings. For each point in the figure, select the correct button below to show whether the point represents an efficient use of resources, an inefficient use of resources, or is unattainable. Point A: Point B: Point C: Point D: Point F:
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