Homework Answers
Taking the ratio of the marginal products for two goods
Opportunity cost of PPF is measured by taking the ratio of marginal product for two goods
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In specific factors model the slope of the PPF or the opportunity cost of producing less of one good and more of the ot...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O A. when the government forces a movement from one point on the PPF to another point, no production is lost. B. the PPF will be a negatively sloped straight line. O C. to increase the production of one product requires larger and larger sacrifices of the other good. O D. to decrease the production of one product requires smaller and smaller sacrifices of the...
In the two-sector specific-factors model, as more labor is added to a sector, we will see:...
In the two-sector specific-factors model, as more labor is added to a sector, we will see: the total product of labor decrease. the marginal product of labor increase. the average product of labor remains constant. the marginal product of labor decrease.
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....
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
Specific Factor Model 3. Specific factor model a. Why is the specific-factors model referred to as...
Specific Factor Model
3. Specific factor model a. Why is the specific-factors model referred to as a short run model? b. An economy can produce good 1 using labour and captal and good 2 using labour and land. The total supply of labour is 100 units. Given the supply of capital, the output of the two goods depend on labour input as follows: Labor Input to GoodI Labor Input to Good 2 Output of Good 2 0.0 39.8 52.5 61.8...
With marginal cost pricing o all opportunity costs will be covered in the short run. o...
With marginal cost pricing o all opportunity costs will be covered in the short run. o marginal benefits are usually less than marginal cost. O the price charged is equal to the opportunity cost to society of producing one more unit of the good. o there cannot be any short-run economic profit.
Use the specific factors model. There is an increase the price of the manufactured good by 10%. The nominal wage will O...
Use the specific factors model. There is an increase the price of the manufactured good by 10%. The nominal wage will O Increase by 10%. O Decrease. O Increase by less than 10%. O Increase by more than 10%.
Question 1 What is the MRT (Marginal Rate of Transformation) or Opportunity cost of producing one...
Question 1 What is the MRT (Marginal Rate of Transformation) or Opportunity cost of producing one unit of wheat between two points A to B on the attached PPF curve? Soybeans (million) 1001A M 90 70 40 D 5 Wheat inillion) 5 10 15 30 a 100 200 400 d 600 800
9. Suppose that an economy is currently producing at a point inside its PPF. We know...
9. Suppose that an economy is currently producing at a point inside its PPF. We know that: a. The economy is producing beyond its capacity, so inflation will occur b. The economy is not using all of its available resources c. The economy is producing an efficient combination of goods d. There will be a large opportunity cost if the economy tries to increase production of any good _____ 10. Production possibility frontiers are usually shown as bowed outward. This...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O A. when the government forces a movement from one point on the PPF to another point, no production is lost. B. the PPF will be a negatively sloped straight line. O C. to increase the production of one product requires larger and larger sacrifices of the other good. O D. to decrease the production of one product requires smaller and smaller sacrifices of 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....
Specific Factor Model
3. Specific factor model a. Why is the specific-factors model referred to as a short run model? b. An economy can produce good 1 using labour and captal and good 2 using labour and land. The total supply of labour is 100 units. Given the supply of capital, the output of the two goods depend on labour input as follows: Labor Input to GoodI Labor Input to Good 2 Output of Good 2 0.0 39.8 52.5 61.8...
With marginal cost pricing o all opportunity costs will be covered in the short run. o marginal benefits are usually less than marginal cost. O the price charged is equal to the opportunity cost to society of producing one more unit of the good. o there cannot be any short-run economic profit.
Use the specific factors model. There is an increase the price of the manufactured good by 10%. The nominal wage will O Increase by 10%. O Decrease. O Increase by less than 10%. O Increase by more than 10%.
Question 1 What is the MRT (Marginal Rate of Transformation) or Opportunity cost of producing one unit of wheat between two points A to B on the attached PPF curve? Soybeans (million) 1001A M 90 70 40 D 5 Wheat inillion) 5 10 15 30 a 100 200 400 d 600 800
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