Give an example of a firm that produces similar goods that would have a linear PPF...
Give an example of a firm that produces similar goods that would have a linear PPF and another firm that would have the bowed out PPF from the production of their products. Additionally, improvements in technology allow a firm to increase their output. Give an example of a technological change that can lead to economic growth for both of your PPFs.
Homework Answers
A firm producing similar goods with a linear PPF is a firm producing perfectly substitutable products such as Tea and Coffee. These products have constant opportunity cost of production.
Similarly a firm which produces products with bowed out PPF is one which produces Milk and Bread. These two products have increasing opportunity cost and thus the PPF is bowed out.
Example of technological change that will lead to economic growth of both PPFs is a change that enhances labor or capital productivity. Since any product require labor and capital as input, the increase of their productivity leads to economic growth.
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Give an example of a firm that produces similar goods that would have a linear PPF...
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An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve...
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1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
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Multiple Choice Questions 1. Each of the following is an example of an economic resource except...
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Please explain all questions. Thanks 52. Which of the following statements best illastrates economic growh? a....
Please explain all questions. Thanks
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Marginal cost is the opportunity cost of a good or service divided by the number of...
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TEXT Alternative: Suppose you were in charge of establishing economic policy for a small island country...
TEXT Alternative:
Suppose you were in charge of establishing economic policy for a
small island country whose only industry is fishing. When people
aren't fishing, they're enjoying leisure time with their
families.
Which of the following policies would lead to greater economic
growth? Check all that apply.
Imposing a tax on fishing boats (a form of capital)
Lowering the income tax, assuming that it encourages people to
work longer hours
Subsidizing research and development into new fishing
technologies
Offering free...
I need help 8:38 AM Fri Jan 25 95% KHomework1 Homework 1.pdf Short Answer Questions I....
I
need help
8:38 AM Fri Jan 25 95% KHomework1 Homework 1.pdf Short Answer Questions I. Consider an economy that produces Military goods and Consumer goods, the PPF and the case that more recourses become available are given by the graph below. You are asked to identify how the followings affect the PPF. In order to get full mark, you have to figure out both the moving section (military goods section or consumer goods section) and the direction (outward or...
Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economy has experienced growth in both ice and fish production. Show this giowth in relation to the production possibilities frontier (PPF) by moving each of the individual points accordingly, then answer the question. 0 Number of fish Which of the following economic activities have led to an increase in the standard of living worldwide over the last century? Only the most complete answer will...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve appear below: 2. roduction alternatives Capital ds per period Consumer goods per period 2018 14 8 A. If the economy is producing at alternative X, the opportunity cost of producing at Y instead of X is period a. 0 C. The production of 14 units of consumer goo and 1 unit of capital goods per period would a. result in full employment b. result...
Multiple Choice Questions 1. Each of the following is an example of an economic resource except A. land. B. money C. capital. D. labor. Consumer goods Refer to the above graph. Which movement between two points represents an increase in econ growth? A. J to K B. K to L C. L to M D. N to N 2. 3. Refer to the above graph Points J, N and K on the inner production possibilities frontier repre A an inefficient...
Please explain all questions. Thanks
52. Which of the following statements best illastrates economic growh? a. An increase in the quantity of abour always leads to cconomic growth. b. Increased education adds to the stock of human capital, NOT unlike building factories, which adds to the stock of physical capital c. A decrease in the peoductivity of labour leads to economic growth d. An increase in the minimam wage will always lead to economic growth 53. Which of the following...
3. You have a free evening, and your friends give you a choice between 3 options: 1) Going to Isaac's Bar and Grill 2) Watching The Rocky Horror Picture Show on DVD 3) Kite surfing You absolutely hate Isaac's, but enjoy the other two activities. What is your opportunity cost of kite surfing? (A) Your pleasure from watching Rocky Horro (B) Your pleasure from going to Isaac's (C) Your combined pleasured from the pub and watching Rocky Horror (D) None...
TEXT Alternative:
Suppose you were in charge of establishing economic policy for a
small island country whose only industry is fishing. When people
aren't fishing, they're enjoying leisure time with their
families.
Which of the following policies would lead to greater economic
growth? Check all that apply.
Imposing a tax on fishing boats (a form of capital)
Lowering the income tax, assuming that it encourages people to
work longer hours
Subsidizing research and development into new fishing
technologies
Offering free...
I
need help
8:38 AM Fri Jan 25 95% KHomework1 Homework 1.pdf Short Answer Questions I. Consider an economy that produces Military goods and Consumer goods, the PPF and the case that more recourses become available are given by the graph below. You are asked to identify how the followings affect the PPF. In order to get full mark, you have to figure out both the moving section (military goods section or consumer goods section) and the direction (outward or...
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