What is a graph that shows the combinations of output that the economy can possibly produce given...
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What is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology called?
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Answer and Explanation: 1
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View this answerA production possibility curve looks like this:
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This is a sample of the curve as it could be used in...
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Production Possibilities Curve: Definition & Examples
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Chapter 11 / Lesson 28
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Understand what the production possibilities curve is, and learn how to construct and interpret a production possibilities curve along with the example.
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- As displayed on a production possibilities curve, what will an increase in technology allow a society to do?
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- The following table sets out the production possibilities of an economy producing two goods: Answer the following questions: A) What does the frontier of production possibilities mean? B) Graph the boundary of production possibilities. C) What if you deci
- What is a curve representing the maximum possible combinations of total output that could be produced assuming a fixed amount of resources of a given quality: a. The Production Possibilities Curve, b. Market Demand Curve, c. The Land and Labor Efficiency
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- Factors of production are: a. used to produce goods and services. b. assumed to be owned by firms in the circular flow diagram. c. also called output. d. abundant in most economies.
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- What is Economies of Scale? a. Is the ability to produce a large quantity of output b. Is the situation when producers always meet the market demand and no stock is left c. Is the situation when the average cost declines with output d.Is the ability to
- Which of the following cannot be determined using a production possibility table? a. What combination of outputs can be produced? b. How much less of one output can be produced if more of another output is produced? c. What combination of outputs is best?
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- Graphically illustrate the isocost curve and the impact when the production budget doubles.
- Draw a production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your all
- Draw the graphs for a production function of a single input, L, which demonstrates increasing, decreasing, and constant returns to scale: (3 graphs). Under or next to these graphs, draw what the total
- The graph shows three production functions. PF_0 shows the current production for the economy, and capital per worker is currently (K/L)_0; thus, output per worker is (Y/L)_0. Suppose that there is a decrease in capital per worker. Which of the points on
- Production in the long run. Consider the following production function: q=5K^{0.25}L^{0.5}. a) What is the firm's short-run production function given that K=16, b) Now, let's look at production in the long run. Choose two values of output and graph th
- Which of the following is most appropriately measured along one axis of the production possibilities frontier diagram: a) Society's welfare and satisfaction, b) The price of a produced good, c) The quantity of a good consumed, d) The quantity of a good pr
- Which range of aggregate supply would represent an economy in the short term when prices are sticky and the economy is producing low levels of output? Provide the name and shape.
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- Define the following terms as rigorously as you can. (a) Marginal Product (of a factor of production) (b) Opportunity Cost (c) Technical Rate of Substitution
- Which of the following curves reflects the idea that in the long run, output is determined only by real variables such as the factors of production? A. the long-run aggregate supply curve B. the Key
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