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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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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Chapter 11 / Lesson 28Understand 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?
- Which is not a statement about the "production possibility frontier"? A. It is significant because it represents all possible output combinations the economy can choose from when it is operating at full capacity. B. It must be sometimes curved to reflect
- 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
- Suppose you find a production possibilities frontier (PPF) that is shaped like a straight line. What can you determine about the production of the two goods? a. Production of the two goods is subject to decreasing relative cost. b. Production of the two g
- On which part of the production possibilities curve would you find inefficient production and/or unemployed resources?
- A production possibilities curve shows the various combinations of two outputs that: a. consumers would like to consume. b. producers would like to produce. c. an economy can produce. d. an economy should produce.
- 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.
- When constructing a production possibilities frontier, which of the following assumptions is not made? a. The economy produces only two goods or two types of goods. b. Firms produce goods using factors of production. c. The quantities of the factors of pr
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- Which assumption about the firm's production technology implies that the revenue curve, when plotted as a function of labor, is upward-sloping? a. More inputs lead to more outputs. b. Marginal product of labor decreasing in labor. c. Marginal product of l
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- Which of the following is not correct? A typical bowed-out production possibilities curve: A. specifies how much of each product society should produce. B. reveals how much each additional unit of o
- How are the production function graph and labor supply graph related in the classical model? Draw them together, either side by side or one over the other, and explain.
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- What do you call the average production cost of a particular level of output?
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- Resources used to produce goods and services are called factors of production. Identify and explain any five factors of production.
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- Draw a production possibilities frontier, representing the economy's possible production of milk and eggs. Now, show what will happen to the frontier or the production point under each of the following circumstances. Use a separate graph to illustrate eac
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- What is the relationship between the bowed-out shape of the production possibilities frontier and the increasing opportunity cost of a good as more of it is produced?
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- 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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- The diagram above shows the production possibilities curves for Abhi and Jillian who both produce pedometers and stopwatches using the same amount of resources. Based on this information A. Abhi's opportunity cost of producing one pedometer is one half of
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- Draw a production possibility frontier (PPF) that represents the production possibilities for goods X and Y if there are constant opportunity costs. Next, represent an advance in technology that makes it possible to produce more of X but not more of Y. Fi
- 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
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- 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
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- 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.
- Using the following table for a hypothetical economy plot your production possibilities data on a graph. |Goods|A|B|C|D|E|F|G |Military|110|105|95|80|60|35|0 |Consumer|0|10|20|30|40|50|60 a. Suppose the economy is operating at point B. What is the opportu
- 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