User Account

All Pages

Combination of a hypothetical economy producing

Assignment Help Business Economics
Reference no: EM132115902

Given below is a production possibilities combination of a hypothetical economy producing under conditions of efficiency, contact technology, and constant level of resources. The economy is faced with 6 possible production alternatives as follows:

Products Combination Comb. Comb. Comb. Comb. Comb.

A B C D E F

Lobsters 0 1 2 3 4 5

Coconuts 35 33 29 23 15 0

Based on the given table, answer the following questions thoroughly:

(A) Construct the PPC (production possibilities curve) on a graph. For consistency, place the quantity of lobsters along the horizontal axis and the quantity of coconuts on the vertical axis. Axes must be labeled properly. Make sure your axes are calibrated correctly to ensure your PPF comes out right.  Use Excel to derive your graph.

(B) From alternative B to C, what is the opportunity cost of producing the additional unit of lobsters?

(C) From alternative E to F, what is the opportunity cost of producing the additional unit of lobsters?

(D) On the PPF graph, legibly mark a combination that is deemed to be "attainable but inefficient." Mark that combination as point 'X.'

(E) On the PPF graph, legibly mark a combination that is deemed to be "unattainable but desirable." Mark that combination as point 'Y.'

Reference no: EM132115902

Questions Cloud

How an accountant and an economist might answer question : Does that mean the cost of going to the university has tripled? (Think about how an accountant and an economist might answer this question).
South africa out of undesirable situation : In terms of this statement, discuss the policies that can be implemented by government to take South Africa out of this undesirable situation.
Research and analyse a current and topical issue in taxation : ACC80012 TAXATION PRINCIPLES and PLANNING - Swinburne University of Technology - research and analyse a current and topical issue in Taxation
Measure of the labor market : Compared with unemployment rate, employment rate is often believed to be a better measure of the labor market.
Combination of a hypothetical economy producing : Given below is a production possibilities combination of a hypothetical economy producing under conditions of efficiency
Products that are complements : Choose two products that are substitutes and another two products that are complements
Do the perpetrators have specific characteristics : Why do you think these types of attacks are occurring more often? What can we do to prevent these types of attacks from occurring in the first place?
Research and locate a recent us supreme court decision : You are to research and locate a recent U.S. Supreme Court decision (within past five years) that established some sort of case law.
Describe five scientific methods of research inquiry : Identify and describe five scientific methods of research inquiry and how you would apply them to a research Project.

Reviews

Write a Review

Business Economics Questions & Answers

  Buying and selling of human organs is illegal

In the USA buying and selling of human organs is illegal. Those who need organs cannot buy organs from the market and those who donate organs cannot sell their organs. In your diagram show the effect of this policy change. Will this policy increase t..

  Price-taker market with low barriers to entry

If bread and peanut butter are complements, then an increase in the price of bread will lead to. Which of the following is true in a purely competitive, price-taker market with low barriers to entry?  In a market setting, if the demand for digital vi..

  Qcountry economic analysis report country for indiacollect

q.country economic analysis report country for indiacollect the following data for the most recent year available1

  Using the equation solve for equilibrium price and quantity

Using the equation solve for equilibrium price and quantity. Draw a graph of these functions. label the intercepts and equilibrium numerically. label the areas on the graph that represents Cs and PS in this market assuming the market is in equilibriu..

  Example of monopolistically competitive firm-oligopoly

What are one example of a monopolistically competitive firm, oligopoly, and monopoly in your local area? In your example, please relate to the market characteristics of each of the market structures?

  Should the shoe company sell any shoes to the chinese retail

A Chinese retailer offers to purchase running shoes for $55 per pair and tennis shoes for $55 per pair for distribution in China. Should the shoe company sell any shoes to the Chinese retailer?

  Some of the ways firms attempt to control their costs

Name some of the ways firms attempt to control their costs. Explain Name some of the ways firms attempt to control their costs. Explain how does your firm control costs.

  Population growth or technological progress

Answer the following questions using the basic Solow growth model, without population growth or technological progress.

  Elucidate what is the lerner index for this industry

Suppose the demand curve for a monopolist is q=500-p, and the marginal revenue function is mr=500-2q. The monopolist has a constant marginal and average total cost of $50 per unit. Elucidate what is the lerner index for this industry.

  Adverse reactions when the experiment terminates

k=5 what is the probability that fewer than 9 individuals have not had adverse reactions when the experiment terminates?

  An increase in quantity demanded is caused

An increase in quantity demanded is caused by

  Examine critically the health of the economy

Examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd