Is the point that was previously attainable still attainable

Assignment Help Business Economics

Reference no: EM133629852

Questions

1. Draw and label all of the following:

a. A production possibility frontier (PPF) which assumes a budget of $40, a price for pizzas of $10, and a price of $2 for a 2-liter bottle of cola
b. A point on the graph that is efficient
c. A point on the graph that is inefficient
d. A point on the graph that is unattainable
e. A point on the graph that is attainable

2. If an individual preferred to have five times as many 2-liter bottles of cola as pizzas, what would be the optimal numbers of pizzas and colas that they would purchase? Explain.

3. Now imagine that your budget has doubled. On the same graph, draw and label a new PFF.

4. Is the point that was previously attainable still attainable?

5. Is the point that was previously unattainable still unattainable?

Reference no: EM133629852

Questions Cloud

Utility function in your economic modeling : If you were restricted to use just one functional form of utility function in your economic modeling, would you choose quasilinear utility,

Reasons consistent with marcina productivity theory : What are the possible rezions for this? Are there reasons consistent with marcina productivity theory?

Mismatched expectations on exchange : Take your best stab at humor (again, real or imagined) and provide three examples of mismatched expectations on exchange.

Characterize the trade relationship : How would you characterize the trade relationship between Canada and the United States with respect to the level of protectionism they practice?

Is the point that was previously attainable still attainable : Is the point that was previously attainable still attainable? Is the point that was previously unattainable still unattainable?

Concept of deficit-downsize economics : President Reagan embraced the concept of deficit-downsize economics as the solution for the nation's economic problems.

Spatial equilibrium framework focuses : The spatial equilibrium framework focuses on individual location choice and the implication that bad things in a location,

Importance of crafting policies : How does Gerber's analysis provides a nuanced understanding of the interconnectedness of global economies and the importance of crafting policies

Creation of unions on the general equilibrium of economy : What is the effect of the creation of the unions on the general equilibrium of this economy?

User Account

All Pages