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- What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?Production possibility curve shows maximum efficiency means O a. Resources are wasted O b. None of the options O. Resources are not wasted O d. Resources are not completely used
- Meat (pounds) 120 A 90 D 60 В 30 Vegetables (pounds) 40 60 80 100 120 140 160 Point B is: O Infeasible Inconsistent Inconceivable O Inefficient 20Area of original paper 3.1.1 Complete the table above. lal paper change as htandia fokcs oto dsfterent laalves? wa the or th glain your anawer Describe he kind of relationahip between the ares of the original paper and the aumber of folds. 3.1.3 4. Mr Majola owns a shop where he repairs household appliances. He woulid like to buy a cell phone so that he can contact his customers after their work is done. Two different cell phone providers forwarded quotes to him upon request. Cell phone provider SAVE MORE quoted R80 per month and R2,50 per minute. Cell phone provider CASH IN quoted R100,00 per month and R2,00 per minute. Look at the incomplete table below: Airtime in minutes: t 10 20 30 40 50 60 SAVE MORE'S cost in rands: CM 80 105 130 155 Ass 380530 CASH IN'S cost in rands: Ca 120 140 160 240 340 460 100 4.1 What does the table above show? 4.2 Write down the symbol which represents the independent variable. 4.3 Where does the value 80 in row 2 come from? 4.4 Explain the situation if…QUESTION 9 Any point inside the production possibilities curve indicates. O A. the presence of technological change O B. that resources are imperfectly substitutable among alternative C. the presence of inflationary O D. that more output could be produced with the available uses. pressures resources
- (Figure: Recliners and Couches) American Signature is a furniture company based in Columbus, Ohio. The graph represents American Signature's production possibility frontier for manufacturing couches and recliners. If American Signature manufactures 100,000 couches and 400,000 recliners, the company's use of resources would be , and the company could production. Ⓒa. inefficient; decrease Ob. efficient, increase O c. efficient; decrease Od. inefficient; increaseFigure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40QUESTION 5 Consider the Production Possibility Frontier below Bacon 50 40 30 20 10 A 0 10 20 B E 30 40 Eggs F D 50 60 70 Point F represents O a. a combination of production that can be reached if we reduce the product of eggs by 20 units O b. a combination of production that is inefficient because there are unemployed resources. O c. a combination of production that can be reached if there is a sufficient advance in technology. Od. none of the above
- 4. Explain all resources that economy relies?Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $410ION 17 Marginal Cost Marginal Benefit Quantity of Shoes Refer to the diagram for athletic shoes. If the current output of shoes is Q1, then O D. society would consider additional units of shoes to be more valuable O A. resources are being O B. society would experience a net loss by producing more O C. society would consider additional units of shoes to be less valuable than allocated efficiently to the alternative uses of those resources than altemative uses of those production of shoes resources shoes Sa Click Save and Submit to save and submit. Click Save All Answers to save all answers. DELL Marginal Benefit and Marginal Cost (Dollers)