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- Assume that Henry and Madeleine can switch between producing parasols and producing porcelain plates at a constant rate. Labor Hours Quantity Needed to Make 1 Plate 2 Produced in 36 Hours Parasol Parasol Plate 18 6 Henry Madeleine2 Assume that Henry and Madeleine each has 36 labor hours available. If each person divides his/her time equally between the production of parasols and plates, then total production is a.18 parasols and 6 plates. b.18 parasols and 7.5 plates. c. 16 parasols and 12 plates. d.36 parasols and 15 plates. 4 18 93. Analysis: All points are signifies inefficient production and use of resources O A. True O B. Falsebabb (2) (3) (1) Figure 2-6 ХО (4) Refer to Figure 2-6. Which graph depicts the result of a technological improvement in the production of both goods X and Y? a. (3) b. (1) 0 c (4) O d. (2)
- QUESTION 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 aboveQUESTION 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 resources2. Which of the following is not an assumption that underlies an economy's production possibilities curve? A. fixed income B. fixed resources C. unchanged technology D. fully employed resources
- Define factors of production and describehow they contribute to output.System (Academic) les of Microeconomics || Fall20 At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too of other goods, pizza and too Select one: on O a. much; little O b. much; much Oc. little; much O d. little; little 00 HUAWEI Nova 3 Al CAMERA Dage Next pacHi can you please help with following questions I am not sure how to solve them please assist with question A You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued.You can either use your time to grow food to consume immediately, or to build new tools andbuildings (capital) which will increase your supply of food in future years. a) Sketch your initial production function (total output of food + capital in terms of yourlabour input), and show how to turn this into a feasible set. Show your optimal choiceof how you spend your time, assuming you initially consume everything you produce.
- 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 20The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in productionProduction 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