Ppf Homework Questions

1477 words - 6 pages

Homework questions
Key Idea: The PPF is a framework used to examine production.
1. Explain what a production possibilities frontier represents.
A production possibilities frontier represents the combination of two goods that can be produced in a certain period of time, under the conditions of a given state of technology and fully employed resources
2. Analyze what it means for the PPF to be bowed out from the origin (curved), and what it means for the PPF to be a straight line.
A straight line PPF indicates that the opportunity cost of producing additional units of output is fixed, while a bowed-outward PPF indicates that the opportunity cost rises with production. In order for a nation’s PPF to be bowed outward, resources must be somewhat specialized, so that the law of increasing opportunity costs holds. With specialized resources, additional units of a good can only be produced at increasing opportunity costs. In order for a nation’s PPF to be a straight line, there must be complete interchangeability of resources, with no specialization, so that the law of increasing opportunity costs does not apply ie opportunity costs are constant
3. State the law of increasing opportunity costs and explain why it holds.
The law of increasing opportunity costs says that as more of a good is produced, the opportunity costs of producing that good increase. It holds because people have varying abilities, and aren’t equally adept at producing all goods.
Key Idea: The PPF can be used to demonstrate several economic concepts.
1. Explain how the PPF is used to demonstrate scarcity.
The PPF separates an attainable region (all points on or under the PPF) from an unattainable region (all points above the PPF). Scarcity makes the points above the PPF unattainable.
2. Use the PPF to demonstrate choice and opportunity cost.
Only one point on a PPF can be chosen. When choosing one point over another point, the value of what could have been chosen but wasn’t chosen is the opportunity cost of our choice.
3. Define productive efficiency and use the PPF to demonstrate it.
An economy is productive efficient if it is producing the maximum output with given resources and technology. All of the points on the frontier are points of productive efficiency.
4. Use the PPF to show unemployment.
If there is unemployment, then the economy will be at a point below the PPF.
5. Use PPF curves to show economic growth and list the sources of economic growth.
Economic growth is illustrated by an outward shift of the PPF, and would be caused by more resources or an advance in technology.
Key Idea: Individuals can make themselves better off by specializing in production according to their comparative advantages, and then trading for other goods.
1. Use the concept of comparative advantage to describe who should produce a particular good.
A person who can produce a good at a lower cost than another person has a comparative advantage in the production of that good, and is the person who sho...

RELATED

Literary Analysis - Hills like White Elephants - WR 303 - Literary Analysis

1555 words - 7 pages 1 Madison Evans Jake Sauvageau WR 303 Literary Analysis 8/30/18 Ernest Hemingway’s Hills like White Elephants The short story Hills like White Elephants by Ernest Hemingway is a story about a man and woman who are sitting at a bar at a small train station somewhere in Spain. They seem to be having a heated conversation about a mysterious “operation”. The author never explicitly says what the issue is between the man and woman, but it can be

An Analysis of Walter Freeman, Father of the Lobotomy - NKU HNR 151H - Essay

1433 words - 6 pages 1 Brandell Hannah Brandell Prof. Tamara O’Callaghan ENG151H-007 5 May 2017 Walter Freeman and the Invention of the Lobotomy In Steely Library’s digital archives, one of the postcards from the Gilliam family collection is entitled Western Kentucky Asylum for the Insane, Hopkinsville, KY. The postcard dates back to 1915 and portrays a beautiful building, complete with red bricks and white columns. Many of the insane asylums around this time were

Lost Treasure, A story about a psychopathic father - Amity college 11BB - Creative Story

1130 words - 5 pages Lost Treasure When I was a child, my late father and I would spend every moment of the summer season on the sparkling white sand of the beach near our home. We would dance, kicking up the shiny surface so that the droplets glimmered like diamonds in the sunlight. We would lie on our backs and stare at the sky, until the swirling clouds began to take on our imaginative shapes mingled together by our fantastical minds. We would grip imaginary

robotics revolution represent for human employment in New Zealand in the next 30 years - massey university - management

1357 words - 6 pages Rebecca Hastie 11256694 How much of a threat does the robotics revolution represent for human employment in New Zealand in the next 30 years? In order to understand the threats that robotics may pose to human employment in the future, it is important to examine the ways in which robots and computerization are already influencing different employment industries today, and how they have changed our labor practices in the past. If this information

A review of “Indigenous remain ‘asset rich, dirt poor’ 25 years after Mabo”. - ANU - literature review

1115 words - 5 pages Free A review of “Indigenous remain ‘asset rich, dirt poor’ 25 years after Mabo”. In the article “Indigenous remain ‘asset rich, dirt poor’ 25 years after Mabo”, Indigenous affairs editor, Fitzpatrick (2017) presents the socioeconomic situation of the Aboriginal people, using the views of the former prime minister’s advisor, Josephine Cashman. Miss Cashman pointed out that the promises made to the indigenous people, presented in the Mabo case, had not

Comparison of Tom and Jay from Great Gatsby - English - Essay

749 words - 3 pages Annie Shepherd-Barron, Luxmoore Comparison Between the Portrayal of Tom Buchanan and Jay Gatsby in Chapters 1 to 6 Fitzgerald purposefully portrays Jay Gatsby and Tom Buchanan in contrasting ways to emphasise the variety of money within the American market, during the era in which the novel is set. A major difference between the two men is ‘new money’ and ‘old money’, where Gatsby represents ‘new money’, but Daisy and Tom represent ‘old money

term project of marketing strategy - global business management 1 st semester - essay

405 words - 2 pages Boston Pizza Boston Pizza is a Canadian fast food restaurant, which began in Edmonton, Alberta, on August 12, 1964. The restaurant had begun operations on 17 different locations in western Canada by 1970. In 1968 a royal Canadian mounted police officer Jim treliving noticed the growing popularity of Boston pizza and he bought the rights to start a restaurant in British Colombia. He was the first franchisees of Boston pizza. At present, Boston

The advantages and disadvantages of social media - Bucks County Community College - essay

830 words - 4 pages Sioe Liang Ngeow ( Caden ) Alan Rubin COMP110.N12 15 June 2017 Wisely Use Of Social Media In the era of modernity, the application of technology is already inevitable, especially the use of social media. Social media such as Facebook, Twitter and YouTube have come into widespread use globally. As we all know, Mark Zuckerberg, as the chairman and chief executive officer of Facebook is ranked as one of the top ten wealthiest people in the world

Pet Peeves Public Speaking Speech - Public Speaking - Speech

506 words - 3 pages ​I’m​ ​not​ ​usually​ ​the​ ​kind​ ​of​ ​person​ ​to​ ​express​ ​when​ ​things​ ​annoy​ ​me--other​ ​than​ ​rolling​ ​my​ ​eyes,​ ​but​ ​there are​ ​actually​ ​quite​ ​a​ ​lot​ ​of​ ​things​ ​I​ ​don’t​ ​like.​ ​I​ ​can’t​ ​say​ ​I’m​ ​not​ ​guilty​ ​for​ ​some​ ​major​ ​pet​ ​peeves,​ ​like​ ​always​ ​being late,​ ​but​ ​here​ ​are​ ​my​ ​pet​ ​peeves​ ​that​ ​people​ ​should​ ​really​ ​work​ ​on. This​ ​one​ ​goes​ ​out​ ​to​ ​my​ ​mom…​ ​Yes

math Algebra Define Variable 1 Math - Algebra 1 - Algebra 1

868 words - 4 pages Evaluate each expression when y = 6. 1. 7 – y = 2. y – 3 = 3. 6 + y = 4. y + 2 = 5. y – 2 = 6. y – 1 = 7. 7 + y = 8. y + 8 = 9. 3 + y = 10. y + 4 = Evaluate each expression when y = 4. 11. y + 5 = 12. y – 7 = 13. 2 – y = 14. 7 – y = 15. 9 – y = 16. y + 6 = 17. 6 – y = 18. y – 5 = 19. y + 4 = 20. y + 9 = Evaluate each expression when y = 8. 21. y + 5 = 22. y – 8 = 23. 2 – y = 24. 6 – y = 25. y – 1 = 26. y – 9 = 27. 4 + y = 28. 1 + y = 29. 9 – y

home automation haow its work in the society - speech comunication - home automation

1618 words - 7 pages Free Introduccion A home automation system typically connects controlled devices to a central hub or "gateway". The user interface for control of the system uses either wall-mounted terminals, tablet or desktop computers, a mobile phone application, or a Web interface, that may also be accessible off-site through the Internet. Also it will control lighting, climate, entertainment systems, and appliances. It may also include home security such as

Intercultural essay on my culture - mesa high - essay

599 words - 3 pages Lopez 1 Lopez 4 Danielle Lopez Michelle Young COM 263: 18FA5689 9 September 2018 My Personal Culture The Hispanic culture has different values, beliefs, and traditions. Family is highly value. Family is a close-knit group and the most important social group to gather in any events or special days. The Hispanic “family unit” includes not only parents and children but also grandparents and extended family. Individuals within the family have moral

History Paper for Us History Class - US History , Hudson County Community College - Essau

2229 words - 9 pages Ramos7 Johanna Ramos History Research Paper November 30, 2017 US History II 106-01 How 9/11 Impacted Our Population History is the study of past events. Within history many major events have occurred that has change the equilibrium we know of today. If we look back as recent as the events of September 11, 2001 we can speculate that many bodies of government, personal ethical issues and dynamic peace we lost within our economy and everyday lives

Be your true self no matter what people think of you. - Trevor Highschool english 5 - essay

450 words - 2 pages Lopez Jose Lopez Mrs. karen 14 september 2017 Be your true self Fredrich Nietzche once said “The individual has always struggle to keep from being overwhelmed by the tribe. If you try it, you will often, and sometimes frightened. But no price is too high to pay for the the privilege of owning yourself.” In my opinion, I believe this quote is true. Many people feel like they have to be a certain way for society to like them. When in reality, they

Brown v.s Board of Education Background Information - English9 - Expository Essay

668 words - 3 pages Greifzu Brown Vs The Board of Education Background Information Expository Essay The Plessy v Ferguson, the Supreme Court Case that stated although colored and white people were separated, as long ad the facilities were equal, it was constitutional. Now, people know that isnt the true because a lot of the colored facilities weren’t equal. Over 50 Years later a new cases, which consisted of five separate cases that were combined into one that is