Question

can you answer to these question please

1) In what sense is economics like a science? Draw a production possibilities frontier for a society that produces food and clothing. Show an efficient point, an inefficient point and an infeasible point. Show the effects of a drought.

Please write a paragraph about why economics is like a science. Please draw the production possibilities frontier and you can attach it as a separate file if you need or draw it here.

2) Suppose that a skilled brain surgeon also happens to be the world's fastest typist. Should she do her own typing or hire a secretary? Explain.

Answer 1

1) Economics is a science of scarcity. Economics is a social science as it uses a scientific method to explain the behavior of individuals, organizations. By science, economists attempt to explain economic behavior.

A is on the PPF so it is an efficient point. B is below the PPF which is inefficient. C is beyond the PPF which is infeasible.

For drought, the production of both food and clothing are decreased. So the PPF will be shifted downward.