Question

What is the shape and slope of the production possibility curve (2 Point)? Explain the rationale behind your answer. (3 Point)

Answer #1

A production possibilities curve shows the combinations of two goods an economy is capable of producing. The downward slope of the production possibilities curve is an implication of scarcity. The bowed-out shape of the production possibilities curve results from allocating resources based on comparative advantage

...

The slope of production possibility curve is marginal opportunity cost which refers to the additional sacrifice that a firm makes when they shift resources and technology from production of one commodity to the other. Since resources are use specific, therefore every time when one more unit of a commodity is produced more units of the other commodity is sacrificed that results in increasing marginal opportunity cost which leads to the concave shape of production possibility curve.

Which of the following is NOT true of a nation’s
production-possibility curve?
1)
The production-possibility curve shows
all combinations of amounts of different products that an economy
can produce when its resources are fully employed.
2)
Points inside the
production-possibility curve are feasible, but may represent
unemployment of some of the economy’s resources.
3)
Points outside the
production-possibility curve are not feasible production points
given the resources in the economy.
4)
The negative slope of the
production-possibility curve indicates declining...

2. Explain the law of increasing opportunity cost in a
production possibility curve. What is the reason for increasing
opportunity cost?

Productive efficiency is achieved at any point inside the
production possibility curve.
Group of answer choices
True
False

Inefficiency from the misallocation of resources is
located on what point of the Production Possibility Frontier
graph?
a.
Inside the slope b. Outside the slope c. on the slope d. Not on the
graph

Describe the shape of the typical production possibitties curve
and explain why it has this shape.

where would a country want to be on the production
possibility curve? inside, outside, or on the curve? why? How does
a country make that decision? be specific with your answer.

Find the slope of the line tangent to the curve y=x^2 at the
point (-0.9,0.81) and then find the corresponding equation of the
tangent line.
Find the slope of the line tangent to the curve y=x^2 at the
point (6/7, 36,49) and then find the corresponding equation to the
tangent line.
answer must be simplified fraction

Two countries, Sunnyland and Moderna,
share the same production possibility frontier (curve). Plot food
on the vertical axis and tractors on the horizontal axis. Label the
production alternatives A, B, D, D, E, and F on the curve.
Production
Alternatives
Tractors
(thousands)
Units of Food
(millions)
A
0
8
B
1
7.5
C
2
6.5
D
3
5.0
E
4
3.0
F
5
0.0
b. On the same
figure, label as point U the production of 3 thousand units of...

2.Explain why the slope of the production function falls as more
workers are hired, that is, total product increases at a decreasing
rate, while the slope of the total cost curve rises as more output
is produced, that is, TC increases at an increasing rate.
Use the personal opinion to answer，thanks.

What does the steepness or flatness of the production
Possibility Frontier curve tell you?

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