While explaining the given statement with a form of an example (table), state the most economical region of production with the help of a diagram and mention the reason for the same.
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As we increase the one factor of production (Labor) keeping other constant, total productivity increases initially, reaches a certain maximum and then starts declining".
While explaining the given statement with a form of an example (table), state the most economical region of production with the help of a diagram and mention the reason for the same.
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- What is economic region of production? Describe with diagram.(a) Suppose that the 149 million square kilometers of land on the surface of the population of 7 billion people in late 2011 or early 2012. population of 7 billion people in late 2011 or early 2012. 4. According to the United Nations Population Fund (UNFPA), the world reached a (a) Suppose that the 149 million square kilometers of land on the surface of the earth was divided equally among this population, so that each person was allotted a square parcel of land How long would the sides of each square parcel be? (b) According to the United Nations Food and Agriculture Organization (FAO), only about 32% of the surface of the earth is considered arable and suitable for farming. If only the arable land was divided into equal square parcels among the population, how long would the sides of each square parcel be? (c) Express your answers to parts (a) and (b) in terms of some concrete unit of length. For instance, you might compare them to the height of the Empire State Building, the span of…Given the following diagram of a production possibilities frontier for a country. Assume that this country produces only two types of goods, capital goods (K) and consumer goods (C). (Graph is not drawn to scale.) CAPITAL GOODS(K) LACO,250) B(109 200) C C200, ISo) D(300, l00) E(GO0,0) CONSUMER 6000S (C) a. What is the opportunity cost of producing 25 more units of capital goods if this economy is currently producing at point B?
- Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost.Given the following diagram of a production possibilities frontier for a country. Assume that this country produces only two types of goods, capital goods (K) and consumer goods (C). (Graph is not drawn to scale.) CAPITAL GOODS(K) LACO,250) B(109 200) C C200, ISo) D(30, l00) E(GO0,0) CONSUMER 6000S (C) c. What is the opportunity cost of producing 1 more unit of capital goods if this economy is currently producing at point C?: Consider a plant company that produces plants in pots that are sold at garden stores (tomato plants and flowering plants, for example). The output is the number of plants in pots produced. Resources used are: a building, land, labor, potting soil, pots, seeds, computers, wheelbarrows, shovels, clippers, hand carts, watering cans and energy. (Including some numbers and a diagram along with your written explanation) 1. How does this change in productivity effect costs and why? (A diagram would be useful.)
- Draw a marker diagram showing how the equilibrium point changes if the production technology improves all else equalc. Suppose a small country produces only food and clothing. An earthquake destroys many of the clothing factories, but the ability to produce food is unaffected. Use the 3-point-curve drawing tool to draw a new production possibilities boundary on the graph on the right, labeled c, reflecting the change in the clothing factories. Properly label this line. Place end points one on horizontal and one on vertical axes. Carefully follow the instructions above, and only draw the required objects. Tonnes of Clothing Per Year PPBO Tonnes of Food Per Year(More difficult) Assume our standard model. Both Andreas and Katya have 5 hours. In an hour, Andreas can knit 5 scarves or 4 hats. In an hour, Katya can knit 6 scarves or 6 hats. If they are efficiently producing 37 scarves, how many hats are they making?
- Explain what is meant by the following statement, "an increase in productivity with respect to any one good increases our options for producing and consuming all other goods."A production possibilities table for bananas and apples is shown below: Production Alternatives Type of Production A B D E Bananas (pounds) 20 40 60 80 Apples (pounds) 100 75 50 25 a. Show these data graphically. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 5 points total). 125 Tools 100 PPC 75 50 25 20 40 60 80 100 (in pounds) Instructions: In part c, round your answers to 2 decimal places. b. Does the economy above demonstrate the law of increasing opportunity cost? |(Click to select) c. Based on this information, what is the opportunity cost of a pound of apples? pound(s) of bananas What is the opportunity cost of a pound of bananas? pound(s) of apples Apples (in pounds)There are five economic sectors that house different types of work/economic activities. First, list and define the five sectors. Next, give examples of types of work done in each sector.
