L Nams the two variabl of ese two bypodbctical Producticn Possibilities Curves m
ID: 1134431 • Letter: L
Question
L Nams the two variabl of ese two bypodbctical Producticn Possibilities Curves ma answer maximumQn b. answer. producible (in ions per year)t 2. Write a phrase to describe the ecenemic princinle expressed by any Production Possibilities Curve: answer :if resources are limited them there uantty a maximumguantity of avocados and a maximum quantity, of apples producible by the business firms in California and Washington and those possibilities are represonted by points on these curves. For example at point A, the maximum guantity of avocados producible-40 million tonslyear and the maximum guantity of apples producible-110 million tons/'year. Hence it is deduced and illustrated a consequence of limited resources is limited quantites of products producible and there will be an Opportantiy cests to produce more of a product 3. Write the Opornity o (9Cf preducing more of these two preducts in the intervals BC and TU ia is a im firms Point T a. In the interval BC along California's PPC answer (+) to prodauce an extra 20 miltion tons of apples yearly b. In the laterval TU along Washington's PPC 4 Name the cconomic principle described by the following: a. any Movement firom one poist to another point on one of these curvest (hint: mathematically either the slope of the curve or the reciprocal of the slope of the curve) b. the Concave shape of these curves is. the movement from point A te point B to point Q (hint: the changing slope of the curve) S. Compare the opportunity costs of producing apples and oranges in the Califoraia in interval BC with the oppertunity costs of producing apples and oranges in Washington in interval TU and write a statement about the comparison of opportunity costs: a. Answer: Califorsia's OC> Washiegton's OC he the opporamity cost f producing apples in Calyformia is greater then the opportharnity cast of producing apples in Washington) California's OC Washington's OC a.e the opportunity cost of prodhucing amacados in Calijfronia isthan the opportanity cost of producing avacados in Washington 6. Assuming the firms in Washingon and the firms in California recognize these Opportanity Cost and then choose to specialize in the production of the predects in inmarvals BC nd TU, that they are the low Opportunity Cost producer of determine the net change in total quantity of apples and avocades predned by these firms (i e the gains from engaging in a proper form specialization). extae quantity of apples produced- b, xtra quantity of avocados produced-Explanation / Answer
Ans
Maximum Quantity of avacadoes in tons/year
B not producing 20 million tons of apples year/producing 30 million tons of avacodos yearly
C not producing 20 million avacados/ producing 20 million apples
D producing 20 million apples/not producing 20 million avacados
E marginal rate of transformation MRT
F dinishing MRT
G less than
Can answer only 4 parts according to Chegg policy But still answered more.
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