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- The value of manufactured goods (things made in factories and plants) produced each year in the United States has more than doubled over the last 30 years. Also over the last 30 years the number of Americans employed in manufacturing has significantly decreased. What does this tell you about the productivity of workers in the manufacturing industry?
d. The production possibility frontier for X and Y consists of all the efficient allocations in the Edgeworth box. Explain why this is so. Also explain why inefficient points in the box would be inside the production possibility frontier.
The Edgeworth box diagram can also be used to show how a production possibility frontier is constructed for an economy as a whole. Suppose there are only two goods that might be produced (X and Y), each using two inputs, capital (K) and labor (L). In order to construct the X Y production possibility frontier, we must look for efficient allocations of the total capital and labor available. a.Draw an Edgeworth box with dimensions given by the total quantities of capital and labor available (see Figure 10.4).Consider the lower-left corner of the box to be the origin for the isoquant map for good X. Draw a few of the X isoquants. b.Now consider the upper-right corner of the box to be the origin for the isoquant map for good Y. Draw a few Y isoquants (as in Figure 10.5) in the Edgeworth box. c.What are the efficient points in the box you have drawn? What condition must hold for a given allocation of K and L to be efficient?
Suppose the production possibility frontier for cheeseburgers (C) and milkshakes (M) is given by C + 2M =600 a.Graph this function. b.Assuming that people prefer to eat two cheese-burgers with every milkshake, how much of each product will be produced? Indicate this point on your graph. c.c. Given that this fast-food economy is operating efficiently, what price ratio (PC/PM) must prevail?
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During a high-level conference in Paris,France,an economist,Jagaban,confidently
remarked,“Countries with low population growth rates,like Italy and Japan,have
higher income per person than those with high growthrates such as Zambia and
Jordan.”Use the Solow growth model to explain his claim.
remarked,“Countries with low population growth rates,like Italy and Japan,have
higher income per person than those with high growthrates such as Zambia and
Jordan.”Use the Solow growth model to explain his claim.
assume that your a family firm how can u utilize the limited resources to full fill your needs
Which of the following is/are correct regarding the distinction between macroeconomics and microeconomics?
a) the price of apples at the supper market is an example of a macroeconomic variable
b)an increase in general price level (inflation) in an example of a macroeconomic variable
a) the price of apples at the supper market is an example of a macroeconomic variable
b)an increase in general price level (inflation) in an example of a macroeconomic variable
Which of the following is/are correct
a) households are are confronted with unlimited wants, but with limited resources with which to satisfy those wants
b) the scarcity of resources necessitates house holds to make choices
a) households are are confronted with unlimited wants, but with limited resources with which to satisfy those wants
b) the scarcity of resources necessitates house holds to make choices
Impact of Covid19 on inflation 2020-2021
According to the law’s supply, the higher the price of commodity, the higher will be quantity supplied. Explain why.
