Which of the following best describes one of three economic concepts illustrated by the production possibilities boundary? Leisure Times, Inc., employs skilled workers and capital to install hot tubs. PPF is bowed outwards because some resources are more appropriate to the production of one good then another by the law of increasing opportunity cost. C) bowed inward. b. circular. d. moves the economy down a given PPF. The shape of the curve is generally bowed outward. On the chart, that is point F. What the Shape of the Curve Tells You . 3.7 … Describe the types of information and data that supply management may share with different internal and externa... Read each of the following questions and circle the answer that best describes you. Clearly explain your answer. c. relatively cheap at low levels of output. 2 - In the preceding figure, which graph depicts a... Ch. Uncategorized. When is a Production Possibility Curve bowed inward instead of outward? 2 - If the slope of the PPF is the same between any... Ch. b. paper currency. if you get rid of workers (not unemployment. 2.1 - What does the law of increasing costs have to do... Ch. Explain your answer. C) This model is a bowed PPF representing the law of increasing cost. Personalized courses, with or without credits. C. diminishing opportunity costs. D) a straight line. 2 - Can a technological advancement in sector X of the... Ch. C) curve that is bowed inward if increasing opportunity costs exist. B. increasing returns to inputs. The following selected transactions were completed by Cota Delivery Service during July: 1. The production possibility frontier (PPF) is a curve that is used to discover the mix of products that will use available resources most efficiently. My PPF bows inward... kind of looks like an exponential graph... 3. Which of the following best describes one of three economic concepts illustrated by the production possibilities boundary? True b. It would require that the nation have significant economies of scale in at least one of gun or butter production, so that output is higher when the nation specialised than when it balances its output between the two commo EXCESS CAPACITY Williamson Industries has 7 billion in sales and 1,944 billion in fixed assets. A bowed-in PPF would be unusual. For instance, how is... Ch. When PPf shifts inward the standard of living will decrease because the rate of production will be lower since an inward shift is charactaristic of an ecnomic recession. Booster Classes . What was the a... How does employee participation increase motivation? C. a straight line. What would it mean if the PPF were bowed inward? 2 - Can a technological advancement in sector X of the... Ch. D) The opportunity cost is constant at 1 Butter for every 10 guns. a production possibilities frontier with a bowed outward shape indicates. 2 - If PPF1 in the preceding figure is the relevant... Ch. What would it mean if the PPF were bowed inward? Learn More → Businesses have limited resources, and owners and managers make difficult choices about how best to allocate what they have. Power and Associates conducts vehicle quality surveys to provide automobile manufacturers with consumer sa... (Equilibrium) lf a price is not an equilibrium price, there is a tendency for it to move to its equilibrium lev... (Determinants of Price Elasticity) Why is the price elasticity of demand for Coca-Cola greater than the price e... A friend pays for your lunch. Refer to Table 1.6. a. Introduction to Economics and the Economy 1. 4. Why is the PPF bowed outward? Name a country ... Economics is best defined as the study of a. how society manages its scarce resources. B. increasing returns to inputs. Uncategorized. Switch to. 2 - If the slope of the PPF is the same between any... Ch. Answer Save. On the chart, that is Point A. iii. To produce more good B,it has to give up more good A. The opportunity cost of producing more of a good increases because of: A. increasing returns to scale. An accountant must be familiar with the concepts involved in determining earnings of a company. 2 - Draw a PPF that represents the production... Ch. To d. used to produce consumption goods. ANS: b 37. 2 - Explain how the following can be represented in a... Ch. B) straight line if decreasing opportunity costs exist. For instance, how is... Ch. Preparing for Interviews and Researching Salary Data With Glassdoor: Most likely you are familiar with Unkedln,... BEP, ROE, AND ROIC Duval Manufacturing recently reported the following information: Net income 600,000 ROA 8% ... Cash payback period, net present value method, and analysis McMorris Publications Inc. is considering two new m... Summarize how technology is used to assist collection and analysis of marketing research data. different goods and it helps to explain why production possibilities curves are typically bowed outward. all points on. What is the average cost for the tablets? The highest point on the curve is when you only produce one good, on the y-axis, and zero of the other, on the x-axis. B) entrepreneurial talent is more abundant than human capital. B) entrepreneurial talent is more abundant than human capital. For instance, how is... Ch. All choices along the curve shows production efficiency of both goods. As more of a product is produced, it becomes increasingly more difficult to find resources that are well-suited to producing that product. d. moves the economy down a given PPF. More of both goods cannot be produced with the limited resources. A) This PPF is a straight line constant cost model. 2 - Explain how to derive a PPE. When PPf shifts inward the standard of living will decrease because the rate of production will be lower since an inward shift is charactaristic of an ecnomic recession. 1 decade ago. The PPF between goods X and Y will be a downward-sloping A) straight line if increasing opportunity costs exist. 2 - Explain how to derive a PPE. B)positively sloped. If by inputs, u mean the paper, scissors, and tape, then yes. 2 - Illustrate increasing opportunity costs (for one... Ch. in a PPF, the attainable production points are shown as. Learn More → Businesses have limited resources, and owners and managers make difficult choices about how best to allocate what they have. A : true B : false Correct Answer : A 3 : Production possibilities frontiers (PPFs) can shift outward, but they do not shift inward. d. a downward-sloping curve that is bowed outward. b. how to run a business... J.D. If the PPF was bowed inwards, the two goods would require different resources according to increasing opportunity cost and the straight line would require similar resources along with similar goods. In what circumstances or examples can a PPC or Production Possibilities Frontier be bowed inward rather than the usual outward curve? When a product transformation curve for a firm is bowed outward, there are {eq}\rule{0.5in}{0.3pt} {/eq} in production. Therefore, the opportunity cost of producing more units grows and the PPF becomes steeper and steeper. c) The PPF is bowed outward due to the law of increasing opportunity costs. ii. Relevance? For the fiscal year, sales were 191,350,000 and the cost of merchandise sold was 114,800,000. a. Lean accounting The annual budgeted conversion costs for a lean cell are 180,000 for 1,000 production hours. Shifts of the PPF. What Is a Bowed Production Possibility Curve? a) High speed steel b) Aluminum oxide c) Titanium aluminum oxide d) Polycrystalline diamond... Will an increase in average length of annual vacations cause the national economy's PPF to shift inward or outward? 2 - The economy is producing 100X and 200Y, but it... Ch. An increase in resources a. shifts the PPF inward. 2 - Why are most PPFs for goods bowed outward (concave... Ch. 9.If additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be A) bowed outward. Home » Uncategorized » a production possibilities frontier with a bowed outward shape indicates. a) High speed steel b) Aluminum oxide c) Titanium aluminum oxide d) Polycrystalline diamond... Will an increase in average length of annual vacations cause the national economy's PPF to shift inward or outward? Correct the number usage in the following sentences taken from a letter or a report. Personalized courses, with or without credits. My Blog. 0 0. Home. 2 - If the slope of the PPF is the same between any... Ch. Home. False ANSWER: False 4. 2 - Why are most PPFs for goods bowed outward (concave... Ch. d. an upward-sloping straight line. D. a parabola. b. inward shift of the PPF. 2 - Using the data in problem 8, prove that both Tina... Ch. typically bowed outward. 5. 2 - If the slope of the PPF is the same between any... Ch. a. economies of scope b. economies of scale c. diseconomies of scope 2.1 - What does a straight-line PPF represent? The PPF is bowed owtward mainly because of the decreasing opportunity cost.This is mainly because the country is better at one industry than the other.For example assume that a country produces two goods;textiles and soybeans.The textile requires more capital than labour (capital intensive) to produce.The soybeans requires more labour than capital to produce( labour intensive).If a … When is a Production Possibility Curve bowed inward instead of outward? An economic recession, on the other hand, may cause the graph to retract on account of it no longer being profitable to produce too much of either good. d. more resources. Refer to Problem 3-11B. Switch to. If increasingly more units of good Y must be given up as each successive unit of good X is produced, then the PPF for these two goods is a. a downward-sloping straight line. Now you want to consider raising 200 llamas (which means moving to point B). True b. 2 - Tina can produce any of the following combinations... Ch. 2 - Explain how to derive a PPE. D. diminishing returns to inputs. 1 Answer. A bowed out PPF reflects which of the following ideas? if you get rid of workers (not unemployment. 4. Clearly explain your answer. Enjoy the atmosphere you Desire with comfort intact; January 2 2021 2 - Can a technological advancement in sector X of the... Ch. 3.7 … D 10.A PPF bows outward because A) resources are used inefficiently. C) bowed inward. All choices along the curve shows production efficiency of both goods. Your dashboard and recommendations. 2 - Illustrate constant opportunity costs in a table... Ch. b. shifts the PPF outward. Ch. D) straight line if constant opportunity costs exist. 1 Answer. Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*. resources are not equally productive in all activities. firing or killing for example), get rid of land, or capital . Clearly explain your answer. Ch. B) The guns (Y) intercept is 5. Changes in Resource Availability. One tool they use to do so is a production possibility curve, which displays the different combinations of two items that a business can make with the same fixed combination of resources. Yes it can. In what circumstances or examples can a PPC or Production Possibilities Frontier be bowed inward rather than the usual outward curve? D) straight line if constant opportunity costs exist. 20. Now you want to consider raising 200 llamas (which means moving to point B). Statement of cash flows A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016,... What is the systems development life cycle (SDLC) methodology? An outward shift of the PPF reflects economic growth. c. a downward-sloping straight line. 2 - Suppose a nations PPF shifts inward as its... Ch. a. Homework Help. 2 - In the following figure, which graph depicts a... Ch. 2 - Can a technological advancement in sector X of the... Ch. 1 decade ago. A factor which is good to produce good A,might not be good for good B. Get the detailed answer: Why is the PPF bowed outward? points inside and points on PPF. Donec nec justo eget felis facilisis fermentum. c. moves the economy up a given PPF. Median response time is 34 minutes and may be longer for new subjects. A : true B : false Correct Answer : B 4 : With respect to a PPF for goods X and Y, productive efficiency implies that in order to The money supply includes all of the following EXCEPT a. metal coins. A business that upgrades its bread-making equipment, for example, will have its production possibility curve shift outward. Booster Classes . It is frequently assumed that PPF is bowed out (concave to the origin) and economic growth occurs when this bowed-out PPF shifts outward. The production possibility curve bows outward. Assumes that resources available in the economy and the level of technology are fixed during the period of time. 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