Question 3 Explain how the following situation would affect a nation's production possibilities curve. A category 5 hurricane destroys over 40 per cent of the nation's production capacity. What happens to PPF Choose... Explanation Choose... O O
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- vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibilities curve to depict this (which "good" should be placed on each axis) and why your curve would have a particular shape.During the Second World War, Germany’s factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?
- ( a) why is the slop of PPF downward? (b) why does the PPF look concave to the origin? (c) What is positive economic analysis?Question 1 Explain how each of the following situations would affect a nation's production possibilities curve. (i) A technological innovation allows the nation to more efficiently convert solar energy into electiricty (ii) Covid-19 increases the number of unemployed workers in the nation. (iii) A global pandemic results in 6 million confirmed cases and death of over 400,000 individuals. (iv) A switch to online deliver increases access to education in the nation's colleges and universities but might have a detrimental impact on the quality of education. (v) The nation passes a law requiring all employers to give the employee 16 weeks of paid of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time.Draw a production possibilities curve showing the number of apples and pears that one person can pick in a given time period. Show efficient, inefficient, and impossible levels of output. Explain why a combination of apples and pears (i.e. a level of output at a middle point along the curve) gives you more fruit that if you had picked only apples. The highest quality cricket bats, used by Test cricketers, sell for over $1,000AUD. They are made from a special type of willow tree grown specifically for that purpose. Similar bats, made from cheaper willow, sell for less than $200. Suppose a plant disease destroys half of the world’s high quality willow trees. The stock of cheaper willow trees is unaffected. (a) Explain how the market for high quality cricket bats might be affected by this change. (b) Explain how the market for cricket bats made from cheaper willow might be affected by the change in the market for high quality bats.
- What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?Construct a Production Possibilities Curve in Excel based on the following Production possibilities Schedule: Missiles Milk (millions of gallons) 0 4010 34 20 2730 1940 1050 0 What is the "shape" or the "slope" of the frontier or curve? Calculate the opportunity cost of producing the "first" batch of 10 missiles. Calculate the opportunity cost of producing the "last" batch of 10 missiles. What would it mean if the economy was operating at the frontier? What would happen to the frontier if the production technology improves?5Look at the following production possibilities curve illustrating the possibilities in Sluggerville for producing bats and/or peanuts with the existing level of resources and technology. (a) Show a point U that would indicate unemployed resources in Sluggerville. (b) Draw a new curve B that illustrates the results of improved technology in the production of bats, but no change in the production efficiency of peanuts. (c) Show a point G that would indicate a point that is currently unattainable in the production of peanuts and bats in Sluggerville. Peanuts (metric tons) (s000'00L) sieg
