How am I to graph a production possibility curve?

How am I to graph a production possibility curve?
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answer:First of all, you’re planning to violate one of the terms of the assignment if you intend to graph “Weekend Entertainment TIME” or “Studying TIME” as “outcomes”. What kind of entertainment did you have in mind? Dances Danced? Drinks Drunk? Movies and Ballgames Watched? Those are ‘entertainment options’. As for the other… Homework Assignments Completed? Textbook Pages Read? Essays Written? What other outputs do you derive from “studying time”? And calling the X-axis “Labor and Human Capital” is just an over-fancy way of saying “Time”, after all. How many dances / drinks / movies / homework assignments / pages / essays can you complete “per unit of Labor and Human Capital” ... which I presume is measured in minutes, hours, days, weeks, etc.
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Related questions

If the production possibility curve is linear, then production is said to be subject of (a) constant opportunity cost (b) decreasing opportunity cost © Increasing opportunity cost (d) first increasing then decreasing opportunity cost.

Description : If the production possibility curve is linear, then production is said to be subject of (a) constant opportunity cost (b) decreasing opportunity cost © Increasing opportunity cost (d) first increasing then decreasing opportunity cost.

Last Answer : (a) constant opportunity cost

The law of diminishing marginal utility is most useful for explaining the (a) Law of supply (b) Law of demand © Shape of production possibility curve (d) curvature of total cost curve

Description : The law of diminishing marginal utility is most useful for explaining the (a) Law of supply (b) Law of demand © Shape of production possibility curve (d) curvature of total cost curve

Last Answer : (b) Law of demand

Which of these statement is true about production possibility curve (PPC/PPF) (a) It shows various combinations of two goods which yield same level of satisfaction (b) It shows various combination of two goods which an economy can produce with a given amount of resources (c) It shows various combination of two goods which an economy can produce with a given budget (d) It shows various combination of two goods which an economy can produce with a given time

Description : Which of these statement is true about production possibility curve (PPC/PPF) (a) It shows various combinations of two goods which yield same level of satisfaction (b) It shows various combination of two ... (d) It shows various combination of two goods which an economy can produce with a given time

Last Answer : (b) It shows various combination of two goods which an economy can produce with a given amount of resources

.Free trade is based on the principle of (a) Comparative advantage (b) Comparative scale © Economies of advantage (d) Production possibility advantage

Description : .Free trade is based on the principle of (a) Comparative advantage (b) Comparative scale © Economies of advantage (d) Production possibility advantage

Last Answer : (a) Comparative advantage

When charted on a graph Production possibilities frontiers tend to curve?

Description : When charted on a graph Production possibilities frontiers tend to curve?

Last Answer : Yes, they do.

Washability curve based on float and sink test enables an assessment to be made of the possibility of cleaning a coal fraction based on the (A) Density separation (B) Differential wettability (C) Size (D) Volatile matter content

Description : Washability curve based on float and sink test enables an assessment to be made of the possibility of cleaning a coal fraction based on the (A) Density separation (B) Differential wettability (C) Size (D) Volatile matter content

Last Answer : (A) Density separation

Which among the following has the least possibility of globalization? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Description : Which among the following has the least possibility of globalization? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Last Answer : (2) location of capital works Explanation: Globalization can affect the labor market by increasing capacity of developing countries to create new opportunities for work and production ... in proper shape. A welldeveloped infrastructure is an indispensable condition for faster globalization.

Which among the following has the least possibility of globalisation ? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Description : Which among the following has the least possibility of globalisation ? (1) selection of labour force (2) location of capital works (3) to manage resources for investment (4) increase in infrastructure

Last Answer : location of capital works

The bowed shape of the production possibilities curve illustrates: a. the law of increasing marginal cost b. that production is inefficient c. that production is unattainable d. the demand is relatively inelastic

Description : The bowed shape of the production possibilities curve illustrates: a. the law of increasing marginal cost b. that production is inefficient c. that production is unattainable d. the demand is relatively inelastic

Last Answer : a. the law of increasing marginal cost

Backward bending supply curve is related to which of the following factors of production ? (a) Labour (b) Capital (c) Land(d) Entrepreneur

Description : Backward bending supply curve is related to which of the following factors of production ? (a) Labour (b) Capital (c) Land (d) Entrepreneur

Last Answer : (d) Entrepreneur

Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production

Description : Engel’s curve illustrates the relationship between (a) Consumption and Utility (b) Production and Productivity (c) Income and Consumption (d) Income and Production

Last Answer : (c) Income and Consumption

When cost of production is zero, monopoly equilibrium will be established at a level where elasticity of demand curve is : (a) Greater than one (b) Equal to one (c) Less than one (d) Infinity

Description : When cost of production is zero, monopoly equilibrium will be established at a level where elasticity of demand curve is : (a) Greater than one (b) Equal to one (c) Less than one (d) Infinity

Last Answer : Equal to one

How does the theory of comparative advantage relate to production possibility curves?

Description : How does the theory of comparative advantage relate to production possibility curves?

Last Answer : What homework is this for?

Production Possibility Line What ?

Last Answer : production Possibility Line Hall Such A Line Whose Different To the point Specific Amount Resources Current Of technology Subject Two Generated Of goods Possible Different Combination Instructions By This The line is the PPC line In the name Pretty much Familiar.

Production possibility curves shows maximum combinations of -----products (a) 1 ; (b) 2 ; (c) 3 ; (d) 4

Description : Production possibility curves shows maximum combinations of -----products (a) 1 ; (b) 2 ; (c) 3 ; (d) 4 

Last Answer : (b) 2

If production possibility frontier is linear it implies (a) Constant opportunity cost ; (b) Economy is stagnant; (c) Underemployment of factor of production ; (d) With the increase in production, opportunity cost also increases

Description : If production possibility frontier is linear it implies (a) Constant opportunity cost ; (b) Economy is stagnant; (c) Underemployment of factor of production ; (d) With the increase in production, opportunity cost also increases

Last Answer : (a) Constant opportunity cost 

If you were to plot the height of everyone in your class on graph the values would probable form a hill-shaped curve called?

Description : If you were to plot the height of everyone in your class on graph the values would probable form a hill-shaped curve called?

Last Answer : logistic model

What does the slope of the curve on a velocity time graph represent?

Description : What does the slope of the curve on a velocity time graph represent?

Last Answer : The rate of Change in acceleration.

If curve X in the graph (below) represents no inhibition for the reaction of the enzyme with its substrates, the curve representing the competitive inhibition, of the same reaction is (A) A (B) B (C) C (D) D

Description : If curve X in the graph (below) represents no inhibition for the reaction of the enzyme with its substrates, the curve representing the competitive inhibition, of the same reaction is (A) A (B) B (C) C (D) D

Last Answer : Answer : A

For which type of motion, the distance time graph is not a straight line and can be any kind of curve? (1) Uniform motion (2) Circular motion (3) Non-uniform motion (4) Linear motion

Description : For which type of motion, the distance time graph is not a straight line and can be any kind of curve? (1) Uniform motion (2) Circular motion (3) Non-uniform motion (4) Linear motion

Last Answer : (3) Non-uniform motion Explanation: When the motion is uniform, the distance time graph is a straight line with a slope.When the motion is non-uniform, the distance time graph is not a straight line. It can be any kind of curve.

Graph of p against 1⁄V is A. curve B. straight line C. parabola D. hyperbola

Description : Graph of p against 1⁄V is A. curve B. straight line C. parabola D. hyperbola

Last Answer : straight line

Graph of potential energy against distance is A. curve B. parabolic C. hyperbolic D. straight line

Description : Graph of potential energy against distance is A. curve B. parabolic C. hyperbolic D. straight line

Last Answer : straight line

Graph of alternating current is a A. cos wave B. tan wave C. curve D. sine wave

Description : Graph of alternating current is a A. cos wave B. tan wave C. curve D. sine wave

Last Answer : sine wave

16. The shear stress-strain graph for a Non-Newtonian fluid is a curve. A) Correct B) Incorrect

Description : 16. The shear stress-strain graph for a Non-Newtonian fluid is a curve. A) Correct B) Incorrect

Last Answer : A

The shear stress-strain graph for a Newtonian fluid is a (A) Straight line (B) Parabolic curve (C) Hyperbolic curve (D) Elliptical

Description : The shear stress-strain graph for a Newtonian fluid is a (A) Straight line (B) Parabolic curve (C) Hyperbolic curve (D) Elliptical

Last Answer : Answer: Option A

Which two values are plotted on a B-H curve graph : -

Description : Which two values are plotted on a B-H curve graph : -  a) reluctance and flux density b) permeability and reluctance c) magnetizing force and permeability d) flux density and magnetizing force

Last Answer : Which two values are plotted on a B-H curve graph : - flux density and magnetizing force

Am I just dealing with pain, or the possibility of making this injury worse?

Description : Am I just dealing with pain, or the possibility of making this injury worse?

Last Answer : did you heat, ice anything? With any injury you always risk re-injury. Three weeks ago, I pulled my groin playing football and tried to play the following week after being able to run and cut with little pain ... If the pain gets worse, take yourself out of the game. You don't want to risk a tear.

Where were the point of underutilization appear on a production possibilities graph?

Description : Where were the point of underutilization appear on a production possibilities graph?

Last Answer : Feel Free to Answer

The following graph represents the installed capacity for cement production (in tonnes) and the actual production (in tonnes) of nine cement plants of a cement company. Capacity utilization of a plant is defined as ratio of actual production of cement to installed capacity. A plant with installed capacity of at least 200 tonnes is called a large plant and a plant with lesser capacity is called a small plant. The difference between total production of large plants and small plants, in tonnes is _____

Description : The following graph represents the installed capacity for cement production (in tonnes) and the actual production (in tonnes) of nine cement plants of a cement company. Capacity utilization of a plant ... difference between total production of large plants and small plants, in tonnes is _____

Last Answer : Correct answer is 120.

A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Description : A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Last Answer : (4) When only price of the commodity changes Explanation: In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that ... only when there is a change in other determinants of demand, other than price of the commodity.

An indifference curve measures the same level of - (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings

Description : An indifference curve measures the same level of - (1) Output from two factors (2) Satisfaction from two commodities (3) Satisfaction from Income and Capital (4) Satisfaction from expenditure and savings

Last Answer : (2) Satisfaction from two commodities Explanation: An indifference curve is a locus of combinations of goods which derive the same level of satisfaction. so that the consumer is indifferent ... of various points showing different combinations of two goods providing equal utility to the consumer

Whch of the following curve describes the variation of household expenditure on a particular good with respect to household income? (1) Demand curve (2) Engel curve (3) Great Cats by curve (4) Cost curve

Description : Whch of the following curve describes the variation of household expenditure on a particular good with respect to household income? (1) Demand curve (2) Engel curve (3) Great Cats by curve (4) Cost curve

Last Answer : (2) Engel curve Explanation: In microeconomics, an Engel curve describes how household expenditure on a particular good or service varies with household income. The curve is named after ... was the first to investigate this relationship between goods expenditure and income systematically in 1857.

Which curve shows the inverse relationship between unemployment and inflation rates? (1) Supply curve (2) Indifference curve (3) IS curve (4) Phillips curve

Description : Which curve shows the inverse relationship between unemployment and inflation rates? (1) Supply curve (2) Indifference curve (3) IS curve (4) Phillips curve

Last Answer : (4) Phillips curve Explanation: The Phillips curve shows the inverse relationship between inflation and unemployment: as unemployment decreases, inflation increases. The relationship, however, is not linear. Graphically, ... unemployment rate is on the x-axis and the inflation rate is on the y-axis.

Movement along the same demand curve is know as - (1) Extension and Contraction of Demand (2) Increase and Decrease of Demand (3) Contraction of supply (4) Increase of supply

Description : Movement along the same demand curve is know as - (1) Extension and Contraction of Demand (2) Increase and Decrease of Demand (3) Contraction of supply (4) Increase of supply

Last Answer : (2) Increase and Decrease of Demand Explanation: A shift in the demand curve is caused by a factor affecting demand other than a change in price. If any of these factors change then the amount ... of a change in supply conditions. The factors affecting demand are assumed to be held const ant.

Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Description : Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Last Answer : (4) Marginal efficiency of captial Explanation: The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted ... given by the returns expected from the capital asset during its life Just equal its supply price

Total fixed cost curve is - (1) Vertical (2) Horizontal (3) Positively Sloping (4) Negatively sloping

Description : Total fixed cost curve is - (1) Vertical (2) Horizontal (3) Positively Sloping (4) Negatively sloping

Last Answer : (2) Horizontal Explanation: The Total Fixed Cost Curve is a curve that graphically represents the relation between total fixed cost incurred by a firm in the short-run product of a good or service and the ... cost are, in fact, fixed, the total fixed cost curve is, in fact, a horizontal line.

Which of the following cost curve is never `U' shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve

Description : Which of the following cost curve is never `U' shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve

Last Answer : (3) Average fixed cost curve Explanation: Average fixed cost curve is never 'U' shaped. Since total fixed costs are unchanged as output rises, the average fixed cost curve falls continuously as output is increased.

Name the curve which shows the quantity of products a seller wishes to sell at a given price level. (1) Demand curve (2) Cost curve (3) Supply curve (4) None of these

Description : Name the curve which shows the quantity of products a seller wishes to sell at a given price level. (1) Demand curve (2) Cost curve (3) Supply curve (4) None of these

Last Answer : (3) Supply curve Explanation: The supply curve shows the relationship between the price of a good and the quantity supplied, holding constant the values of all other variables that affect supply. Each point on the curve shows the quantity that sellers would choose to sell at a specific price.

An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum

Description : An indiference curve measures ______ level of satisfaction derived from different combinations of commodity X and Y. (1) same (2) higher (3) lower (4) minimum

Last Answer : (1) same Explanation: An indifference curve may be defined as the locus of points, each representing a different combination of two substitute goods, which yield the same utility or level of ... is indifferent between any two combinations of goods when it comes to making a choice between them.

Which of the following is an inverted `U' shaped curve? (1) Average cost (2) Marginal cost (3) Total cost (4) Fixed cost

Description : Which of the following is an inverted `U' shaped curve? (1) Average cost (2) Marginal cost (3) Total cost (4) Fixed cost

Last Answer : (1) Average cost Explanation: In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. Both the Short-run average total cost curve (SRAC) and Long ... typically expressed as U-shaped. However, the shapes of the curves are not due to the same factors.

Which of the following occurs when labour productivity rises? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right

Description : Which of the following occurs when labour productivity rises? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right

Last Answer : (4) The labour demand curve shifts to the right Explanation: As labour productivity increases, the production function shifts up and simultaneously the labor demand curve shifts out and right. At ... , the production function shifts up and simultaneously the labor demand curve shifts out and right.

Inwhich market structure is the demand curve of the market represented by the demand curve of the firm? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Description : Inwhich market structure is the demand curve of the market represented by the demand curve of the firm? (1) Monopoly (2) Oligopoly (3) Duopoly (4) Perfect Competition

Last Answer : (1) Monopoly Explanation: Because the monopolist is the market's only supplier, the demand curve the monopolist faces is the market demand curve. The market demand curve is downward sloping, ... expect to receive for its output will not remain constant as the monopolist increases its output.

Lorenz curve shows - (1) Inflation (2) Unemployment (3) Income distribution (4) Poverty

Description : Lorenz curve shows - (1) Inflation (2) Unemployment (3) Income distribution (4) Poverty

Last Answer : (3) Income distribution Explanation: In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for ... of wealth distribution; the Lorenz curve lies beneath it, showing the reality of wealth distribution.

Average Fixed Cost Curve is - (1) Upward sloping (2) `U' shaped (3) 'V' shaped (4) Downward sloping

Description : Average Fixed Cost Curve is - (1) Upward sloping (2) `U' shaped (3) 'V' shaped (4) Downward sloping

Last Answer : (4) Downward sloping Explanation: The Average Fixed Cost Curve graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. It is relatively high at small quantities of output.

If the supply curve is a straight line passing through the origin, then the price elasticity of supply will be - (1) less than unity (2) infinitely large (3) greater than unity (4) equal to unity

Description : If the supply curve is a straight line passing through the origin, then the price elasticity of supply will be - (1) less than unity (2) infinitely large (3) greater than unity (4) equal to unity

Last Answer : (4) equal to unity Explanation: Any straight line supply curve passing through the origin has an elasticity of supply equal to 1. The different types of price elasticity of supply are listed below:

A unit price elastic demand curve will touch - (1) both price and quantity axis (2) neither price axis, nor quantity axis (3) only price axis (4) only quantity axis

Description : A unit price elastic demand curve will touch - (1) both price and quantity axis (2) neither price axis, nor quantity axis (3) only price axis (4) only quantity axis

Last Answer : (2) neither price axis, nor quantity axis Explanation: Unit elastic refers to an elasticity alternative in which any percentage change in price cause an equal percentage change in quantity. In other ... However, the unit price elastic demand curve does not touch either price axis or quantity axis.

Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its - (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve

Description : Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its - (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve

Last Answer : (2) long-run average cost curve Explanation: Under perfect competition, the firms operate at the minimum point of long-run average cost curve. In this way, the actual longrun output of ... ideal output. This gives the mea-sure of excess capacity which lies unutilized under imperfect competition.

An exceptional demand curve is one that moves - (1) upward to the right (2) downward to the right (3) horizontally (4) vertically

Description : An exceptional demand curve is one that moves - (1) upward to the right (2) downward to the right (3) horizontally (4) vertically

Last Answer : (2) downward to the right Explanation: A demand curve that violates the law of demand is termed an exceptional demand curve. If a household expects the price of a commodity to increase, it may ... backward slope from the top right to down left. This curve is known as an exceptional demand curve.

The Marginal Utility Curve slopes downward from left to right indicating - (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal utility and the stock of commodity (3) A proportionate relation-ship between marginal utility and the stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Description : The Marginal Utility Curve slopes downward from left to right indicating - (1) A direct relationship between marginal utility and the stock of commodity (2) A constant relationship between marginal ... stock of commodity (4) An inverse relationship between marginal utility and the stock of commodity

Last Answer : (4) An inverse relationship between marginal utility and the stock of commodity Explanation: The Marginal Utility Curve is a curve illustrating the relation between the marginal utility obtained from ... marginal (additional) benefit to the consumer falls; hence consumers are prepared to pay less.

Under increasing returns the supply curve is - (1) positively sloped from is to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis

Description : Under increasing returns the supply curve is - (1) positively sloped from is to right (2) negatively sloped from left to right (3) parallel to the quantity-axis (4) parallel to the price -axis

Last Answer : (1) positively sloped from is to right Explanation: Supply curve, in economics, is a graphic representation of the relationship between product price and quantity of product that a seller is willing and ... i.e as the price of a commodity increases in the market, the amount supplied increases).