All categories

1 year ago

Describe, in your own words, the principal concepts in the production possibilities frontier economic model.

1 answer:

7 0

The principal concepts in the production possibilities frontier economic model includes scarcity, choice, and tradeoffs.

<h3>What is a production possibilities curve?</h3>

It refers to the economic model that shows the maximum combinations of goods and services or any two categories of goods that can be produced from a fixed amount of resources.

The model of Production Possibilities Curve are used to show the tradeoffs associated with allocating resources between the production of two goods. It can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, contractions as well.

In conclusion, the importance of production possibilities curve is that it helped demonstrate the maximum possible output of goods given a set amount of resources.

Read more about production possibilities curve

brainly.com/question/26761151

#SPJ1

You might be interested in

Why do you think effective planning is necessary in achieving our objectives?

MakcuM [25]

Answer:

yes by planning we can be success and can get instructions oursrlves

8 0

3 years ago

Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp pro

bonufazy [111]

Answer:

the equivalent units of production for materials = 352,616 units,

the equivalent units of production for for labor and overhead (conversion) = 339,304 units

Explanation:

First Determine the physical units that were Completed and Transferred out

<em>Units Completed and Transferred = Units in Opening Work In Process + Units Started During the Year - Units in Closing Work In Process</em>

= 80,400 + 301,400 - 51,200

= 330,600

Calculation of Equivalent Units of Production for

1. Materials

Units Completed and Transferred ( 330,600 × 100%) = 330,600

Units in Closing Work In Process ( 51,200 × 43%) = 22,016

Total Equivalent Units of Production for Materials = 352,616

2. Labor and Overhead

Units Completed and Transferred ( 330,600 × 100%) = 330,600

Units in Closing Work In Process ( 51,200 × 17%) = 8,704

Total Equivalent Units of Production for Conversion = 339,304

3 0

3 years ago

Question 7 of 10

joja [24]

Answer:

B. the set of plans for product, price, place, and promotion that the marketer will use

4 0

2 years ago

A famous painting was sold in 1947 for $21 comma 320. In 1998 the painting was sold for $32.1 million. What rate of interest c

Elden [556K]

Answer: 15.42%

Explanation: PV ( present value) = $21,320

FV (Future Value) =$ 32.1 million.

Years(y) = 1947-1998 = 51years

r = (FV/PV)^(1/y) - 1

r = ( $32,100,000 / $21,320) ^ ( 1/51) - 1

r = ( $1505.6285)^ ( 0.0196) - 1

r = 1.15421 - 1

r = 0.0154205 X 100%

r = 15.42%

4 0

3 years ago

A perfectly competitive firm, with MC=q operates in a market character,zed by the following market demand and supply conditions:

PolarNik [594]

Answer:

Since a perfectly competitive firm must accept the price for its output as determined by the product’s market demand and supply, it cannot choose the price it charges. Rather, the perfectly competitive firm can choose to sell any quantity of output at exactly the same price. This implies that the firm faces a perfectly elastic demand curve for its product: buyers are willing to buy any number of units of output from the firm at the market price. When the perfectly competitive firm chooses what quantity to produce, then this quantity—along with the prices prevailing in the market for output and inputs—will determine the firm’s total revenue, total costs, and ultimately, level of profits.

6 0

3 years ago