Answer: A technological advancement will result in an outward shift of the production possibility curve.
Explanation:
A production possibility curve (PPC) is a curve that shows the various combinations of the amounts of two goods that can be produced using the given resources and technology. It is a graphical representation that shows all possible output options for two products which can be produced utilizing all factors of production by efficiently utilizing the given resources and time.
A production possibility curve shows several economic concepts like economies of scale, allocative efficiency, productive efficiency, opportunity cost and scarcity.
An outward shift of the production possibility curve means there's an improvement in the economy as more goods are produced with the same inputs. A technology advancement will lead to an outward shift of the production possibility curve. This means that more goods will be produced by using the same amount of inputs.
Answer: The the minimum price that would induce this company to produce the 601st heart rate monitor is <u>$70</u>.
Explanation: The marginal cost of producing one more unit is equal to 30070 - 30000 = 70.
A company produces to the point where the price is equal to the marginal cost. In other words, the cost of producing one more unit does not exceed the benefit to be obtained from the sale of one more unit.
Answer:
Farbania has a negative trade balance with Russia, that is, a deficit of $100 million.
Explanation:
Given that the republic of Farbania has trade relations only with Russia, and in one year, Farbania imports $ 300 million worth of goods from Russia and sells $ 200 million worth of goods to Russia, to determine the balance of trade that this country has with Russia is must perform the following calculations:
Imports: -300,000,000
Exports: +200,000,000
-300,000,000 + 200,000,000 = X
-100,000,000 = X
Therefore, Farbania has a negative trade balance with Russia, that is, a deficit.
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