A model used to illustrate the trade-offs related to splitting resources between the production of two items is called the Production Possibilities Curve (PPC).
<h3>How do economic actors calculate costs to specialize products?</h3>
The PPC is a useful tool for demonstrating the ideas of scarcity, opportunity cost, efficiency, and economic development and contraction.
Exchange possibilities that lead to consumption opportunities outside of the PPC are the consequence of production specialization based on comparative advantage rather than an absolute advantage.
In contrast to what would have been achievable domestically, trade between two agents or countries enables the countries to enjoy a higher overall output and level of consumption.
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PPCs can be used to decide who should specialize in a certain good as well as opportunity costs and comparative advantages.
A nation or individual will be able to consume at a point beyond its PPC through specialization and commerce, assuming the terms of trade are advantageous (for example, offering each agent a cheaper opportunity cost than could be accomplished without trade).
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Answer:
The relationship is that the price for these types of bonds is lower as the Yield is fixed and do not change over time.
The price of a Non-callable bond is cheaper than the price of the Callable bond as the Yield for a Non-callable bond is fixed. This suggest that the investor knows exactly what is the interest that is going to receive until the maturity of the bond.
The price of the water needs to be raised by 40% when the consumption of water reduces by 10% and the price elasticity of demand results to 25%.
<h3>What is meant by the price of elasticity of demand?</h3>
The price elasticity of demand is determined as the proportionate variation in quantity with respect to variation in the price of a good.
Given values:
Change in water consumption (fall): 10%
Price elasticity of demand: 25%
Computation of percentage change in the price of water:
Therefore, there is an increase in water price by 40%.
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Economics in many cases is an exact science, but usually it is a practical one that has applications. Thus there are some practical goals that need to be answered with the use of economics and an easy to summarize form of them are the five fundamental questions of economics. 3 of the choices above are such fundamental questions; determining the way of production, the receiver of the production as well as the ways in which the economic system can change are of fundamental importance to the science of economics. The other 2 questions are: What products will be produced ? and How can we foster progress?
Choice d is a pretty important question too (that falls somewhat under a) but the fact that it mentions the government specifically makes it less general than the other propositions so it is not a fundamental question.
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