Business, 03.01.2020 21:31 andrwisawesome0
Which of the following is not an assumption that economists make when developing a production possibilities frontier (ppf)?
a. we live in a world with only two goods.
b. there are no increases in technology
c. there is no change in available resources.
d. society will always be producing somewhere on the ppf.
e. there are no decreases in technology.
Answers: 2
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Acompany manufactures x units of product a and y units of product b, on two machines, i and ii. it has been determined that the company will realize a profit of $3 on each unit of product a and $4 on each unit of product b. to manufacture a unit of product a requires 7 min on machine i and 5 min on machine ii. to manufacture a unit of product b requires 8 min on mchine i and 5 min on machine ii. there are 175 min available on machine i and 125 min available on machine ii in each work shift. how many units of a product should be produced in each shift to maximize the company's profit p?
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Opportunity cost is calculated by which of the following? a. adding the value of all lost opportunities. b. subtracting all costs from the total benefit. c. calculating the cost of time, energy, and sacrifice. d. finding the value of the best option that is not chosen.
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Which of the following is not an assumption that economists make when developing a production possib...
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