Explain how production possibility curves can be used to demonstrate the problem of unemployment‚ effects of technological change and the benefits of economic growth. Human wants are unlimited and resources are scarce. In order to satisfy these wants‚ all societies face the problem of allocating these scarce resources to producing the wanted products. These decisions greatly affect the economy and will contribute to the movements of growth. A graph that visually represents the results of the decisions
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1. Economies of Scale. If the firms produces in an industry with very high fixed costs‚ consumers can benefit from a large firm which can exploit economies of scale. Economies of scale lead to lower long run average costs and therefore give the potential of lower prices. Example: Would you want several firms providing tap water? Would it make sense to have 2-3 companies laying a network of water pipes and sewage systems across the country? No. It is better to have 1 firm. This is an example of
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context of the production possibilities curve‚ opportunity cost is measured in: a. Changing in technology b. Ringgit paid for the goods c. The value of the resources used d. The quantity of other goods given up 4. If an economy is producing at full employment‚ it means that: a. The economy is producing at a point to the left of the production possibilities curve b. The economy is producing along its production possibilities curve c. There are idle resources in this
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Production Possibility Curve Name Academic Institution Class Professor Date Production Possibility Curve The production possibility curve (PPC) is defined as a theory that highlights the factors that limit a process the difficulties of making a choice‚ and the opportunity costs associated with making that decision (Hochstein‚ 2014‚ p. 343). Any time a decision is made by a manufacturer of a good‚ or a country making exports of goods to ready global buyers‚ the best decisions need
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I have chosen to write my paper on a fire that occurred on February 4th‚ 2007 and was initially reported at 0934 in a small town in Pennsylvania. The weather at the time of the incident included a high temperature of fourteen degrees‚ with a low of three degrees. Winds were between ten and twenty miles per hour and there were gusts up to thirty miles per hour. This fire killed one firefighter a 27 year old male with approximately thirteen total years experience twelve and a half of those being
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The title‚ “Graphic design” is just as complex as it is ubiquitous to all those in arts department. With such variety of use‚ it can be meet the needs required both personal and public‚ embraces concerns both economic and ergonomic‚ and is informed by many disciplines‚ touching base into English‚ science‚ and mathematics. Graphic design surrounds us‚ “touching everything that we do‚ everything we see‚ everything we buy:” from the billboards to the Bibles‚ on paperback books and on websites‚ on the
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Spectrophotometer; the finding of protein concentration of an unknown sample of BSA‚ and by using the standard curve. Abstract A spectrophotometer’s purpose is to use colors of the light spectrum to determine the concentration of light absorbing molecules in a solution. (p.59) In this particular lab‚ our mission was to determine the protein concentration and the standard curve of the unknown sample of BSA. This‚ by preparing five dilutions of the unknown solution of BSA together with other
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Experiment 9: Growth curve of Serratia marcescens Abstract Bacteria grows by binary fission. The aim of this experiment is to follow the growth of Serratia marcescens in nutrient broth at 37oCby recording the changes in turbidity (cloudiness) by measuring the absorbance of visible light (600 nm) and also to prove that there is an increase in the cell number and not just in mass during the growth. In the experiment we measure the full growth curve of Serratia marcescens by measuring the absorbance
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of the yield curve. In your answer also discuss the uses of the yield curve in financial markets‚ why strips are used in the construction of yield curves and why investors would want to invest in zero coupon bonds or strips. The yield curve is a graph that plots the yields of similar-quality bonds against their maturities‚ ranging from shortest to longest. The relationship between yield and maturity is referred to as the term structure of interest rates. The Treasury yield curve is the base or
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careless‚ sloppy‚ and less than professional. For the rest of your life you will be creating your brand: please think about what you are saying about yourself when you do any work for someone else! 1. Consider a monopolist where the market demand curve for the produce is given by P = 520 – 2Q. This monopolist has marginal costs that can be expressed as MC = 100 + 2Q and total costs that can be expressed as TC = 100Q + Q2 + 50. a. Given the above information‚ what is this monopolist’s profit maximizing
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