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PLEASE HELP W ECON?
1. Assume this economy is currently using rowboats to harvest at point A, and demand for fish is 75 pounds per day and demand for crabs is 35 pounds per day. If total costs of production at point C is $50,000 if society uses motor boats and $40,000 if it uses rowboats, is this economy efficient?
2. Calculate the opportunity of moving from point D to Point E.
3. Assume this economy is producing 30 pounds of fish per day and 40 pounds of crabs per day. What is the state of its economy? Be complete.
4. Assume society wants 100 pounds of fish and 40 pounds of crab. What does the PPF tell you about the economy’s ability to produce 100 pounds of fish and 40 pounds of crab? Be complete.
1 Answer
- ?Lv 77 months ago
Point A is efficient because it is on PPF.But it should produce at point C using rowboat to minimize the cost. The cost of moving from D to E is 5 crabs. 30 Fish and 40 crabs is not efficient because it is under the curve.And 100 Fish and 40 crabs is not efficient because it is above the curve.