Draw a production possibility frontier for a society that's produces shoes and clothing using 10 units of labor and indicate the point of efficient and inefficient or combination

Answers

Answer 1

To draw a production possibility frontier (PPF) for a society that produces shoes and clothing using 10 units of labor, we need to assume a simplified scenario where the society can allocate its labor between the two goods.

Let's assume that society can produce shoes and clothing with the following labor requirements:

Shoes: 2 units of labor per unit produced

Clothing: 1 unit of labor per unit produced

To construct the PPF, we can vary the allocation of labor between shoes and clothing and observe the maximum output combinations.

Here is an example of a PPF with labor (input) on the x-axis and output (shoes and clothing) on the y-axis:

       |          /

       |         /

       |        /

       |       /

       |      /

       |     /  Inefficient

       |    /

       |   /

       |  /

       | /

       |________________________________

                     Efficient

The curve represents the production possibility frontier. Points on or below the curve represent achievable combinations of shoes and clothing, given the available labor. Points above the curve are unattainable with the given resources.

The point on the curve labeled "Efficient" represents the combination of shoes and clothing that maximizes output given the available labor. It reflects the most effective use of resources.

Points below the curve, such as the one labeled "Inefficient," represent combinations where resources are not fully utilized, resulting in lower output levels. These combinations could indicate the underutilization of labor or inefficiency in production.

Please note that the actual shape and position of the PPF can vary depending on various factors, such as technological advancements, resource availability, and the specific production processes for shoes and clothing. The example provided here is a simplified representation to illustrate the concept of a PPF.

For more questions on: production possibility frontier

https://brainly.com/question/30401925

#SPJ8


Related Questions

Project financial management description

Answers

Project financial management involves the planning, monitoring, and control of financial resources within a project to ensure its successful execution.

What does project financial management cover ?

It encompasses various activities and processes related to budgeting, forecasting, cost estimation, financial analysis, and reporting.

In the initial stages of project financial management, the project team collaborates to develop a comprehensive budget that outlines the estimated costs of resources, materials, labor, and other project-related expenses.

Regular financial reporting is also an essential component of project financial management. Project stakeholders, including senior management, investors, and sponsors, rely on accurate and timely financial reports to assess the financial health of the project.

Find out more on project financial management at https://brainly.com/question/14566477

#SPJ1

The full question is:

Discuss the following :

Project financial management description

Other Questions
A researcher conducted a study of 34 scientists (Grim, 2008). He reported a correlation between the amount of beer each scientist drank per year and the likelihood of that scientist publishing a scientific paper. The correlation was reported as r = -0.55, p < .01. a) What does a negative correlation mean in this example? (What does it tell you about beer and publishing papers?) Is this relationship strong or weak? How do you know? b) What does p < .01 mean in this result? (Tell me what p means. Tell me what the .01 means. Tell me what this means for the study.) a) What might happen to this correlation if you added one person in the sample who drank much more beer than other scientists and also published far fewer papers than other scientists? (Will the correlation get stronger? Weaker?) Is this a good thing or a bad thing for the study? Why or why not? barter is primarily used with trading partners who are not creditworthy or trustworthy. what volume (in ml) of isopropanol will you need to add in part ii of the experiment? (give your answer to two decimal places.) will thumbs upProblem 2-2 Building an Income Statement [LO1] Nataro, Incorporated, has sales of $664,000, costs of $326,000, depreciation expense of $70,000, interest expense of $45,000, and a tax rate of 22 percen On January 2, 2021, Cullumber Leasing Company leases equipment to Foley Co. with 5 equal annual payments of $149000 each, payable beginning January 2, 2021. Foley Co. agrees to guarantee the $89000 residual value of the asset at the end of the lease term. The expected value of the residual is $0. Foley's incremental borrowing rate is 10%, however it knows that Cullumber's implicit interest rate is 8%. The journal entry Foley makes at January 2, 2021 includes a debit to right-of-use asset for? PV Annuity. Due PV Ordinary Annuity PV Single Sum 8%, 5 periods 4.31213 3.99271 0.68058 10%, 5 periods 4.16987 3.79079 0.62092 a. $978693 b. $703079c. $676573 d. $697769 What are the differences betweengoods and service producers? Youstarted your own business inCanada. Now as an OperationsManager what will be your strategiesand logistics to run your businesssuccessfully. The real challenge is tokeep your business ahead from yourcompetitors. Write a report of yourroles, strategies, and logistics as asuccessful operations manager.Please, acknowledge all the outsideresources you use. [60] Apple confirms its slowing down your old iphone-but for good reasonDiscussion of the ethical issues, moral violations with reference to an International ethics document. You are expected to summarize the document and discuss its relevance and importance for business ethics: Which of the following is true about the product line administrative services and transactions?A. It emphasizes the knowledge of HR and of the business and competition.B. It deals with functions such as compensation, hiring, and staffing.C. It deals with implementation of business plans and talent management.D. It emphasizes knowing the business and exercising influence.E. It contributes to the business strategy based on considerations of business capabilities. Compare Power and Influence in the Workplace for CIBCBank and Bank Of Canada (Word limit 100) examples of business that shifted to cashless method? withexplanation please Which of the following statements about the divided political climate during the administrations of George Washington and John Adams is true? a) Voters were angered that much of the conflict between the two parties happened in private. b) Partisan newspapers incited criticism of, and dissatisfaction with, the administrations. c) The administrations of Washington and Adams represented the Anti-Federalist party and its economic policies. d) John Adams signed the Alien and Sedition Acts to reverse the positions Washington had held. Lakeside Home Furnishings Is Planning Inventory Purchases Of Leather Chairs. Desired Ending Inventory Is 1,000 Units, The Cost Of Goods Sold Is 40,000 Units, And The Beginning Inventory Is 12,000 Units. Compute For Total Purchases? A12,000 Units B29,000 Units C41,000 Units D52,000 UnitsLakeside Home Furnishings is planning inventory purchases of leather chairs. Desired ending inventory is 1,000 units, the cost of goods sold is 40,000 units, and the beginning inventory is 12,000 units.Compute for total purchases?A12,000 unitsB29,000 unitsC41,000 unitsD52,000 units Question 12 For each of the following pairs of goods, tell me which of the two goods you predict would have more elastic demand. Briefly explain why. (a) Required textbooks OR Romance novels (b) All movie tickets OR Tickets to movies in 3D (c) One of many Chinese restaurants in a city OR the only Indian restaurant in town Which statement is true about SQL statements? O FROM clauses specify the column or columns to be displayed. O SELECT clauses identify the table to be queried. O They must be terminated by a colon (;). O They are not case sensitive. What are some of the features of Oracle Database, up to, and including Oracle 19c? (Choose three) Game playing web application development API features High availability Security Client-side data validation Performance-related features If Telecom Net Inc. management plans to increase both sales revenue and net marketing contribution 30% and 20% respectively by next year, what would be the marketing and sales expenses? which inequalities complete the system? a. s l < 30 8s 12l 160 b. s l < 30 8s 12l 160 c. s l > 30 8s 12l 160 d. s l < 30 8s 12l 160 what does the minimum inhibitory concentration (mic) of a chemical tell you? 10 of 48 A statement of requirements primarily expresses how to fulfill forecasted system needs. lists alternative options for enacting the goals of the strategic facility plan. primarily expresses vision statement goals that are a type of stretch goal. for design is an internally produced space planning and relocation forecast. Which of the following insects has a barbed stinger?hornet fire ant *honey bee* yellow jacket Large-scale migration from farms to cities was caused by which of the following? O More cultural activities were available in cities O All of the statements are correct Industrial jobs were available in cities O Technological improvements in agriculture reduced the need for farm workers