{"id":55835,"date":"2021-10-06T00:09:29","date_gmt":"2021-10-06T00:09:29","guid":{"rendered":"https:\/\/papersspot.com\/blog\/2021\/10\/06\/1-explain-production-possibilities-frontier-ppf-by-putting-tables-on-the-horizontal-axis-and-chairs-on-the-v\/"},"modified":"2021-10-06T00:09:29","modified_gmt":"2021-10-06T00:09:29","slug":"1-explain-production-possibilities-frontier-ppf-by-putting-tables-on-the-horizontal-axis-and-chairs-on-the-v","status":"publish","type":"post","link":"https:\/\/papersspot.com\/blog\/2021\/10\/06\/1-explain-production-possibilities-frontier-ppf-by-putting-tables-on-the-horizontal-axis-and-chairs-on-the-v\/","title":{"rendered":"1) Explain production possibilities frontier (PPF) by putting tables on the Horizontal axis and chairs on the v"},"content":{"rendered":"<p>Bill can work up to 10 hours a day. His production possibilities are given in the table below:(3 Marks) <br \/> Tables <br \/> Chairs <br \/> 0 <br \/> 200 <br \/> 50 <br \/> 180 <br \/> 60 <br \/> 160 <br \/> 70 <br \/> 140 <br \/> 80 <br \/> 120 <br \/> 90 <br \/> 0 <br \/> Explain production possibilities frontier (PPF) by putting tables on the Horizontal axis and chairs on the vertical axis. What is Bill\u2019s opportunity cost of producing one additional table? <br \/>Currently Bill is producing 70 tables and 120 chairs. <br \/> Is this allocation of resources efficient? Why? <br \/>Show this allocation on the graph and advise Bill how he can be more efficient. <br \/> Question-2 <\/p>\n<p> Explain by applying these concepts with examples.(2 Marks) <br \/> Rational people respond to incentives <br \/>Role of prices in allocating resources <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bill can work up to 10 hours a day. His production possibilities are given in the table below:(3 Marks) Tables Chairs 0 200 50 180 60 160 70 140 80 120 90 0 Explain production possibilities frontier (PPF) by putting tables on the Horizontal axis and chairs on the vertical axis. What is Bill\u2019s opportunity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[22],"class_list":["post-55835","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-economics"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/55835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=55835"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/55835\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=55835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=55835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=55835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}