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Free Chegg : Match each diagram in Figure 1 with its descrip

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Free Chegg : Match each diagram in Figure 1 with its descrip

Free Chegg Q&A #551 - Your Question

Q1: Match each diagram in Figure 1 with its description here.

Assume that the economy is producing or attempting to produce at point A and that most members of society like

meat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than one

description.

Free Chegg : Match each diagram in Figure 1 with its descrip
 

  1. Inefficient production of meat and fish
  2. Productive efficiency
  3. An inefficient mix of output
  4. Technological advances in the production
  5. of meat and fish
  6. The law of increasing opportunity cost
  7. An impossible combination of meat and fish

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Free Chegg: Your Answer

Answer:

1.Inefficient production of meat and fish.

This is shown by figure c & d.

Inefficient production means when there is no proper use of resources and there is wastage of resources. (Resources are not fully used).

This can be seen in figure c as Point A lies within the PPF which shows that resources are not fully used. (Product inefficiency).

The same situation is also shown in Figure d. As point A lays at extreme left to the PPF which shows that there is more production of fish and less meat. (In this case, society likes more meat and less fish). 

2.Productive efficiency

This is shown by figure a, d, e & f.

Productive efficiency means that making proper use of every resource which is required in the production and with no wastage. And this is shown by the point On the ppf curve. 

This is shown in figure a, d, e & f. As point A lies on the PPF curve in all the figures. 

3. Inefficient mix of output.

This is shown by figure d.

Inefficient mix of output means producing goods which are not desired by society. In this case, society likes more meat and less fish. 

But in the figure d, point A shows that there is more production of fish and not meat as Point A lies to the extreme left of the ppf curve. 

4. Technological advances in the production of meat and fish.

This is shown by figure e.

If there is any technological upgradation, addition of resources, the output level increases and it is shown by shift of the ppf curve. 

Figure e shows that ppf has shifted to the right which shows advancement in technology. Point A is the new level of output after advancement of technology. 

5. Law of increasing opportunity cost.

This is shown by figure b, c, d, e & f. 

As we know that the resources are scarce, Because of this In order to increase the production of one good, the quantity of another good has to be decreased. The opportunity cost of the other good would increase. This is called the law of increasing opportunity cost. Because of this law, the ppf is always negatively sloped and seems to be in concave shape. 

This is shown in the figures b, c, d, e & f.

6. An impossible combination of meat and fish

This is shown by figure b.

Impossible combination means when the production of goods is impossible with the given resources and technology. In such cases the ppf lies beyond or outside the ppf. 

This is shown in figure b. 

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