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Author Question: If Mexico is currently operating at a point inside its production possibilities frontier, then there ... (Read 49 times)

tatyanajohnson

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on: Jun 29, 2018
If Mexico is currently operating at a point inside its production possibilities frontier, then there are unemployed resources in Mexico. Is this statement true or false? Briefly explain your answer.
 
  What will be an ideal response?

Question 2

Patty spends 10 a week on bagels and soda. The price of a bagel is 2 and the price of soda is 1 a can. Patty buys 2 bagels and 6 cans of soda. Her marginal utility from bagels is 20 units.
 
  The price of a bagel rises to 3 and the price of a can of soda rises to 1.50. Patty now buys ________ bagels and her marginal utility from bagels ________. She buys ________ cans of soda and her marginal utility from soda ________. A) fewer than 2; increases; fewer than 6; increases
  B) 2; is 20 units; 6; is 10 units
  C) fewer than 2; is 20 units; fewer than 6; is 10 units
  D) fewer than 2; decreases; fewer than 6; decreases


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JYan

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is true. Points within the production possibilities frontier are attainable, so it is possible for Mexico to be producing at a point within its frontier. At points within the production possibilities frontier, there are unemployed resources.

Answer to Question 2

A


tatyanajohnson

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

cassie_ragen

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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