# Economics completed

The country of Nelsonia produces tanks and trucks. The table below shows five of the possible choices for Nelsonia. Tank production is measured in thousands per year and truck production is measured in millions per year.

• On the grid to the right, plot the production possibilities frontier (PPF) for Nelsonia.
• Pick any point inside the curve and label it M. What does point M represent?

This represents the point where the country is producing 24,000 trucks and 4 million tanks. At this production level, the country is not fully utilizing its resources.

• If the people of Nelsonia are currently choosing point M, what is the opportunity cost of another truck? Explain!

At this point, the opportunity cost of another truck is zero since the country is operating under its capacity and has spare resources. It can thus produce another truck without foregoing production of any tanks.

• Pick any point outside the curve and label it N. What does this point represent?

This point represents a production combination in which the country is producing 40,000 tanks and 6 million trucks. This point is beyond the Production Possibility Frontier so it is not possible for the country to produce at this point.

• Pick any point on the curve and label it X. What does this point represent?

This point represents a production level at which the country is fully utilizing its resources and has no extra capacity. It will have to forego the production of either kind of unit to increase the production of the other

• If the people of Nelsonia are currently choosing point C, what is the opportunity cost of:
1. two million more trucks? – 18 thousand tanks
2. six thousand more tanks? – 1 million trucks
• As the production of tanks increases from 0 to 60 thousand, what happens to the opportunity cost of producing a tank? Does it increase, decrease, or stay the same? How do you know?

It increases, since as we move from the production of 0 tanks to 69 thousand tanks, we have to forego the production of more and more trucks. This is also evident from the slope of the production possibility frontier which continually decreases as we move from 0-60.

• Suppose a new technology is developed by firms that make tanks so that it now takes fewer resources to make a tank. Show the effect of this change on the PPF.
• What are the fundamental choices that must be made in any economic system?

The Fundamental choices that are needed to made in an economy are:

• What to produce?
• How much to produce?
• How to distribute that produce?

Calculate the price
Pages (550 words)
\$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyhomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Great job
Customer 452773, February 13th, 2023
excellent paper
Customer 452773, March 3rd, 2023
Management
Thank you!!! I received my order in record timing.
Customer 452551, February 9th, 2021
excellent job
Customer 452773, August 12th, 2023
excellent job thank you Your Score 166.25/ 175- A 1. Current Culture 15% of total grade 18.37 Criterion "1. Current Culture" has textual feedback Criterion Feedback I see interesting points, though, in general they are not about the culture.
Customer 452773, June 4th, 2023
perfect
Customer 452773, February 23rd, 2023
History
Looks great and appreciate the help.
Customer 452675, April 26th, 2021
Human Resources Management (HRM)
excellent
Customer 452773, July 11th, 2023
awesome work as always
Customer 452773, August 19th, 2023
Thank you for your hard work and help
Customer 452773, February 21st, 2023
ACC/543: Managerial Accounting & Legal Aspects Of Business
EXCELLENT JOB
Customer 452773, January 10th, 2024
English 101
great summery in terms of the time given. it lacks a bit of clarity but otherwise perfect.
Customer 452747, June 9th, 2021
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat

## Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

• Dissertations and Thesis
• Essays
• All Assignments

• Research papers
• Terms Papers
• Online Classes