Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. draw a production possibilities frontier (ppf) for

Draw a production possibilities frontier (PPF) for oil and food, where food production (Qf) is...

50.1K

Verified Solution

Question

Accounting

Draw a production possibilities frontier (PPF) for oil and food, where food production (Qf) is in the vertical axis and oil production (Qo) is in the horizontal axis. Draw an initial production point on the PPF where the slope of the PPF equals minus the relative price of oil. Label this point 1.

If the price of oil on world markets rises sharply due to political reasons, determine the change in production; label the new point on the PPF with a 2.

How does this change in the price of oil affect the income distribution in the oil producing countries, assuming there are capital owners and workers involved in the production process?

*please draw the graph!!

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

As owner of Falcon Airlines, you are considering the purchase of a new de-icing machine. The...

Operations Management
1.2K views

Evaluate the performance of the main activity of samsung company (performance of principal product/service). What type(s)...

Biology
1.2K views

10. Describe the following trends in flower evolution: petal pigmentation, organ fusion, bilateral symmetry, inflorescences.

Medical Sciences
1.2K views

What is the effect of prenatal testosterone experience on sexual behavior? Study of homosexuals: what is...

Medical Sciences
1.2K views

Which values reflect the expected glucose concentrations (in mM) in micropuncture samples collected from regions inside...

Biology
1.2K views

Yes it s still important Let s go through a few examples to demonstrate your...

Accounting
1.2K views

Items reported as error corrections Multiple Choice Do not include the effect of...

Accounting
1.2K views

Nottingham Forest Products reports the following information concerning operations for the most recent month: ...

Accounting
1.2K views

On January 2, 2018, GMC purchased machinery for $168,000. The machine's useful life was estimated...

Accounting
1.2K views

What is open-end credit and give and example

Accounting
1.2K views

14-23 (Objetivos 14-2, 14-3, 14-4, 14-5) Los tems 1 a 9 son preguntas seleccionadas del...

Finance
1.2K views

Charleston Mills has a debt-equity ratio of 0.62 and a tax rate of 35 percent....