ShmoopTube

Where Monty Python meets your 10th grade teacher.

Search Thousands of Shmoop Videos

AP Microeconomics 1.4 Basic Economic Concepts 15 Views


Share It!


Description:

AP Microeconomics 1.4 Basic Economic Concepts. Which of the following is suggested by the slope of the production possibilities curve below?

Language:
English Language

Transcript

00:00

Thank you We sneak And here's your shmoop du jour

00:05

Brought to you by theater candy which is way more

00:08

popular than popcorn Okay so that's probably alive But there

00:11

may be a kernel of truth in there All right

00:14

which of the following is suggested by the slope of

00:16

the production possibilities Curve shown below We got some romans

00:20

here Alright Resource not specialized Same shorts were required to

00:23

produce both caramels chocolates and three opportunity cost of producing

00:27

terminals The same His producing iraklis Alright Potential answers All

00:30

right Bunch of roman numerals We got snickers Meth heads

00:33

in the line Okay people focus right here Angle forty

00:38

five degrees and over here Angle forty five degrees This

00:43

equals that everything is the same move left or right

00:48

Production possibility allocations remain equal If they're all the same

00:52

then re sources are of equal scarcity knots New gets

00:56

cocoa beans sugar ground up back For they're all the

00:59

same Equal tradeoffs for both the duds and the snickers

01:03

So roman numeral one is a yes And that knocks

01:06

out b and d roman numeral two almost restates the

01:10

definition We just went over for this fine forty five

01:13

degree boring triangle without knowing specifically the amount of caramels

01:16

and chocolates that go into each candy we can assume

01:19

that the ingredients are of equal trade off And if

01:22

two is true well kind of points along chocolatey finger

01:26

at roman numeral three there is no opportunity cost difference

01:30

among either candy If there was the line wouldn't be

01:32

a forty five degrees That is if we chose to

01:35

produce duds which consumed a ton of sugar for example

01:39

so much that we couldn't produce any more snickers then

01:42

we'd have to make a resource allocation trade off among

01:44

the two choices we have for production but that's not

01:47

the case here So the answer is e roman numerals

01:50

one two and three and ingredient not found in either

01:53

of these candies So yeah enjoy your next knickers bar

01:57

Just remember to eat around the bat for contrary to

02:00

what your big brother told you ingesting it won't give 00:02:03.068 --> [endTime] you night vision Yeah

Up Next

AP Microeconomics 1.6 Basic Economic Concepts
71 Views

AP Microeconomics 1.6 Basic Economic Concepts Review Drill. What does this point on the production possibilities curve represent?

Related Videos

AP Microeconomics 1.12 Basic Economic Concepts
37 Views

AP Microeconomics 1.12 Basic Economic Concepts. What is an advantage of specialization and trade?

AP Microeconomics 1.8 Basic Economic Concepts
6 Views

AP Microeconomics 1.8 Basic Economic Concepts. What among the following may not be your opportunity cost?

AP Microeconomics 1.6 Supply and Demand
38 Views

AP Microeconomics 1.6 Supply and Demand. What will the production possibilities curve for this economy look like?

ACT Science 1.1 Conflicting Viewpoint Passage
633 Views

ACT Science: Conflicting Viewpoint Passage Drill 1, Problem 1. What statement would both scientists agree upon?