01 May Question: 6. A nation with fixed quantities of resources is able to produce any of the following combinatio…
6. A nation with fixed quantities of resources is able to produce any of the following combinations of carpet and carpet looms, as shown in the table below and the diagram on the right. Production Possibility Frontien Yards of carpet Millions) 12 24 36 48 60 Carpet looms Thousands) 45 42 36 27 15 0 These figures assume that a certain number of previously produced looms are available in the current period for producing carpet. If this country chooses to produce both carpet and looms, as shown by point C, the number of looms available to produce carpet will increase over time 1.) Using the 3-point curved line drawing tool, show what will happen to the PPF Looms (thousands) over time. Label the curve ‘PPF Carefully follow the instructions above and only draw the required object. Now suppose that a new technology is discovered that allows an additional 50 Production Possibility Frontien percent of yards of carpet to be produced by each existing loom. 1.) Using the 3-point curved line drawing tool, show what will happen to the PPF Label the curve ‘PPF. Carefully follow the instructions above and only draw the required object. Suppose that before the new technology is introduced, the nation produces 15 thousand looms. After the new technology is introduced, the nation produces 27 thousand looms. (Hint: compute your answers using the data in the table above and not the graphs.) What is the effect of the new technology on the production of carpet? (Give the number of yards before and after the change.) Before the change in technology, the nation produces million Looms (thousands) After the change in technology, the nation produces million
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