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Could the U.S. Navy expand its production of both ships and weapons after switching from missiles to rail-gun weapons? Explain your reasoning.

Short Answer

Expert verified

The production of both projectile-gun and ships can be increased by technology.

Step by step solution

01

Step 1. Opportunity Cost.

Opportunity cost is the next best alternative to satisfy the want. among various alternative choices.

02

Step 2. Reason

The production of both projectile-gun and ships can be increased since the technology has improved and it can purchase better combinations. The PPC curve shows the increase in ships and weapons by shifting rightwards.

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Most popular questions from this chapter

Define opportunity cost. What is your opportunity cost of attending a class at 11:00 A.M.? How does it differ from your opportunity cost of attending a class at 8:00 A.M.?

In spite of the lower opportunity cost of rail-gun projectiles instead of missiles, does the U.S. Navy continue to face an increasing additional cost, in terms of forgone ship production, to obtain additional weapons? Explain briefly.

Suppose that in Fig 2-2, the nation currently is producing combination D in the table and on the graph of the production possibilities curve. What is the opportunity cost of producing 5 million more smartphones and moving to production combination C?

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The following table illustrates the points a student can earn on examinations in economics and biology if the student uses all available hours for study. Plot this studentโ€™s production possibilities curve. Does the PPC illustrate the law of increasing additional costs?

EconomicsBiology
10040
9060
8075
7085
6093
5098
40100
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