An economy produces vaccines and medical software. Software…

An economy produces vaccines and medical software. Software engineers are highly specialized, while manufacturing workers are less adaptable. As the economy reallocates resources toward vaccine production, the opportunity cost of vaccines rises.Which explanation best accounts for the bowed-out shape of the PPF?

A local coffee shop owner is considering raising prices on s…

A local coffee shop owner is considering raising prices on specialty lattes. Based on past sales data, the owner knows that demand for specialty lattes is elastic. If the owner raises prices, what is the most likely effect on the shop’s total revenue, and what would you advise the owner to do?