Question

enêtre Aide 67% d Review Questions Ch1 and Ch2.ECO 2302 Jan 22.pdf (page 1 sur 2) #1 . Ina given country, only two goods are produced: rice or airplanes. Here are the points onthe production possibility frontier Maximum Annual Output Options Rice Airplanes 1600 250 1000 350 İGB INTERNATIONAL UNIVERSITY OF GRAND-BASSANM 475 500 ) Draw a production possibility frontier with the quantity of rice on the horizontal axis. (ii) What is the opportunity cost per unit of expending production from 250 airplanes to 350 airplanes? (ilijat is the opportunity cost per unit of increasing the annual output of rice from 200 to 800? iv)Why is the production possibility graph negatively sloped? Provide a clear example (v) Why is it bowed out (concave down)? Provide a clear example (vi)ls the opportunity cost constant? Why? EPIC

Answer 1

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