assignment questions
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assignment questions
assignment questions
In the space provided below draw the production possibilities frontier (PPF) for the following: Point Apples (on x-axis) Oranges (on y-axis) 105 90 10 75 20 60 30 45 40 30 50 70 (2p) Draw the PPF. Label everything (axes, quantities, points A – G, PPF1). (2p) The opportunity cost of producing the first 30 apples = ____ units of (good) _________ and we are moving __________(upward/downward) along the PPF from point ____ to point ____. (2p) The opportunity cost of producing the first 10 oranges = ____ units of (good) __________ and we are moving ____________(upward/downward) along the PPF from point ____ to point ____. (2p) The opportunity cost of moving from point D to point C is the opportunity cost of producing ____ more units of good ____ and it is (measured as) equal to ____ units of good ____. (2p) New technology is invented that benefits only the production of oranges. Show the new PPF after the new technology is introduced. Label it PPF2.
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