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Compute the production cost, opportunity cost, Production possibility frontier curve.

 

Shape of the PPF

Assume a production possibilities frontier comprises the following combinations:

Cars

Washing Machines

0

1,000

100

600

200

0

  1. Graph the PPF, assuming that it has no curved segments.
  2. What is the cost of producing an additional car when 50 cars are being produced?
  3. What is the cost of producing an additional care when 150 cars are being produced?
  4. What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced?

What do your answers tell you about opportunity costs?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M918351

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