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Given the production possibility table, draw the production possibility curve and illustrate the principle of increasing opportunity cost.

The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.

a. From your curve what values do you get for A and B in the table below?

b. Elucidate the meaning of a production possibilities curve.

c. Illustrate what is assumed to be constant when we draw that curve?

d. How is a point on the curve different from (1) a point below the curve and (2) a point above the curve?

e. How does this curve illustrate the concept of opportunity cost?

f. How does it illustrate the principle of increasing opportunity cost?

Guns
Butter
0
20
5
18
7
A
10
14
15
8
B
5
20
0

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M920563

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