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Q. Industry-land was so named because it is highly industrialized. It is a world leader in production of manufactured goods. If industry-land put all its productive efforts into manufactured goods, it could produce 1,000 units per year. To meet needs of its own citizens at their current level of consumption, industry-land needs 200 units each of raw materials, agriculture products and manufactured goods. Total opportunity cost of 200 units of agriculture products and 200 units of raw materials is 80% of manufactured goods, or 800 units. Draw a production possibility curve?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9306482

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