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Economics

Question: Assume that the production possibilities for Alberta are the following combinations of kegs of beer and sides of beef.

a. Construct the production possibilities frontier for beer and beef on the grid below.

b. Given the information above, what is the opportunity cost of the 55th keg of beer in Alberta? Of the 6th side of beef? Of the 9th side of beef?

c. Suppose Alberta is currently producing 4 sides of beef and 45 kegs of beer. What is the opportunity cost of 5 more sides of beef in Alberta?

d. Would the combination of 40 kegs of beer and 4 sides of beef be efficient? Why or why not?

e. Is the combination of 9 kegs of beer and 10 sides of beef possible for Alberta? Why or why not?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92252524

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