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a. The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy.

Combination Guns Butter

A 0 4
B 14 3
C 26 2
D 36 1
E 44 0

(a) What is the marginal opportunity cost of producing the second unit of butter?
(b) What is the total opportunity cost of producing the second unit of butter?
(c) What is the marginal opportunity cost of producing the third unit of butter?
(d) What is the total opportunity cost of producing the third unit of butter?

b. describe the relationship between full employment of resources and full production.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939751

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