Look again at the information in Figure 2.4 on page 49. Choose a rate of trading cherries
Question:
Figure 2.4
(a) Your production possibilities frontier
(b) Your neighbor's production possibilities frontier
Transcribed Image Text:
You Apples Your Neighbor Cherries Apples Cherries Devote all time to picking apples 20 pounds O pounds 30 pounds O pounds Devote all time to picking cherries O pounds O pounds 60 pounds 20 pounds Apples (pounds) 20 Your PPF Cherries (pounds)
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In the example in Figure 24 the opportunity cost of 1 pound of apples is 1 pound of cherries to you ...View the full answer
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