Assume that there is no difference in the resources used to make hats and belts, except that
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Assume that there is no difference in the resources used to make hats and belts, except that two belts can be made with the same amount of resources needed to make one hat. Fill in the accompanying table and then draw a graph showing the associated production possibilities frontier, with the quantity of hats on the horizontal axis and the quantity of belts on the vertical axis.
a. Would the production of 3 hats and 1 belt be inefficient, efficient, or unattainable?b. Would the production of 2 hats and 5 belts be inefficient, efficient, or unattainable?
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Answer We know that opportunity cost of 1 hat 2 belts Hence if 1 less hat is produced 2 more belts c...View the full answer
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