a) Draw a production possibilities curve for this agricultural enterprise. b) Can this farmland produce 6000...

  

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a) Draw a production possibilities curve for this agricultural enterprise. b) Can this farmland produce 6000 bushels of corn and 1500 kg of beef during the same year? Mark this production level as point H on your graph. Explain what must happen in order for this agricultural enterprise to reach this level of production. c) What is the opportunity cost of expanding beef production from 900 kg to 1200 kg annually? d) What is the opportunity cost of expanding corn production from Level B to Level A annually? e) If a decision is made to produce 5000 bushels of corn, how much beef can be produced on this farm at the same time? Mark this production level as point K on your graph. 2. Production Possibility A B C D E F Corn (Bushels) 16000 8000 6000 4000 2000 0 Beef (Kg) 0 900 1200 1400 1450 1500 a) Draw a production possibilities curve for this agricultural enterprise. b) Can this farmland produce 6000 bushels of corn and 1500 kg of beef during the same year? Mark this production level as point H on your graph. Explain what must happen in order for this agricultural enterprise to reach this level of production. c) What is the opportunity cost of expanding beef production from 900 kg to 1200 kg annually? d) What is the opportunity cost of expanding corn production from Level B to Level A annually? e) If a decision is made to produce 5000 bushels of corn, how much beef can be produced on this farm at the same time? Mark this production level as point K on your graph. 2. Production Possibility A B C D E F Corn (Bushels) 16000 8000 6000 4000 2000 0 Beef (Kg) 0 900 1200 1400 1450 1500