The table below is a set of hypothetical production possibilities for a nation. Automobiles Beef Combination...
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The table below is a set of hypothetical production possibilities for a nation. Automobiles Beef Combination (thousands) (thousands of tons) 10 10 a. Plot these production possibilities data. What is- the opportunity cost of the first 2,000 automobiles produced? Between which points is the oppor- tunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? b. Label a point Finside the curve. Why is this an inefficient point? Label a point G outside the curve. Why is this point unattainable? Why are points A through E all efficient points? .c. Does this production possibilities curve reflect the law of increasing opportunity costs? Explain. d. What assumptions could be changed to shift the production possibilities curve? The table below is a set of hypothetical production possibilities for a nation. Automobiles Beef Combination (thousands) (thousands of tons) 10 10 a. Plot these production possibilities data. What is- the opportunity cost of the first 2,000 automobiles produced? Between which points is the oppor- tunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? b. Label a point Finside the curve. Why is this an inefficient point? Label a point G outside the curve. Why is this point unattainable? Why are points A through E all efficient points? .c. Does this production possibilities curve reflect the law of increasing opportunity costs? Explain. d. What assumptions could be changed to shift the production possibilities curve?
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Answers A As we know that opportunity cost is the cost of availing one opportunity in terms of the l... View the full answer
Related Book For
Managerial accounting
ISBN: 978-0471467854
1st edition
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
Posted Date:
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