Suppose either computers or televisions can be assembled with the following labor inputs: (a) Draw the production
Question:
(a) Draw the production possibilities curve for an economy with 42 units of labor. Label it P42.
(b) What is the opportunity cost of the sixth computer?
(c) Suppose immigration brings in 28 more workers. Redraw the production possibilities curve to reflect this added labor. Label the new curve P70.
(d) Suppose advancing technology (e.g., the miniaturization of electronic circuits) increases the productivity of the 70-laborer workforce by 10 percent. Draw a third production possibilities curve (PT) to illustrate this change.
Opportunity CostOpportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
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a Shown as the curve PPC2 b 8 televisions c Shown as the curve PPC3 d Shown as the curve PPC4 Feedba...View the full answer
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Related Book For 
The Macro Economy Today
ISBN: 978-1259291821
14th edition
Authors: Bradley R. Schiller, Karen Gebhardt
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