a. Draw a graph to illustrate production, consumption, and trade in the South before the Civil War.

Question:

a. Draw a graph to illustrate production, consumption, and trade in the South before the Civil War.
b. Was the South consuming inside, on, or outside its PPF? Explain your answer.
c. Draw a graph to show the effects of the Civil War on consumption and production in the South.
d. Did the Civil War change any opportunity costs in the South? If so, did the of everything increase? Did the of any items decrease? Illustrate your answer with appropriate graphs. Opportunity Cost
Opportunity 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,...