A farm grows wheat and produces pork. The marginal cost of producing each of these products increases

Question:

A farm grows wheat and produces pork. The marginal cost of producing each of these products increases as more of it is produced.
a. Make a graph that illustrates the farm’s PPF.
b. The farm adopts a new technology that allows it to use fewer resources to fatten pigs. Use your graph to illustrate the impact of the new technology on the farm’s PPF.
c. With the farm using the new technology described in part (b), has the of producing a ton of wheat increased, decreased, or remained the same? Explain and illustrate your answer.
d. Is the farm more efficient with the new technology than it was with the old one? Why? 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,...