Imagine an economy with the following resource base for the year 2011:100 units of Labor 100 units
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Imagine an economy with the following resource base for the year 2011:100 units of Labor 100 units of capital, and 100 acres of Lind. Draw a graph showing the economy's production possibilities from the following table:
On the same graph, draw the economy€™s production possibilities curve for the year 2021. Which possibilities in 2011 (among A, B, C, and D) can account for the 2021 curve, and how would such a production possibilities combination affect the economy€™s resource base for 2021.
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