Question: 10 . Efficiency in the production possibilities model Suppose the Netherlands produces only two goods: barley and smartphones. The following graph shows the Netherlands's current

produces only two goods: barley and smartphones. The following graph shows the

10 . Efficiency in the production possibilities model Suppose the Netherlands produces only two goods: barley and smartphones. The following graph shows the Netherlands's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labelled A to F. 100 80 PPF 60 SMARTPHONES (Millions) F 40 X C 20 + D 20 40 60 80 100 BARLEY (Millions of bushels)Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, feasible, or infeasible. Check all that apply. Point Inefficient Efficient Feasible Infeasible A O O O O B O O O O C O O O O D O 0 O E O O O O F O O O O

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2. Find out if there are other reference points that can be used as reasonable alternatives.

1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.