2. The graph below represents our choices between the production of food and biofuels as discussed...
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2. The graph below represents our choices between the production of food and biofuels as discussed in the news article "Fuel v. Food" (Files-News Articles-Basic Econ Concepts). Q Food (tons) 22 20 18 16 14 12 10 00 10 4 N 0 0 0.5 1 1.5 3 Q biofuel (thousands of gallons) 2 2.5 3.5 4 4.5 a. Compute below and show on the graph the opportunity cost of increasing biofuel production from 1 to 2 thousand gallons? (2) b. How does the opportunity cost of increasing biofuel production from 0 to 1.5 thousand gallons compare to that of increasing it from 2 to 3 thousand gallons? Why do they differ? Explain. (4) 2. The graph below represents our choices between the production of food and biofuels as discussed in the news article "Fuel v. Food" (Files-News Articles-Basic Econ Concepts). Q Food (tons) 22 20 18 16 14 12 10 00 10 4 N 0 0 0.5 1 1.5 3 Q biofuel (thousands of gallons) 2 2.5 3.5 4 4.5 a. Compute below and show on the graph the opportunity cost of increasing biofuel production from 1 to 2 thousand gallons? (2) b. How does the opportunity cost of increasing biofuel production from 0 to 1.5 thousand gallons compare to that of increasing it from 2 to 3 thousand gallons? Why do they differ? Explain. (4) 2. The graph below represents our choices between the production of food and biofuels as discussed in the news article "Fuel v. Food" (Files-News Articles-Basic Econ Concepts). Q Food (tons) 22 20 18 16 14 12 10 00 10 4 N 0 0 0.5 1 1.5 3 Q biofuel (thousands of gallons) 2 2.5 3.5 4 4.5 a. Compute below and show on the graph the opportunity cost of increasing biofuel production from 1 to 2 thousand gallons? (2) b. How does the opportunity cost of increasing biofuel production from 0 to 1.5 thousand gallons compare to that of increasing it from 2 to 3 thousand gallons? Why do they differ? Explain. (4)
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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