Question: Consider the following table which shows the yield per acre of cotton and wheat in two countries, USA and Mexico: In Mexico, the opportunity cost

Consider the following table which shows the yield per acre of cotton and wheat in two countries, USA and Mexico: In Mexico, the opportunity cost of producing 24 units of wheat is

YIELD PER ACRE	USA	Mexico
Cotton	8	9
Wheat	5	12

Regarding the Production Possibilities Curve, a decrease in the unemployment rate will most likely

shift the PPC outward.

move us from a point inside the PPC to a point closer to the PPC.

shift the PPC inward.

move us from a point near the PPC to a point farther away from the PPC.

Assume Oklahoma and South Dakota each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states: What is the marginal rate of transformation between wheat and corn in Oklahoma?

	South Dakota	Oklahoma
Wheat	4	10
Corn	12	2

Suppose Demand is given by Q = 60 -.25P. What is the price elasticity of demand when P = 40?

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