Consider the information on Utopia, a hypothetical economy that can produce either rice or beans using...

 

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Consider the information on Utopia, a hypothetical economy that can produce either rice or beans using all its scarce resources. The figures are in tonnes. RICE (m 100 90 80 70 60 50 40 30 20 10 0 BEANS (m) 0 20 36 48 58 66 72 77 81 84 85 1. Plot the PPF for Utopia, with rice on the Y-Axis, and beans on the x-axis. 2. What is the opportunity cost of increasing production of rice from 30m tonnes to 40m? 3. Comment on the situation experienced by Utopia if it produces 50m tonnes of rice and 50m of beans. Consider the information on Utopia, a hypothetical economy that can produce either rice or beans using all its scarce resources. The figures are in tonnes. RICE (m 100 90 80 70 60 50 40 30 20 10 0 BEANS (m) 0 20 36 48 58 66 72 77 81 84 85 1. Plot the PPF for Utopia, with rice on the Y-Axis, and beans on the x-axis. 2. What is the opportunity cost of increasing production of rice from 30m tonnes to 40m? 3. Comment on the situation experienced by Utopia if it produces 50m tonnes of rice and 50m of beans. Consider the information on Utopia, a hypothetical economy that can produce either rice or beans using all its scarce resources. The figures are in tonnes. RICE (m 100 90 80 70 60 50 40 30 20 10 0 BEANS (m) 0 20 36 48 58 66 72 77 81 84 85 1. Plot the PPF for Utopia, with rice on the Y-Axis, and beans on the x-axis. 2. What is the opportunity cost of increasing production of rice from 30m tonnes to 40m? 3. Comment on the situation experienced by Utopia if it produces 50m tonnes of rice and 50m of beans. Consider the information on Utopia, a hypothetical economy that can produce either rice or beans using all its scarce resources. The figures are in tonnes. RICE (m 100 90 80 70 60 50 40 30 20 10 0 BEANS (m) 0 20 36 48 58 66 72 77 81 84 85 1. Plot the PPF for Utopia, with rice on the Y-Axis, and beans on the x-axis. 2. What is the opportunity cost of increasing production of rice from 30m tonnes to 40m? 3. Comment on the situation experienced by Utopia if it produces 50m tonnes of rice and 50m of beans.