. Suppose you have a busy week ahead so you decide to spend a Sunday afternoon preparing...
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Suppose you have a busy week ahead so you decide to spend a Sunday afternoon preparing food in advance so that you can eat it during the week. You can make either meals or snacks. If you spend all your time making meals, you could make four. On the other hand, if you make only snacks, you could make eight. Draw a production possibilities frontier (with meals on the horizontal axis) that represents combinations of food you can prepare. Suppose your best choice is to produce three meals and two snacks. Mark that combination on your production possibilities frontier as point A. Your friend Gordon loves to cook so he proposes a deal. He suggests you make only snacks and he will make meals, then he will trade you four meals for five snacks. Suppose you accept Gordon's offer. Put a point labeled A' on your graph to show what you will produce. Then add a point labeled A* that represents what you will consume after you and Gordon trade. Suppose you have a busy week ahead so you decide to spend a Sunday afternoon preparing food in advance so that you can eat it during the week. You can make either meals or snacks. If you spend all your time making meals, you could make four. On the other hand, if you make only snacks, you could make eight. Draw a production possibilities frontier (with meals on the horizontal axis) that represents combinations of food you can prepare. Suppose your best choice is to produce three meals and two snacks. Mark that combination on your production possibilities frontier as point A. Your friend Gordon loves to cook so he proposes a deal. He suggests you make only snacks and he will make meals, then he will trade you four meals for five snacks. Suppose you accept Gordon's offer. Put a point labeled A' on your graph to show what you will produce. Then add a point labeled A* that represents what you will consume after you and Gordon trade.
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