1. Refer to the production possibilities schedule below assuming full employment. Combination F E D C A Potato (in thousands MT) Rice (in thousands MT) 105 99 90 75 54 30 0. 45 75 99 117 126 135 A. Plot the production possibilities frontier, placing the amount potato production or the y-axis and the amount of rice production on the x-axis. Label properly all the points and label the graph as PPF,. B. Solve for the marginal rate of transformation for combinations G→ F; F E; E - D; D → C; C → B; and B→ A. Round-up to two decimals and show complete solutions. C. Interpret the marginal rate of transformation for D → C and B → A. D. Assume this economy experienced recession due to a pandemic that caused massive unemployment. Illustrate this effect on the graph of PPF on (A) and label this as PPF2. E. Assume that a new production technology was invented in the production of rice. Illustrate this effect on the graph of PPF on (A) and label this as PPF.

1. Refer to the production possibilities schedule below assuming full employment. Combination F E D C A Potato (in thousands MT) Rice (in thousands MT) 105 99 90 75 54 30 0. 45 75 99 117 126 135 A. Plot the production possibilities frontier, placing the amount potato production or the y-axis and the amount of rice production on the x-axis. Label properly all the points and label the graph as PPF,. B. Solve for the marginal rate of transformation for combinations G→ F; F E; E - D; D → C; C → B; and B→ A. Round-up to two decimals and show complete solutions. C. Interpret the marginal rate of transformation for D → C and B → A. D. Assume this economy experienced recession due to a pandemic that caused massive unemployment. Illustrate this effect on the graph of PPF on (A) and label this as PPF2. E. Assume that a new production technology was invented in the production of rice. Illustrate this effect on the graph of PPF on (A) and label this as PPF.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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