1. Name three combinations of corn and soybean that would be on the line, on the Production Possibilities Frontier. 2. Name three combinations of corn and soybean that would be inside the Production Possibilities Frontier (to the lower left of the line). 3. Name three combinations of corn and soybean that would be beyond the Production Possibilities Frontier (to the upper right of the line).
1. Name three combinations of corn and soybean that would be on the line, on the Production Possibilities Frontier.
2. Name three combinations of corn and soybean that would be inside the Production Possibilities Frontier (to the lower left of the line).
3. Name three combinations of corn and soybean that would be beyond the Production Possibilities Frontier (to the upper right of the line).
4. Consider now a third 100-acre field. Field 3 corn yields are 120 bushels per acre, and soybean yields are also 120 bushels per acre.
a. What is the maximum amount of corn that could be grown on this field?
b. What is the maximum amount of soybean that could be grown on this field?
c. What is the
d. What is the opportunity cost, on this field, of growing a bushel of soybean?
e. Draw the Production Possibilities Frontier for this third field.
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