**Question 3****Production Possibility Frontier (PPF) Table:**| Production Point | Mountain Bikes | Beer ||------------------|----------------|------|| A | 0 | 100 || B | 30 | 90 || C | 50 | 70 || D | 60 | 40 || E | 65 | 0 |**Scenario Description:**Refer to the table above. If you were to plot the points, then this would be a ___ PPF, so when you try to produce 5 more mountain bikes from 60 to 65, the opportunity cost of beer will ___ at a higher rate.**Answer Options:**a) straight-line; increase b) straight-line; decrease c) curved; decrease d) curved; increase **Explanation:**The table lists different production points, showing the trade-off between producing mountain bikes and beer. As production moves from point A to E, changes in the quantities of mountain bikes and beer reflect shifts in resource allocation. The question assesses understanding of PPF shapes (straight or curved) and the opportunity cost, particularly how it changes when moving production points, such as producing more mountain bikes and fewer beers.

The production possibility frontier shows the different combinations of two goods that can be…

A B C D E Production Point Mountain Bikes 0 b) straight-line; decrease 30 50 60 65 Beer 100 90 70 40 0 Refer to the table above. if you were to plot the points, then this would be PPF, so when you try to produce 5 more mountain bikes from 60 to 65, the opportunity cost of beer will at a higher rate. a) straight-line; increase

A B C D E Production Point Mountain Bikes 0 b) straight-line; decrease 30 50 60 65 Beer 100 90 70 40 0 Refer to the table above. if you were to plot the points, then this would be PPF, so when you try to produce 5 more mountain bikes from 60 to 65, the opportunity cost of beer will at a higher rate. a) straight-line; increase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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