Homework Help is Here – Start Your Trial Now!
Business
Economics
A) Calculate the opportunity cost of : - Increasing production of food from 20 to 30 million units. - Increasing production of clothing from 22 to 60 million units B) The country wants to produce 85 million units of food and 40 million units of clothing.  Is this possible? What point is this called? C) State TWO (2) ways how they can achieve this point (B) in the future. D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called?

A) Calculate the opportunity cost of : - Increasing production of food from 20 to 30 million units. - Increasing production of clothing from 22 to 60 million units B) The country wants to produce 85 million units of food and 40 million units of clothing.  Is this possible? What point is this called? C) State TWO (2) ways how they can achieve this point (B) in the future. D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called?

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 14AA
See similar textbooks
icon
Related questions
Question

A) Calculate the opportunity cost of :
- Increasing production of food from 20 to 30 million units.
- Increasing production of clothing from 22 to 60 million units

B) The country wants to produce 85 million units of food and 40 million units of clothing.  Is this possible? What point is this called?


C) State TWO (2) ways how they can achieve this point (B) in the future.


D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called? 

Food (millions of units) Clothing (millions of units) 70 10 67 20 64 30 60 40 56 50 50 60 40 70 22 80
Transcribed Image Text:Food (millions of units) Clothing (millions of units) 70 10 67 20 64 30 60 40 56 50 50 60 40 70 22 80
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Opportunity Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS