Assume that the people of Phobos and Deimos (the moons of Mars) use equal resources to produce consumer and capital goods, as illustrated in the table below showing maximum possible production figures. Country Capital Goods Consumer Goods Phobos 20 units 120 units Deimos 60 units 120 units Draw a fully labeled production possibility curve for Phobos. Place capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity cost.
Assume that the people of Phobos and Deimos (the moons of Mars) use equal resources to produce consumer and capital goods, as illustrated in the table below showing maximum possible production figures. Country Capital Goods Consumer Goods Phobos 20 units 120 units Deimos 60 units 120 units Draw a fully labeled production possibility curve for Phobos. Place capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity cost.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Assume that the people of Phobos and Deimos (the moons of Mars) use equal resources to produce consumer and capital goods, as illustrated in the table below showing maximum possible production figures.
| Country | Capital Goods | Consumer Goods |
|---|---|---|
| Phobos | 20 units | 120 units |
| Deimos | 60 units | 120 units |
- Draw a fully labeled
production possibility curve for Phobos. Place capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constantopportunity cost .
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