Figure 3-8Chile's Production Possibilities Frontier20 soybeans181614+12108642(in pounds)2+4 6 8 10 12 14 16 18 20 coffeepounds)(in20 soybeans1855501614+12108642(in pounds)Colombia's Production Possibilities Frontierboth goods and import neither good.neither good and import both goods.2 4 6 8 10 12 14 16 18 20 coffee(in pounds,Refer to Figure 3-8. Chile should specialize in the production ofcoffee and import soybeans.soybeans and import coffee.

Opportunity cost is the cost of the next best thing that you didn’t choose. For example, if you…

Chile's Production Possibilities Frontier ↑soybeans (in pounds) 20 18 16+ 14+ 12 10 8 6 2 A 6 8 10 12 14 16 18 20 coffee 20 18 16+ 14+ 12 10 ↑soybeans 8 6 4 (in pounds) 2 Colombia's Production Possibilities Frontier 6 8 10 12 14 16 18 20 coffee

Chile's Production Possibilities Frontier ↑soybeans (in pounds) 20 18 16+ 14+ 12 10 8 6 2 A 6 8 10 12 14 16 18 20 coffee 20 18 16+ 14+ 12 10 ↑soybeans 8 6 4 (in pounds) 2 Colombia's Production Possibilities Frontier 6 8 10 12 14 16 18 20 coffee

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Figure 3-8
Chile's Production Possibilities Frontier
20 soybeans
18
16
14+
12
10
8
6
4
2
(in pounds)
2
+
4 6 8 10 12 14 16 18 20 coffee
pounds)
(in
20 soybeans
18
5550
16
14+
12
10
8
6
4
2
(in pounds)
Colombia's Production Possibilities Frontier
both goods and import neither good.
neither good and import both goods.
2 4 6 8 10 12 14 16 18 20 coffee
(in pounds,
Refer to Figure 3-8. Chile should specialize in the production of
coffee and import soybeans.
soybeans and import coffee.

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