Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly damages water quality. a) Explain in your own words how you would draw a production possibility curve to depict this (which "good" should be placed on each axis) and why your curve would have a particular shape. b) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? c) Discuss three possible impacts of an improved fertilizer on the production possibility frontier from part a.

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A:

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.