Figure 2 - 4 Graph (a) Graph (b) Panel A. The origin of the axis system is at (0, 0). The curve starts on the Coffee axis at the maximum feasible value, then descends in a concave downward arc to the maximum feasible value for donuts on the Donuts axis. Representative points are as follow. (0, 6), (1, 5.25), (2, 4), (3, 2.3), (4, 0). Five points, J, K, L, M, and N, are plotted as follows. Point J is at the maximum feasible value for coffee, (0, 6). Point K is inisde the production possibilities frontier at (1, 4). Point L is on the production possibilities frontier at (2, 4). Point M is at the maximum feasible value for donuts, (4, 0). Point N is outside the production possibilities frontier at (4, 2). Panel B. The origin of the axis system is at (0, 0). The curve starts on the Coffee axis at the maximum feasible value, then descends in a concave downward arc to the maximum feasible value for donuts on the Donuts axis. Representative points are as follow. (0, 6), (1, 5.5), (2, 4.8), (3, 4), (4, 2.9), (5, 1.5), (6, 0). No additional points are plotted. Refer to Figure 2 - 4, Graph (a) . Production is a. possible at points J, K, L, and M, but efficient only at points J, L, and M. b. possible at points J, K, L, and M, but efficient only at point K. c. possible at points J, L, M, and N, but efficient only at points J, L, and M. d. possible at points J, L, M, and N, but efficient only at point N.
Figure 2 - 4 Graph (a) Graph (b) Panel A. The origin of the axis system is at (0, 0). The curve starts on the Coffee axis at the maximum feasible value, then descends in a concave downward arc to the maximum feasible value for donuts on the Donuts axis. Representative points are as follow. (0, 6), (1, 5.25), (2, 4), (3, 2.3), (4, 0). Five points, J, K, L, M, and N, are plotted as follows. Point J is at the maximum feasible value for coffee, (0, 6). Point K is inisde the production possibilities frontier at (1, 4). Point L is on the production possibilities frontier at (2, 4). Point M is at the maximum feasible value for donuts, (4, 0). Point N is outside the production possibilities frontier at (4, 2). Panel B. The origin of the axis system is at (0, 0). The curve starts on the Coffee axis at the maximum feasible value, then descends in a concave downward arc to the maximum feasible value for donuts on the Donuts axis. Representative points are as follow. (0, 6), (1, 5.5), (2, 4.8), (3, 4), (4, 2.9), (5, 1.5), (6, 0). No additional points are plotted. Refer to Figure 2 - 4, Graph (a) . Production is a. possible at points J, K, L, and M, but efficient only at points J, L, and M. b. possible at points J, K, L, and M, but efficient only at point K. c. possible at points J, L, M, and N, but efficient only at points J, L, and M. d. possible at points J, L, M, and N, but efficient only at point N.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:Figure 2 - 4 Graph (a) Graph (b) Panel A. The origin of the axis system is at (0, 0). The curve starts on the Coffee axis at the maximum feasible value, then
descends in a concave downward arc to the maximum feasible value for donuts on the Donuts axis. Representative points are as follow.
(0, 6), (1, 5.25), (2, 4), (3, 2.3), (4, 0). Five points, J, K, L, M, and N, are plotted as follows. Point J is at the maximum feasible value for coffee, (0, 6). Point K
is inisde the production possibilities frontier at (1, 4). Point L is on the production possibilities frontier at (2, 4). Point M is at the maximum feasible value for
donuts, (4, 0). Point N is outside the production possibilities frontier at (4, 2). Panel B. The origin of the axis system is at (0, 0). The curve starts on the Coffee
axis at the maximum feasible value, then descends in a concave downward arc to the maximum feasible value for donuts on the Donuts axis. Representative
points are as follow. (0, 6), (1, 5.5), (2, 4.8), (3, 4), (4, 2.9), (5, 1.5), (6, 0). No additional points are plotted. Refer to Figure 2 - 4, Graph (a) . Production is a.
possible at points J, K, L, and M, but efficient only at points J, L, and M. b. possible at points J, K, L, and M, but efficient only at point K. c. possible at points
J, L, M, and N, but efficient only at points J, L, and M. d. possible at points J, L, M, and N, but efficient only at point N.
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