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For a two-good economy with a PPF, an increase in the amount of resources will result in: a parallel rightward shift in the PPF a reduction in the slope of the PPF a parallel leftward shift in the PPF a decrease is the cost of Y in terms of X

For a two-good economy with a PPF, an increase in the amount of resources will result in: a parallel rightward shift in the PPF a reduction in the slope of the PPF a parallel leftward shift in the PPF a decrease is the cost of Y in terms of X

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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For a two-good economy with a PPF, an increase in the amount of resources will result in: a parallel rightward shift in the PPF a reduction in the slope of the PPF a parallel leftward shift in the PPF a decrease is the cost of Y in terms of X
Transcribed Image Text:For a two-good economy with a PPF, an increase in the amount of resources will result in: a parallel rightward shift in the PPF a reduction in the slope of the PPF a parallel leftward shift in the PPF a decrease is the cost of Y in terms of X
Carlos is offered a contract as a rookie for the New England Patriots. If he accepts, he must leave the university where he is getting a liberal arts education. What can we definitely say about Carlos' situation? the opportunity cost of staying in school would probably seem low by most people Football is for a short period of time in a life span, but educational attainment can never be taken away. Carlos should stay in school. It's not even a contest. He should join the Patriots. Based on his own preferences, Carlos must weigh the relative opportunity costs of staying in school or joining the Patriots. He should choose the option with the lower opportunity cost.
Transcribed Image Text:Carlos is offered a contract as a rookie for the New England Patriots. If he accepts, he must leave the university where he is getting a liberal arts education. What can we definitely say about Carlos' situation? the opportunity cost of staying in school would probably seem low by most people Football is for a short period of time in a life span, but educational attainment can never be taken away. Carlos should stay in school. It's not even a contest. He should join the Patriots. Based on his own preferences, Carlos must weigh the relative opportunity costs of staying in school or joining the Patriots. He should choose the option with the lower opportunity cost.
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