he Syejumba Economy is a very simple economy producing Vigayo and Gallons of Maize. The information below gives production points of the two commodities in the economy. Vigayo -0......Maize(1000's Gallons/year) - 600 Vigayo -1..... Maize(1000's Gallons/year) - 500 Vigayo - 2..... Maize(1000's Gallons/year) - 300 Vigayo - 3..... Maize(1000's Gallons/year) - 0 a) Graph the production possibility frontier of the Syejumba Economy b) What is the direction and of the slope of the production possibility frontier of the Syejumba Economy? Explain the intuition behind that fact. c) Suppose the Syejumba Economy is currently producing 2,000 Vigayo and 30,000 gallons of Maize. What is the opportunity cost of producing additional 20,000 gallons of Maize?
The Syejumba Economy is a very simple economy producing Vigayo and Gallons of Maize. The information below gives production points of the two commodities in the economy.
Vigayo -0......Maize(1000's Gallons/year) - 600
Vigayo -1..... Maize(1000's Gallons/year) - 500
Vigayo - 2..... Maize(1000's Gallons/year) - 300
Vigayo - 3..... Maize(1000's Gallons/year) - 0
a) Graph the
b) What is the direction and of the slope of the production possibility frontier of the Syejumba Economy? Explain the intuition behind that fact.
c) Suppose the Syejumba Economy is currently producing 2,000 Vigayo and 30,000 gallons of Maize. What is the
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