Macmillan Learning a. The graph below shows a production possibility frontier (PPF) for cheese and bread. Place each point to illustrate the indicated situations. A E F IT efficient and maximum production of cheese efficient with a high opportunity cost for cheese inefficient output combination efficient with a high opportunity cost for bread efficient and maximum production of bread unattainable production combination b. Assume point D represents the socially optimal point. Point D illustrates Oopportunity efficiency. O normative efficiency. O allocative efficiency. marginal efficiency. Cheese 20 19 18 17 16 15 SH32129 14 11 10 8 67654 3210 A B ● Ⓡ C D C ● E ● F 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Bread

Macmillan Learning a. The graph below shows a production possibility frontier (PPF) for cheese and bread. Place each point to illustrate the indicated situations. A E F IT efficient and maximum production of cheese efficient with a high opportunity cost for cheese inefficient output combination efficient with a high opportunity cost for bread efficient and maximum production of bread unattainable production combination b. Assume point D represents the socially optimal point. Point D illustrates Oopportunity efficiency. O normative efficiency. O allocative efficiency. marginal efficiency. Cheese 20 19 18 17 16 15 SH32129 14 11 10 8 67654 3210 A B ● Ⓡ C D C ● E ● F 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Bread

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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