Maximum poSSible bination öf food and clothing that can be produced in a given period of time is given in the table below. Units of food Units of clothing (millions) (millions) 8.0 0.0 7.0 2.2 6.0 4.0 5.0 5.0 4.0 5.6 3.0 6.0 2.0 6.4 1.0 6.7 0.0 7.0 1. Draw a Production Possibility Frontier (PPF) for this economy. (Hint: have food measured on the horizontal axis and clothes on the vertical axis.) 2. What is the opportunity cost of moving from producing 4 million units of food to 6 million units of food? Give your answer in terms of 1 unit of food. - 3. Give examples of factors that may shift the PPF to the right? 4. Show by graph how will the PPF shift if there is a technical change only in food.

Maximum poSSible bination öf food and clothing that can be produced in a given period of time is given in the table below. Units of food Units of clothing (millions) (millions) 8.0 0.0 7.0 2.2 6.0 4.0 5.0 5.0 4.0 5.6 3.0 6.0 2.0 6.4 1.0 6.7 0.0 7.0 1. Draw a Production Possibility Frontier (PPF) for this economy. (Hint: have food measured on the horizontal axis and clothes on the vertical axis.) 2. What is the opportunity cost of moving from producing 4 million units of food to 6 million units of food? Give your answer in terms of 1 unit of food. - 3. Give examples of factors that may shift the PPF to the right? 4. Show by graph how will the PPF shift if there is a technical change only in food.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Plz I'm needed answer for all question By Microsoft

Maximum possible combinations of food
and clothing that can be produced in a
given period of time is given in the table
below.
Units of food
Units of clothing
(millions)
(millions)
8.0
0.0
7.0
2.2
6.0
4.0
5.0
5.0
4.0
5.6
3.0
6.0
2.0
6.4
1.0
6.7
0.0
7.0
1. Draw a Production Possibility Frontier
(PPF) for this economy. (Hint: have food
measured on the horizontal axis and
clothes on the vertical axis.)
2. What is the opportunity cost of moving
from producing 4 million units of food to 6
million units of food? Give your answer in
terms of 1 unit of food.
3. Give examples of factors that may
shift the PPF to the right?
4. Show by graph how will the PPF shift if
there is a technical change only in food.
Ooo OOooO

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