Problem 2 A Nation's residents can allocate their scarce resources either to producing consumption goods or to producing human capital (that is, providing themselves with training and education). The table below displays the production possibilities for this nation: See textbook, pages x-xx. Combination A B C D E F G H I J K Units of Consumption Goods 0 20 40 60 80 100 120 140 160 180 200 Units of Trained Individuals 100 90 80 70 60 50 40 30 20 10 0 Part a Plot this student's production possibilities curve (PPC). Use Excel to plot the curve. When done, copy th chart from Excel and insert it in the space provided below). Use Excel to plot the curve. When done, copy the chart from Excel and insert it in the space provided below. Part b Does the PPC illustrate the law of increasing additional cost? Please explain. Part c Suppose that the nation's residents currently produce combination D (60 units of consumption goods and 70 units of trained individuals). What is the opportunity cost of increasing production of consumption goods by 20 units by moving from combination D to combination E? Please explain.

Problem 2 A Nation's residents can allocate their scarce resources either to producing consumption goods or to producing human capital (that is, providing themselves with training and education). The table below displays the production possibilities for this nation: See textbook, pages x-xx. Combination A B C D E F G H I J K Units of Consumption Goods 0 20 40 60 80 100 120 140 160 180 200 Units of Trained Individuals 100 90 80 70 60 50 40 30 20 10 0 Part a Plot this student's production possibilities curve (PPC). Use Excel to plot the curve. When done, copy th chart from Excel and insert it in the space provided below). Use Excel to plot the curve. When done, copy the chart from Excel and insert it in the space provided below. Part b Does the PPC illustrate the law of increasing additional cost? Please explain. Part c Suppose that the nation's residents currently produce combination D (60 units of consumption goods and 70 units of trained individuals). What is the opportunity cost of increasing production of consumption goods by 20 units by moving from combination D to combination E? Please explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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