Some Canvas discussion work Consider the previous Amland's PPF, with equation S = 30 -0.25 C and graph shown on the right. Now, say Amland experienced proportional economic growth. So, it has a new PPF and a new PPF equation, because it is now able to produce (with its given resources/technology) 1.2 times the quantity of each good it produced before. 1. Write the Amland's new PPF equation. 2. Determine the unit cost of each good in Amland. 3. Draw the new PPF graph in the diagram. Steel 30 Old PPF equation: S=30-(1/4) C Old unit cost of C: 1/4 units of S New PPF equation: New unit cost of C: 120 -Corn
Some Canvas discussion work Consider the previous Amland's PPF, with equation S = 30 -0.25 C and graph shown on the right. Now, say Amland experienced proportional economic growth. So, it has a new PPF and a new PPF equation, because it is now able to produce (with its given resources/technology) 1.2 times the quantity of each good it produced before. 1. Write the Amland's new PPF equation. 2. Determine the unit cost of each good in Amland. 3. Draw the new PPF graph in the diagram. Steel 30 Old PPF equation: S=30-(1/4) C Old unit cost of C: 1/4 units of S New PPF equation: New unit cost of C: 120 -Corn
Chapter8: Productivity And Growth
Section: Chapter Questions
Problem 1.2P
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