Suppose the Nation of Doodag can produce only doods and dags, and that its production possibilities schedule is as follows: DOODS DAGS 0 1,000 200 800 350 600 425 400 500 200 550 0 a. Construct a graph showing DOODAG’S production possibilities curve. b. Pick a point on the graph (label it B) that shows a combination of doods and dags that Doodags cannot now produce a combination of both goods and explain your answer clearly. c. Pick another point on the graph (label it C) that shows a combination of doods and dags consistent with some idle resources and explain your answer clearly.
Suppose the Nation of Doodag can produce only doods and dags, and that its production possibilities schedule is as follows: DOODS DAGS 0 1,000 200 800 350 600 425 400 500 200 550 0 a. Construct a graph showing DOODAG’S production possibilities curve. b. Pick a point on the graph (label it B) that shows a combination of doods and dags that Doodags cannot now produce a combination of both goods and explain your answer clearly. c. Pick another point on the graph (label it C) that shows a combination of doods and dags consistent with some idle resources and explain your answer clearly.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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- Suppose the Nation of Doodag can produce only doods and dags, and that its production possibilities schedule is as follows:
|
DOODS |
DAGS |
|
0 |
1,000 |
|
200 |
800 |
|
350 |
600 |
|
425 |
400 |
|
500 |
200 |
|
550 |
0 |
a. Construct a graph showing DOODAG’S production possibilities curve.
b. Pick a point on the graph (label it B) that shows a combination of doods and dags that Doodags cannot now produce a combination of both goods and explain your answer clearly.
c. Pick another point on the graph (label it C) that shows a combination of doods and dags consistent with some idle resources and explain your answer clearly.
d. Pick another point on the graph (label it D) that doodag cannot produce based on the Nation’s current fixed resources.
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