The following is the production possibility table for a AZ Cosmetics that produces cosmetics, given equal amount of resources: Lipstick Eyeliner 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 00 3,000 6,000 9,000 12,000 15,000 18,000 21,000 24,000 27,000 30,000 a. Plot the production possibility curve for AX Cosmetics.b. Calculate the productivity ratio for both products.c. When additional resources are added, AZ Cosmetics is able to produce 20% more quantity for both products. If the productivity ratio remains the same, calculate the new production possibility table for the company.

The following is the production possibility table for a AZ Cosmetics that produces cosmetics, given equal amount of resources: Lipstick Eyeliner 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 00 3,000 6,000 9,000 12,000 15,000 18,000 21,000 24,000 27,000 30,000 a. Plot the production possibility curve for AX Cosmetics.b. Calculate the productivity ratio for both products.c. When additional resources are added, AZ Cosmetics is able to produce 20% more quantity for both products. If the productivity ratio remains the same, calculate the new production possibility table for the company.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 2PA

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