Tirm save and be more competitive in the market. 7. Use the PPF below to answer the following questions: Pitchforks 24 22 20 DI 14 B A OT 10 30 50 90 110 Torches a. Label each point below as efficient, inefficient, or unattainable: A B inefficient efficient inefficient unattainable but efficient E efficient b. What is the output combination at point B? Torches Pitchforks c. If the economy produced only torches, how many could it produce? Anna Laczak d. Why can't the economy produce at point D? e. State one reason why the economy may be able to produce at point D in the future. f. If the economy shifts from point B to point E, what is its opportunity cost (include the quantity)? 31 hp

Tirm save and be more competitive in the market. 7. Use the PPF below to answer the following questions: Pitchforks 24 22 20 DI 14 B A OT 10 30 50 90 110 Torches a. Label each point below as efficient, inefficient, or unattainable: A B inefficient efficient inefficient unattainable but efficient E efficient b. What is the output combination at point B? Torches Pitchforks c. If the economy produced only torches, how many could it produce? Anna Laczak d. Why can't the economy produce at point D? e. State one reason why the economy may be able to produce at point D in the future. f. If the economy shifts from point B to point E, what is its opportunity cost (include the quantity)? 31 hp

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 12RQ: Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?

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