Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Suppose a production possibilities frontier includes the following combinations:
Cars | Washing Machines |
0 | 1,000 |
100 | 600 |
200 | 0 |
- Graph the
PPF , assuming that it has nocurved segments. - What is the cost of producing an additional car when 50 cars are being produced?
- What is the cost of producing an additional car when 150 cars are being produced?
- What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced?
- What do your answers tell you about
opportunity costs ?
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