MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 2, Problem 1IP
To determine

Check whether the given statement is true or false.

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The production possibilities frontier (PPF) is a simplified economic model that illustrates the different combinations of two products that an economy can produce given the resources it has available. Assume the country of Turkey can produce only apples or oranges and answer each of the following questions   A if a flood destroyed 20% of the farmland used to grow apples and oranges, which direction will Turkey's PPF shift /your answer should be "outwards" or "inwards") and why?   B. Turkey decides to begin increasing, the production of oranges. Explain the implications of this using the term "opportunity cost"   C An advancement in organic pesticide has allowed for less fruit to be damaged by pests. Explain how this change would alter the PPF.
What is an real-life example of a opportunity cost?
Can the Production Possibilities Curve shift left? If not, explain why. If it can, explain what might cause this to happen.
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