Consider an economy with just one technique available for the production of each good. Food Cloth 1 2 Good Labor per unit output Land per unit output a. Suppose land is unlimited but labor equals 100. Write and sketch the production possibility frontier. 1 1

Consider an economy with just one technique available for the production of each good. Food Cloth 1 2 Good Labor per unit output Land per unit output a. Suppose land is unlimited but labor equals 100. Write and sketch the production possibility frontier. 1 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

13.3
Consider an economy with just one technique available for the production of each good.
Cloth
Good
Labor per unit output
Land per unit output
a. Suppose land is unlimited but labor equals 100. Write and sketch the production possibility frontier.
Food
1
2

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Step 1: Define Production possibility frontier:-

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Step 2: Unlimited land, limited labor and sketch the PPF:-

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