Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN: 9781337517942
Author: NICHOLSON
Publisher: Cengage
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Question
Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 25 in a day. If he only produces computer chips, he can produce 50 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 64 40 40 35 30 25 20 15 10 5 0 0 What is the opportunity cost of potato chip production in terms of computer chips? Ned's PPF 50 3/4 4/3 25 LQ 5 10 15 20 25 30 35 40 40 Computer Chips 45 50 2 ○ 1/2
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Transcribed Image Text:Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 25 in a day. If he only produces computer chips, he can produce 50 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 64 40 40 35 30 25 20 15 10 5 0 0 What is the opportunity cost of potato chip production in terms of computer chips? Ned's PPF 50 3/4 4/3 25 LQ 5 10 15 20 25 30 35 40 40 Computer Chips 45 50 2 ○ 1/2
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