ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The following graph shows the production possibilities frontier (PPF) of an economy that produces food and coal. The black points (cross symbols) represent three possible output levels in a given month. (Hint: You can click on the points to see their exact coordinates.) Refer to the following graph to answer the questions that follow. FOOD (Thousands of pounds) 3 16 A 14 12 10 8 2 0 0 PPF 40 80 C B + 120 160 200 COAL (Millions of tons) 240 280 320 ? Suppose the economy initially produces 6,000 pounds of food and 200 million tons of coal, which is represented by point A. The opportunity cost of producing an additional 2,000 pounds of food (that is, moving production to point B) is tons of coal. Suppose, instead, that the economy currently produces 168 million tons of coal and 8,000 pounds of food, which is represented by point B. Now the opportunity cost of producing an additional 2,000 pounds of food (that is, moving to point C) is tons of coal. Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 2,000 additional pounds of food at point B is the opportunity cost of 2,000 additional pounds of food at point A. This reflects the
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Transcribed Image Text:The following graph shows the production possibilities frontier (PPF) of an economy that produces food and coal. The black points (cross symbols) represent three possible output levels in a given month. (Hint: You can click on the points to see their exact coordinates.) Refer to the following graph to answer the questions that follow. FOOD (Thousands of pounds) 3 16 A 14 12 10 8 2 0 0 PPF 40 80 C B + 120 160 200 COAL (Millions of tons) 240 280 320 ? Suppose the economy initially produces 6,000 pounds of food and 200 million tons of coal, which is represented by point A. The opportunity cost of producing an additional 2,000 pounds of food (that is, moving production to point B) is tons of coal. Suppose, instead, that the economy currently produces 168 million tons of coal and 8,000 pounds of food, which is represented by point B. Now the opportunity cost of producing an additional 2,000 pounds of food (that is, moving to point C) is tons of coal. Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 2,000 additional pounds of food at point B is the opportunity cost of 2,000 additional pounds of food at point A. This reflects the
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