The following is a production possibilities table for war goods and civilian goods: Production alternatives A B C D E Automobiles 0 2 4 6 8 (in millions) Guided missiles 30 27 21 12 0 (in thousands) •Show these production possibilities data graphically. •What does points on the curve indicate? •If the economy is currently at point C, what is the cost of 1 million more automobiles? Of more guided missiles?
The following is a production possibilities table for war goods and civilian goods: Production alternatives A B C D E Automobiles 0 2 4 6 8 (in millions) Guided missiles 30 27 21 12 0 (in thousands) •Show these production possibilities data graphically. •What does points on the curve indicate? •If the economy is currently at point C, what is the cost of 1 million more automobiles? Of more guided missiles?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following is a production possibilities table for war goods and civilian goods:
Production alternatives
A B C D E
Automobiles 0 2 4 6 8
(in millions)
Guided missiles 30 27 21 12 0
(in thousands)
•Show these production possibilities data graphically.
•What does points on the curve indicate?
•If the economy is currently at point C, what is the cost of 1 million more automobiles? Of more guided missiles?
•Suppose improvement occurs in the technology of producing guided missiles but not in the production of automobiles. Draw the new production possibilities curve
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