The table below sets out the production possibilities of a small Pacific island economy. An economy allocates its resources to the production of two commodities: Consumer and Military products. Possibility A Military products (thousands of units) Consumer products (thousands of units) 0 20 2 18 4 15 11 6 10 0 A Illustrate the economy's PPF on the graph and explain how production possibilities curve can be used to explain the problem of scarcity B. Explain the shape of this economy's PPF C. Describe the concept of efficiency based on the Production possibilities curve. Indicate efficient and inefficient points on the graph.c D. Calculate the opportunity cost of increasing the production of military goods when the economy is moving from the point D to the point E CELCBY В D F 6 8

The table below sets out the production possibilities of a small Pacific island economy. An economy allocates its resources to the production of two commodities: Consumer and Military products. Possibility A Military products (thousands of units) Consumer products (thousands of units) 0 20 2 18 4 15 11 6 10 0 A Illustrate the economy's PPF on the graph and explain how production possibilities curve can be used to explain the problem of scarcity B. Explain the shape of this economy's PPF C. Describe the concept of efficiency based on the Production possibilities curve. Indicate efficient and inefficient points on the graph.c D. Calculate the opportunity cost of increasing the production of military goods when the economy is moving from the point D to the point E CELCBY В D F 6 8

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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