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- Why is it inefficient for an economy to be inside the production possibilities frontier?What is the difference between the Budget Constraint and Production Possibilities Frontier? How do you calculate the Opportunity Cost under each one?Suppose Ireland produces only two goods: barley and tablets. The following graph shows Ireland's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable A B C D E F
- Colin gives away 2 marbles each time he makes a pokemon card construct a graph that represents constant opportunity costSuppose a production possibilities frontier includes the following combinations: Cars Washing Machines 0 1,000 100 600 200 0 What is the cost of producing an additional car when 50 cars are being produced? What is the cost of producing an additional car when 150 cars are being produced?Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount of ham the residents can consume in a month?
- Why is the production possibility frontier concave? Be sure to explain economic intuition behind that fact.What is the axiom of consumer choice that implies that consumers spend all their income in order to maximize utility? and Explain the main assumption behind a concave production possibilities frontierI don't understand how to draw a production possibilities frontier.