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Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884 Exercise 19
A farm grows wheat and produces pork. The marginal cost of producing each of these products increases as more of it is produced.
a. Make a graph that illustrates the farm's PPF.
b. The farm adopts a new technology that allows it to use fewer resources to fatten pigs. Use your graph to illustrate the impact of the new technology on the farm's PPF.
c. With the farm using the new technology described in part (b), has the opportunity cost of producing a ton of wheat increased, decreased, or remained the sameExplain and illustrate your answer.
d. Is the farm more efficient with the new technology than it was with the old oneWhy
a. Make a graph that illustrates the farm's PPF.
b. The farm adopts a new technology that allows it to use fewer resources to fatten pigs. Use your graph to illustrate the impact of the new technology on the farm's PPF.
c. With the farm using the new technology described in part (b), has the opportunity cost of producing a ton of wheat increased, decreased, or remained the sameExplain and illustrate your answer.
d. Is the farm more efficient with the new technology than it was with the old oneWhy
Explanation
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Verified
Given,
A farmer produces wheat and pork,...
Macroeconomics 11th Edition by Michael Parkin
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