The table below is a production possibility table for the fictional country of Myopia.Use it to construct the corresponding production possibility curve in the quadrant below.(Label the axes. ) (a)Explain the meaning of a production possibilities curve.
(b)What is assumed to be constant when we draw that curve?
(c)How is a point on the curve different from (1)a point inside the curve or (2)a point outside the curve?
(d)How does this curve illustrate the concept of opportunity cost?
(e)How does it illustrate the principle of increasing marginal opportunity cost?

Question

The table below is a production possibility table for the fictional country of Myopia.Use it to construct the corresponding production possibility curve in the quadrant below.(Label the axes. )  (a)Explain the meaning of a production possibilities curve.
(b)What is assumed to be constant when we draw that curve?
(c)How is a point on the curve different from (1)a point inside the curve or (2)a point outside the curve?
(d)How does this curve illustrate the concept of opportunity cost?
(e)How does it illustrate the principle of increasing marginal opportunity cost?

Quizplus · Accepted Answer

The Answer of The table below is a production possibility table for the fictional country of Myopia.Use it to construct the corresponding production possibility curve in the quadrant below.(Label the axes. )  (a)Explain the meaning of a production possibilities curve.
(b)What is assumed to be constant when we draw that curve?
(c)How is a point on the curve different from (1)a point inside the curve or (2)a point outside the curve?
(d)How does this curve illustrate the concept of opportunity cost?
(e)How does it illustrate the principle of increasing marginal opportunity cost?

The Table Below Is a Production Possibility Table for the Fictional