Table 2-1
The following table contains some production possibilities for an economy for a given month. $$\begin{array} { | c | c | }
\hline \text { Tables } & \text { Chairs } \
\hline 5 & 300 \
\hline 10 & ? \
\hline 15 & 100 \
\hline
\end{array}$$
-Refer to Table 2-1. If the production possibilities frontier is bowed outward, then "?" could be

Question

Table 2-1
The following table contains some production possibilities for an economy for a given month. $$\begin{array} { | c | c | } 
\hline \text { Tables } & \text { Chairs } \
\hline 5 & 300 \
\hline 10 & ? \
\hline 15 & 100 \
\hline
\end{array}$$
-Refer to Table 2-1. If the production possibilities frontier is bowed outward, then "?" could be

Quizplus · Accepted Answer

A bowed outward production possibilities frontier indicates increasing opportunity costs. As more tables are produced, the economy must give up increasingly more chairs. Therefore, "?" should be a number greater than 150 but less than 300, making 250 a plausible value.

Table 2-1 the Following Table Contains Some Production Possibilities for an Economy

Table 2-1
the Following Table Contains Some Production Possibilities for an Economy