02 Jun Question Suppose a production possibilities frontier includes t
Question
Suppose a production possibilities frontier includes the following combinations:
Cars Washing Machines
0 1,000
100 600
200 0
a. Graph the PPF, assuming that it has no curved segments.
b. What is the cost of producing an additional car when 50 cars are being produced?
Let’s redraw the PPF to reflect the cars on the x-axis and the Washing Machines on the Y-Axis
c. What is the cost of producing an additional car when 150 cars are being produced?
d. What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced?
e. What do your answers tell you about opportunity costs?
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