Hello1 can anyone please help me answer the questions D and E with a complete solution and step-by-step explanation? Thank you so much! 1. Refer to the production possibilities schedule below assuming full employment.CombinationG FEDCBAPotato (in thousands MT)1059990755430Rice (in thousands MT)457599117126135A. Plot the production possibilities frontier, placing the amount potato production onthe y-axis and the amount of rice production on the x-axis. Label properly all thepoints and label the graph as PPF1.B. Solve for the marginal rate of transformation for combinations G → F; F → E; E →D; D → C; C → B; and B→ A. Round-up to two decimals and show completesolutions.C. Interpret the marginal rate of transformation for D C and B → A.D. Assume this economy experienced recession due to a pandemic that caused massiveunemployment. Illustrate this effect on the graph of PPF on (A) and label this asPPF2.E. Assume that a new production technology was invented in the production of rice.Illustrate this effect on the graph of PPF on (A) and label this as PPF3.

Given, Combination G F E D C B A Potato (in thousand MT) 105 99 90 75…

Answered: D. Assume this economy experienced…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 7P

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