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Name: Production Alternatives Type of Production A B D Automobiles 2 4 8. Forklifts 30 27 21 12
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Production Alternatives Type of Production A B D Automobiles 2 4 8. Forklifts 30 27 21 12

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter1: Introduction And Goals Of The Firm

Section: Chapter Questions

Problem 2.2CE

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Question

100%

Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specifific assumptions is this production possibilities curve based?
b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflfl ects the law of increasing opportunity costs.
c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?
d. What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?

Production Alternatives
Type of Production
A
B
D
Automobiles
2
4
8.
Forklifts
30
27
21
12

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