Refer to the figure at right. If the farmer has 50 acres of​ land, the farmer is producing at point​ a, and an acre of land yields 400 bushels of beans or 800 bushels of​ wheat, how much land is devoted to the production of​ wheat? Part 2 A. 15 acres B. 12.5 acres C. 8.5 acres D. 10 acres

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Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.