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The shape of Canada's production possibilities frontier (PPF) should reflect the fact that as Canada produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet The following graphs show two possible PPFS for Canada's economy: a straight-line PPF (PPF₁) and a bowed-out PPF (PPF). ? (? Graph 1 Graph 2 SMARTPHONES PPF O SMARTPHONES PPF₂ = CI

The shape of Canada's production possibilities frontier (PPF) should reflect the fact that as Canada produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet The following graphs show two possible PPFS for Canada's economy: a straight-line PPF (PPF₁) and a bowed-out PPF (PPF). ? (? Graph 1 Graph 2 SMARTPHONES PPF O SMARTPHONES PPF₂ = CI

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter2: Economic Tools And Economic Systems
Section: Chapter Questions
Problem 3.5P
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Suppose Canada produces only smartphones and tablets. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both tablets and smartphones. The shape of Canada's production possibilities frontier (PPF) should reflect the fact that as Canada produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet The following graphs show two possible PPFs for Canada's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF₂). Graph 1 Graph 2 SMARTPHONES PPF 1 a r SMARTPHONES H PPF₂ I' O O
Transcribed Image Text:Suppose Canada produces only smartphones and tablets. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both tablets and smartphones. The shape of Canada's production possibilities frontier (PPF) should reflect the fact that as Canada produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet The following graphs show two possible PPFs for Canada's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF₂). Graph 1 Graph 2 SMARTPHONES PPF 1 a r SMARTPHONES H PPF₂ I' O O
SMARTPHONES PPF 1 Graph 1 SMARTPHONES PPF Graph 2 TABLETS TABLETS Based on the previous description, the trade-off Canada faces between producing tablets and smartphones is best represented by G O
Transcribed Image Text:SMARTPHONES PPF 1 Graph 1 SMARTPHONES PPF Graph 2 TABLETS TABLETS Based on the previous description, the trade-off Canada faces between producing tablets and smartphones is best represented by G O
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