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Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs 0 20 40 60 80 100 output 0 60 100 130 150 160 % inputs 0 20 40 60 80 100 Wine output 0 80 140 190 210 220

Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs 0 20 40 60 80 100 output 0 60 100 130 150 160 % inputs 0 20 40 60 80 100 Wine output 0 80 140 190 210 220

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter2: Choice In A World Of Scarcity
Section: Chapter Questions
Problem 21CTQ: It is clear that productive inefficiency is a waste since resources are used in a way that produces...
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Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs Ø 20 48 60 80 108 output 0 60 100 130 150 160 A 0 % inputs 0 20 40 B 60 80 100 a. From this data, complete Utopia's production possibilities table below. Possibility Cheese Wine Wine с output 0 80 140 190 210 220 D b. Utopia (Click to select) c. If Utopia is at D. the total cost of 20 more cheese is d. If Utopia is at D. the total cost of 50 more wine is E produce 130 cheese and 190 wine. wine. cheese. F 0 A
Transcribed Image Text:Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs Ø 20 48 60 80 108 output 0 60 100 130 150 160 A 0 % inputs 0 20 40 B 60 80 100 a. From this data, complete Utopia's production possibilities table below. Possibility Cheese Wine Wine с output 0 80 140 190 210 220 D b. Utopia (Click to select) c. If Utopia is at D. the total cost of 20 more cheese is d. If Utopia is at D. the total cost of 50 more wine is E produce 130 cheese and 190 wine. wine. cheese. F 0 A
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