vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality.  A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape.  B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost?  C)  Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from p

Question

Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. 

A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. 

B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? 

C)  Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.

 

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Microeconomics

Cost efficiency and scarcity

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