Y Production Figure 1. Production Possibilities Frontier 1 1 265 260 255 250 250 245 240 235 230 230 225 220 215 210 205 200 195 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120 115 110 105 100 100 95 90 90 85 80 75 75 70 65 60 55 50 45 40 35 30 25 20 15 145 1 1 + 1 1 T T 80 55 1 30 1 1 + 0 1 2 3 4 5 6 X Production 70 Figure 2. Marginal Social Benefit of X 65 60 55 50 45 40 35 15 10 23 4 4 5 322505 0 0 1 2 3 X Production MSBX 4 5 6

Y Production Figure 1. Production Possibilities Frontier 1 1 265 260 255 250 250 245 240 235 230 230 225 220 215 210 205 200 195 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120 115 110 105 100 100 95 90 90 85 80 75 75 70 65 60 55 50 45 40 35 30 25 20 15 145 1 1 + 1 1 T T 80 55 1 30 1 1 + 0 1 2 3 4 5 6 X Production 70 Figure 2. Marginal Social Benefit of X 65 60 55 50 45 40 35 15 10 23 4 4 5 322505 0 0 1 2 3 X Production MSBX 4 5 6

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 11RQ: What does a production possibilities frontier illustrate?

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