MICROECONOMICS (LL) W/ACCESS
MICROECONOMICS (LL) W/ACCESS
21st Edition
ISBN: 9781260199888
Author: McConnell
Publisher: MCG
Question
Chapter 1.2, Problem 3QQ
To determine

Production possibility frontier.

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One of the business enterprise is manufacturing sanitary building materials, it could be the example of producing; a. Consumer goods b. Industrial goods c. Luxury goods d. None of the given options
Law of increasing opportunity cost: a. Explain it. b. What does it teach us? c. How could it be explained graphically?
In the first graph with hats and videos are opportunity costs constant or increase?  How much does it cost him to make the first video in terms of hats? This is a movement from A to B. How about the last video?  This is a movement from D to E.
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