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Title: The following figure illustrates the production possibilities curve of a farmer who has to decide ...
Post by: AndrewKraus on May 23, 2017
The following figure illustrates the production possibilities curve of a farmer who has to decide which quantities to produce of wheat and rice. Three possible production combinations—A, B, and C—are also marked on the figure.

 

a)   Which of the three combinations of wheat and rice, marked on the graph, is both efficient and attainable? Explain your answer.
b)   Calculate the opportunity cost of producing both wheat and rice.


Title: Re: The following figure illustrates the production possibilities curve of a farmer who has to ...
Post by: lostein on May 23, 2017
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Title: Re: The following figure illustrates the production possibilities curve of a farmer who has to decide ...
Post by: AndrewKraus on Jun 24, 2017
Excellent answer, thx