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An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, ...

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An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, ...

An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. The production possibilities frontier (PPF) for the economy is

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concave downward because the opportunity cost of producing the 10th unit of Y is greater than the opportunity cost of producing the first unit of Y.

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a straight (downward-sloping) line because the opportunity cost of producing the two goods is constant.

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concave downward because the opportunity cost of producing the 40th unit of Y is less than the opportunity cost of producing the 10th unit of Y.

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a straight (downward-sloping) line because the opportunity cost of producing the 10th unit of X is greater than the opportunity cost of producing the 40th unit of X.

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a straight (downward-sloping) line because the opportunity cost of producing the 30th unit of Y is greater than the opportunity cost of producing the 30th unit of X.

Textbook

Economics

Edition: 12^th

Author: Arnold

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