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AndrewKraus AndrewKraus
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6 years ago
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.
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Microeconomics

Microeconomics


Edition: 1st
Authors:
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losteinlostein
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AndrewKraus Author
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#2
6 years ago
Excellent answer, thx
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