- All homework assignments are to be typed, utilizing Times New Roman and a font size of 12.
- Questions are to be typed, single spaced, followed by your responses (answers) which are to be double spaced.
- All graphs must be constructed on graph paper, using a straight edge (e.g. ruler, straight edge of a protractor, etc.)
- Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): LO1.6
• a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based?
• b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length?
• c. If the economy characterized by this production possibilities table and curve is producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources?
• d. Is production at a point outside the production possibilities curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?
Pages 2 Double spaced(550 words)
Style and sources MLA, No sources
Bibliography / Reference page
Study level Undergraduate (yrs. 1-2)
Assignment type Q&A