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Discuss why the production possibilities frontier is concave (not a straight line)?

3.1 Construct a Production Possibilities Curve in Excel based on the following Production possibilities Schedule: Missiles Milk (millions of gallons) 0 40 10 34 20 27 30 19 40 10 50 0 What is the “shape” or the “slope” of the frontier or curve? Calculate the opportunity cost of producing the “first” batch of 10 […]

Identify and explain the three fundamental questions in economics.What is the difference between factor of production and factor price? Give an example of each.

The Economic Problem Chapter #2: Demand and Supply: An Introduction 1. Why is economics relevant? 2. Identify and explain the three fundamental questions in economics. 3. What is the difference between factor of production and factor price? Give an example of each. 4. Choice implies opportunity cost. Explain 5. Scarcity implies choice. Explain 6. Tigris […]

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