Toyota will continue to produce 3 million cars per year and will use the balance of its
Question:
Toyota will continue to produce 3 million cars per year and will use the balance of its resources to upgrade its workers’ skills and create new technology. In three years’ time, Toyota plans to produce better cars and be more productive.
a. What is the opportunuity cost of Toyoto upgrading its workers’ skills and creating new technology?
b. Sketch Toyota’s PPF and mark its production point in 2014. Now show on your graph Toyota’s PPF in 2018.
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Solution a Lets make a quick sketch of Toyotas PPF in 2013 and 2014 Because Toyota has limited resou...View the full answer
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Related Book For 
Microeconomics Canada In The Global Environment
ISBN: 9780321931184
9th Edition
Authors: Robin Bade, Michael Parkin
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