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1 Economics Question 2. Production possibilities frontier An economy has three types of resources: Carpenter can build 90 houses or write 3 business plans Investor
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Economics Question 2. Production possibilities frontier An economy has three types of resources: Carpenter can build 90 houses or write 3 business plans Investor can build 15 houses or write 10 business plans Student can build 15 houses or write 5 business plans (a) Construct the production possibilities schedule. It can have as many possibilities as you like, but four of them must be efficient. Show work to receive any credit. (b) Graph all the production possibilities from your schedule in [houses, businesses] coordinates. Draw the production possibilities frontier through the four efficient points. (c) Calculate the per-unit opportunity cost of switching from production of houses exclusively to production of 10 business plans. Write down the formula you are using, plug in the values explicitly, and specify the units of your answer. this year is 2022Step by Step Solution
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