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3:49 A odtuclass2022f.metu.edu.tr Q.2 A newer the following questions for the given plot. 2 of 2 90 75 Tons of wheat 45 20 75 80
3:49 A odtuclass2022f.metu.edu.tr Q.2 A newer the following questions for the given plot. 2 of 2 90 75 Tons of wheat 45 20 75 80 90 100 Tons of steel a) If this economy is producing 90 tons of steel, what is the maximum amount of wheat that can be produced? b) What is the maximum quantity of wheat that can be produced? c) What is the opportunity cost of increasing the production of steel from 80 to 90 tons? d) What is the opportunity cost of increasing the production of steel from 90 to 100 tons? e) Which points are the efficient production combinations? f) Which points are the inefficient production combinations? g) Which points show the unattainable production combinations? h) Which points show the attainable production combinations? Q.3 For each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. 3,000 units at which MC = $10 and MB = $13. ii. 11 units at which MC = $4 and MB = $3. ili. 43,277 units at which MC = $99 and MB = $99. iv. 82 units at which MC
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