A developing economy requires 1,000 hours of work to produce a television set and 10 hours of work to produce a bushel of corn. This economy has availabie a total of 1,000,000 hours of work per day. a. Use the graph below to draw the PPC for daily output of the developing economy. Instructions: Enter your response as a positive value, rounded to two decimal places. PPC for a developing economy (1) Give the numerical value for the slope of the PPC. Instructions: Enter your response rounded to two decimal places. The slope of the PPC is . Which is the developing economy's opportunity cost of having b. The developing economy is considering opening trade with a much larger, industrialized economy, The industrialized economy requires 10 hours of work to produce a television set and 1 hour of work to produce a bushel of corn. Given this information, the opportunity cost of producing one additional bushel of corn is while its opportunity cost of producing an additional TV is TV sets in the industrialized economy. bushels of corn. If the developing economy opens itself up to trade, the developing economy will specialize in the production of I Use the graph below illustrate the new consumption possibilities for the developing economy with trade, assuming that the exchange of corn and TV sets are based on the opportunity costs of the industrialized economy. Use the graph below iliustrate the new consumption possibilities for the developing economy with trade, assuming that the exchange of corn and TV sets are based on the opportunity costs of the Industrialized economy. Instructions: Plot the two end points to graph the PPC Consumption possibilities with trode (i) A developing economy requires 1,000 hours of work to produce a television set and 10 hours of work to produce a bushel of corn. This economy has availabie a total of 1,000,000 hours of work per day. a. Use the graph below to draw the PPC for daily output of the developing economy. Instructions: Enter your response as a positive value, rounded to two decimal places. PPC for a developing economy (1) Give the numerical value for the slope of the PPC. Instructions: Enter your response rounded to two decimal places. The slope of the PPC is . Which is the developing economy's opportunity cost of having b. The developing economy is considering opening trade with a much larger, industrialized economy, The industrialized economy requires 10 hours of work to produce a television set and 1 hour of work to produce a bushel of corn. Given this information, the opportunity cost of producing one additional bushel of corn is while its opportunity cost of producing an additional TV is TV sets in the industrialized economy. bushels of corn. If the developing economy opens itself up to trade, the developing economy will specialize in the production of I Use the graph below illustrate the new consumption possibilities for the developing economy with trade, assuming that the exchange of corn and TV sets are based on the opportunity costs of the industrialized economy. Use the graph below iliustrate the new consumption possibilities for the developing economy with trade, assuming that the exchange of corn and TV sets are based on the opportunity costs of the Industrialized economy. Instructions: Plot the two end points to graph the PPC Consumption possibilities with trode (i)
