A fundamental principle in economics is that people face trade -offs. Atlanta ranchers can use their land to produce beef or pork .Assume that each rancher can produce 80 head of cattle or 120 drift of pigs. Calculate the opportunity costs of producing 1 cow and 1 pig for the rancher .Draw a production possibilities frontier to illustrate an individual rancher's production possibilities. Show what happens on the graph if a rancher acquires more land.

1. Explain the opportunity cost of production1 cow and 1 pig.

2.Draw your own PPT graph on a piece of paper.