A fundamental principle in economics is that people face trade-offs. Nebraska's farmers can produce corn or soybeans on their fields each year. Assume that each farmer can produce 100-bushel weight of corn or 60-bushel weight of soybeans. Calculate the opportunity costs of 1 bushel weight of corn and 1 bushel weight of soybeans. Draw a production possibilities frontier to illustrate a individual farmer's production possibilities. Show what happens to the frontier if a new type of fertilizer is developed that enhances nutrients in Nebraska soil.

1. Explain the opportunity costs of 1 bushel weight of corn and 1 bushel weight of soybeans.

2. Draw your own PPF graph on a piece of paper (don't download a graph from the internet).

3. Clearly label all axes and lines. Include all relevant information.

4. Upload your graph to this assignment link. Be sure that your file type is .jpeg, .png, or .pdf.