a. What is the opportunity cost of producing the first smartphone (point a to b) in terms of the number of hotdogs sacrificed? The cost of the second smartphone (point b to c)? The cost of the third smartphone (point c to d)?b. Explain why PPF is a straight line and why sometimes it is bow-shaped?c. In what ways is your standard of living different from that of your parents or grandparents when they were your age? Why have these changes occurred?

300 a (0, 300) 250 b (1, 250) 200 150 c (2, 150) Hotdogs 100 50 d (3, 0) + N 3 Smartphones