Answer the questions below about an economy with the following production possibilities.

Answer the questions below about an economy with the following production possibilities. Automobiles Wool (millions) (millions of yards) 0 25 200 15 350 10 450 5 525 575 a) Draw the country's production possibilities curve. b) What is the opportunity cost of producing the first 5 automobiles? What is the opportunity cost of producing the next 5 automobiles? What happens to the opportunity cost as more automobiles are produced? c) Suppose the production is 15 automobiles and 175 yards of wool. Identify this on the above graph. What can you tell me about this production point? d) The economy has a target of 25 cars and 450 yards of wool. Identify this on your graph. Has this economy achieved its target? e) New technology allows this economy to produce more wool. Draw the new production possibilities curve to reflect this change