Chapter3: Production and cost analysis 1. Draw a production possibilities curve for Apple company that can produce two goods, iPhone and iPad. (Total production is 12 million at maximum) 1.1) The maximum numbers for iPhone and iPad are 5 million and 7 million. Put the quantity of iPhone per period on the vertical axis and the quantity of iPad I per period on the horizontal axis. (5 points) 1.2) Mark the points on the curve, the number of productions for iPhone and iPad are 3 million and 6 million. Explain the quality of this production. (5 points) 1.3) Draw a production possibilities curve in case of an increase in company financial. Explain why the curve shift (inward/outward/stable). (5 points) 1.4) Explain why, an increase in iPhone production requires a reduction in the production of iPad. (5 points)