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GL Production Possibility Curves Table 1 lists the various combinations of good X and good Y that can be produced in an economy. Use the
GL Production Possibility Curves Table 1 lists the various combinations of good X and good Y that can be produced in an economy. Use the information in Table 1 to answer questions 1-5. 1. Plot the following combinations of good X and good Y on Graph 1 and connect the points with a smooth curve. TABLE 1 GRAPH 1 Good Y | GOOD X GOOD Y 70 37 0 34 10 30 17 28 20 50 20 29 10 36 40 40 30 20 10 20 30 40 50 50 70 Good X 2. Calculate the cost of increasing good X production from 0 to 10 units in terms of the amount of good Y that could no longer be produced. 3. Calculate the cost of increasing good X production from 10 to 20 units in terms of the amount of good
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