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Graph a production possibility frontier for each of the following countries. Put both on the same graph, with figs on the vertical axis. Assume that
Graph a production possibility frontier for each of the following
countries. Put both on the same graph, with figs on the vertical axis.
Assume that opportunity costs are constant. Be sure to label each PPF
Greece Morocco
Total Labor hours available
Labor hours needed to produce one unit
of figs
Labor hours needed to produce one unit
of oranges
What is each countrys opportunity cost of producing oranges?
Which country has a comparative advantage in the production of oranges?
What is each countrys opportunity cost of producing figs?
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