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How do I cite a diagram copied from the online textbook? Figure 1 The Production Possibilities Frontier Panel (a) shows the production opportunities available to
How do I cite a diagram copied from the online textbook?
Figure 1 The Production Possibilities Frontier Panel (a) shows the production opportunities available to Frank the farmer and Ruby the rancher. Panel (b) shows the combinations of meat and potatoes that Frank can produce. Panel (c) shows the combinations of meat and potatoes that Ruby can produce. Both production possibilities frontiers are derived assuming that Frank and Ruby each work 8 hours per day. If there is no trade, each person's production possibilities frontier is also his or her consumption possibilities frontier. (a) Production Opportunities + Minutes Needed to Amount Make 1 Ounce of: Produced in 8 Hours Meat Potatoes Meat Potatoes Frank the farmer 60 min/oz 15 min/oz 8 oz 32 oz Ruby the rancher 20 min/oz 10 min/oz 24 oz 48 oz (b) Frank's Production Possibilities Frontier (c) Ruby's Production Possibilities Frontier Meat (ounces) Meat (ounces) 24 If there is no trade, Ruby chooses this production and If there is no trade, consumption. Frank chooses this production and 12 consumption. 16 32 24 48 Potatoes (ounces) Potatoes (ounces)Step by Step Solution
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