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I. Consider the production possibility table below. Alternatives Goods M E L C A Machines 15 14 12 9 5 0 Burgers 0 1 2
I. Consider the production possibility table below. Alternatives Goods M E L C A Machines 15 14 12 9 5 0 Burgers 0 1 2 4 5 Note: Machines and Burgers are in Thousands 1. Draw a Production Possibility Curve (PPC) using the table. 2. List the assumptions in analyzing PPC. 3. Explain the trade-off of the two commodities and the Law of Increasing Opportunity Cost. 4. Where are the attainable area and unattainable area? How to attain the unattainable area? What will the economy achieve if this happens
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