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I need assistance in how to answer this question with plotting the graph: Opportunity cost and production possibilities Eileen is a skilled toy maker who
I need assistance in how to answer this question with plotting the graph:
Opportunity cost and production possibilities
Eileen is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time.
Choice | Hours Producing | Produced | ||
---|---|---|---|---|
(Boats) | (Drums) | (Boats) | (Drums) | |
A | 8 | 0 | 4 | 0 |
B | 6 | 2 | 3 | 8 |
C | 4 | 4 | 2 | 13 |
D | 2 | 6 | 1 | 15 |
E | 0 | 8 | 0 | 16 |
On the following graph, use the blue points (circle symbol) to plot Eileen's initial production possibilities frontier (PPF).
30 O 25 Initial PPF 20 A New PPF 15 10 5 0 0 1 2 3 4 5 6 7 8 BOATSStep by Step Solution
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