1. In the North Pole, there live 320 elves. Every North Pole Elf is the same. The elves make toys and cookies. To survive, they eat cookies and play with toys. Two elves, working together, can make one cookie per day. Ten elves, working together, can make one toy per day. What is the production possibility frontier, per day, of the 320 elves if they are isolated in the North Pole? Draw the PPF, with Toys on the x-axis and Cookies on the y-axis. What is the price of Toys in terms of Cookies? Show all of your work.