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Martha is a florist who is trying to maximise her output. She can produce two types of flowers: lilies and violets. Shown below is Martha's
Martha is a florist who is trying to maximise her output. She can produce two types of flowers: lilies and violets. Shown below is Martha's production possibilities curve. The X denotes the quantity of each flower she is currently producing.
Answer the following questions:
- Is the current output attainable?. Type Y for Yes or N for No.
- Calculate the opportunity cost of producing 1 bunch of violets. Answer to the nearest two decimal places.(___)bunches of lilies.
- Is the current output efficient, inefficient, or neither because it is unattainable?. Type E for Efficient, I for Inefficient, or N for Neither.
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