Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Questions 7,8,9 needs to be solved. Use the gure below to answer the following questions. Good Y 80 60 40 20 C Good X Figure

Questions 7,8,9 needs to be solved.

image text in transcribed
Use the gure below to answer the following questions. Good Y 80 60 40 20 C Good X Figure 1 7. Refer to the production possibilities frontier in Figure 1. Suppose that 50 units of Y are produced. Then A. '7 units of X are being produced. B. 6 units of X can be produced if all resources are used and assigned to the task for which they are the best match. C. 9 units of X can be produced if all resources are used and assigned to the task for which they are the best match. D. resources are not being fully utilized. E. 6 units of X are being produced. 8. Refer to the production possibilities frontier in Figure 1. At point A, the opportunity cost of producing 3 more units of X is A. 30 units of Y. B. 3 units of X. C. 20 units of Y. D. 10 units of Y. E. zero units of Y. 9. Refer to the production possibilities frontier in Figure 1. At point A, the opportunity cost of increasing production of Y to 80 units is A. 10 units of Y. B. 80 units of Y. C. 2 units of X. D. 3 units of X. E. 1 unit of X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Capitalism Its Fall And Rise In The Twentieth Century

Authors: Jeffry Frieden

1st Edition

039332981X, 9780393329810

More Books

Students also viewed these Economics questions

Question

What challenges does IKEA face going forward?

Answered: 1 week ago