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Solve clearly PART B [30 marks] Answer ALL questions. QUESTION 1 The following table shows the production possibility for Millennial Country which produces two goods

Solve clearly

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PART B [30 marks] Answer ALL questions. QUESTION 1 The following table shows the production possibility for Millennial Country which produces two goods paddy and textile. Combination Paddy (kg) Textile (meter) A 1000 B 400 900 800 700 D 1200 400 E 1600 0 a) Define production possibility curve (PPC). (2 marks) b) Sketch the production possibility curve for paddy and textile. (2 marks) c) Calculate the opportunity cost of: 1) producing 400 kg of paddy. (1 mark) producing 900 meters of textile. (1 mark) increasing production of paddy from 800 kg to 1600 kg. (1 mark) d) If this economy intends to produce 1000 kg of paddy and 1000 meters of textile suggest two (2) ways in which this can possibly achieved

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