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Assignment:
Maximum annual output options
Quantity of Corn (pounds)
Quantity of Poultry (pounds)
1
1200
0
2
1000
300
3
800
500
4
600
5
400
700
6
200
775
7
850
1. Draw a production possibility frontier with corn on the horizontal axis and poultry on the vertical axis illustrating these options, showing points 1-7.
2. Can St. Atanagio produce 650 pounds of poultry and 650 pounds of corn? Explain. Where would this point lie relative to the production possibility frontier?
3. What is the opportunity cost of increasing the annual output of corn from 800 to 1000 pounds?
4. What is the opportunity cost of increasing the annual output of corn from 200 to 400 pounds?
5. Can you explain why the answers to parts 3. and 4. above are not the same? What does this imply about the slope of the production possibility frontier?
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