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Product Possibilities Curve Worksheet
Here is the production possibilities table for war goods and civilian goods: Production Alternative Types of Production A B C D E Automobiles 0 2 8 Missiles 30 27 21 12
a. Draw a production possibilities curve for automobiles and missiles using the data above.
b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C).
c. What is the opportunity cost of moving from point A to point B?
d. What is the opportunity cost of moving from point B to point C?
e. What is the opportunity cost of moving from point D to point E? What are the two things that can cause a PPC to shift? Economists often say. There is no such thing as a free lunch how does this relate to opportunity costs?
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