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How do the numbers in the table below which represent a Production Possibilities Frontier exhibit Increasing Opportunity Costs? Calculate the opportunity cost of producing one more automobile in terms of lost corn between points A and B, points B and C, points C and D, and points D and E. Do you think this Production Possibilities Frontier would show a curved, bowed out shape if you graphed it
Production of: A B C D E
Tons of Corn70 60 45 25 0
Automobiles0 1 2 3 4
How can excess unemployment and waste of resources be illustrated in the production possibilities frontier model?
If an economy experiences growth, whether through an increase in resources or an improvement in technology, how can this be modeled in the production possibilities framework?
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