Reference no: EM13207872
The data contained in the following table shows the tradeoffs that occur in an economy that produces only two types of products: agricultural and manufactured goods. Use the data given in the table to graph the production possibilities frontier for this hypothetical economy. Place manufactured goods along the y-axis and agricultural goods along the x-axis.
Tradeoffs That Occur Between Manufactured and Agricultural Goods
Manufactured Goods 0 25 50 75 100
Agricultural Goods 100 75 50 25 0
The data contained in the following table shows the tradeoffs that occur in an economy that produces only two types of products: pharmaceutical and computer-related technological products. Use the data given in the table to graph the production possibilities frontier for this hypothetical economy. Place technological goods along the y-axis and pharmaceutical goods along the x-axis.
Tradeoffs That Occur Between Pharmaceutical and Technological Products
Pharmaceutical 50 45 35 20 0
Technological 0 2 4 6 8
Compare the graphs you've created for Learning Activity 3 and 4 in the Learning Activities.
1.Examine the graph you've created for Learning Activity 3 and determine the opportunity cost of producing 25 more units of ag goods.
2.Does the answer to question #1 depend on whether you're increasing production of ag goods from zero to 25 or from 75 to 100?
3.Why or why not?
4.Examine the graph you've created for Learning Activity 4 above and determine the opportunity cost of producing 20 more units of pharmaceutical products.
5.Does the answer to question #4 depend on whether you're increasing production of pharmaceutical products from zero to 20 or from 20 to 40?
6. As we produce more and more pharmaceutical products, does the opportunity cost increase, decrease or remain the same?
7.What economic principle/law explains the answer to question #6?
8.Explain in your own words what this economic principle/law means.
9.Comparing the two graphs you created for Learning Activity 3 and 4, which do you suppose is the better model for what goes on in the real world?
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