hmwk1 - Economics 102: Kelly Fall 1999 Homework #1 Due Sept...

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Economics 102: Kelly Student name: Fall 1999 ID#: Homework #1 T.A. Name: Due Sept 14 at large lecture Day/Time of Sec: Note: If asked to graph please use ¼” graph paper. Label this paper with your name, id#, TA name, and day/time of section. If you need additional paper label it similarly. All homework paper should be stapled together. There will be no stapler at the large lecture hall. Please xerox your homework so that you can compare your answers to the answer sheet. Part I. Question 1. Use the production possibility frontier (the curve joining points A and B) shown below to answer question one. corn K E A X S F H 0 J B M cheese a) Are there any non- feasible production points? If so, what are they and why are they non - feasible? (1 pt.) b) Given the current PPF (the curve joining points A and B) would Wisconsin choose to produce at point H? Why or why not? (1 pt.) c) Given the graph above, Wisconsin’s opportunity cost of producing more cheese in terms of corn changes in what way as we move from point A to B? Give the definition of the
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hmwk1 - Economics 102: Kelly Fall 1999 Homework #1 Due Sept...

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