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Unformatted text preview: 4. Be able to calculate opportunity costs, absolute and comparative advantage given a specific numerical example. 5. Be able to explain how opportunity cost and comparative advantage relates to specialization. 6. Be able to graph the production possibility frontiers given a specific numerical example. 7. Define the marginal rate of transformation and explain its relationship with the production possibility frontier and opportunity cost. 8. Graph and describe the production possibility frontier for an economy. Why is it concave? 9. Describe what could result in changes/movements in the production possibility frontier....
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This note was uploaded on 02/01/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at Wisconsin.
- Spring '07