LindsayMitchell_Unit2Project

LindsayMitchell_Unit2Project - Lindsay Mitchell BU204-07...

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Lindsay Mitchell BU204-07 May 3, 2010 Unit 2 Project P1 . Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for potato production, there are fewer resources available for catching fish. A. Draw a production possibility frontier with potatoes on the horizontal axis and fish on the vertical axis illustrating these options, showing points A F . B. Can Atlantis produce 500 pounds of fish and 800 pounds of potatoes? Explain. Where would this point lie relative to the production possibility frontier? No, they cannot produce 500 pounds of fish and 800 pounds of potatoes due to limited resource(constraint). They may only do it if they could change their resources. C.
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This note was uploaded on 05/18/2010 for the course BU204 MACROECONO taught by Professor Joseruiz during the Spring '09 term at Kaplan University.

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LindsayMitchell_Unit2Project - Lindsay Mitchell BU204-07...

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