MicroEcon-Unit 1-HW (1).pdf - WCTC Micro-Economics Unit 1 Homework Name Instructor Competencies Develop analytic skills central to economic thinking A

MicroEcon-Unit 1-HW (1).pdf - WCTC Micro-Economics Unit 1...

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1 WCTC Micro-Economics Unit 1 Homework Name____________________________ Instructor: ___________________________ Competencies: - Develop analytic skills central to economic thinking. A. Complete the following graph and analyses on the PPF. Make sure to properly label axes and curves. 1. Complete the below production possibilities frontier table for 2 Products and the quantities produced: Combinations Name of Product: Name of Product: A 10 0 B 9 15 C 7 D 4 E 0 60 2. Construct a production possibilities frontier curve using the data from above. 3. Label one point of inefficiency. (Use I). 4. Label one point that is not attainable. (Use N) 5. Explain what the curve shows and identify what limits it. 6. All points on the curve represent efficiency. Describe what is happening with movement between the points (combinations) a to b and then b to c. a to b: b to c:
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2 B. Define Economics: Why it is important for you to learn about the problem-solving tools it has.
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