JeraldBrooks_homework_unit2

JeraldBrooks_homework_unit2 - /100 Name: Jerald Brooks...

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Name: Jerald Brooks /100 BU224-01 November 24 th , 2009 HOMEWORK - UNIT 2 Chapter 2: Problems 1, 3, 10, and 11 on pages 38-40 Chapter 2 / ECONOMIC MODELS: TRADE-OFFS AND TRADE /26 1. 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.
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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. (8pts) - See ‘How to do the Graphs’ in the Doc Sharing for graphing methods - (Suggestion #5, http://nces.ed.gov/nceskids/createagraph/ , is probably the best method for this particular problem) b. Can Atlantis produce 500 pounds of fish and 800 pounds of potatoes?
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This note was uploaded on 08/01/2011 for the course ENG 122 taught by Professor Banks during the Spring '10 term at Ashford University.

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JeraldBrooks_homework_unit2 - /100 Name: Jerald Brooks...

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