Chapter 2

Chapter 2 - Economic Activities: Producing and Trading...

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Economic Activities: Producing and Trading Chapter 2
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Combination Computers Television Sets A 50‘000 0 B 40‘000 10‘000 C 30‘000 20‘000 D 20‘000 30‘000 E 10‘000 40‘000 F 0 50‘000 Fantasia
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10 20 30 40 50 10 20 30 40 50 Television Sets (thousands per year) Computers (thousands per year)
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Production Possibilities Frontier = Represents: the possible combinations of two goods that can be produced in a certain period of time under the conditions of a given state of technology and fully employed resources.
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The straight-line PPF: constant opportunity costs
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Combination Computers Television Sets A 50‘000 0 B 40‘000 20‘000 C 25‘000 40‘000 D 0 60‘000 Cocasia
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10 20 30 40 50 Television Sets (thousands per year) Computers (thousands per year) 10 20 30 40 50 60
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10 10 20 30 40 50 Television Sets (thousands per year) Computers (thousands per year) 20 30 40 50 60 The bowed outward PPF: increasing opportunity costs A B C D
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1) Can you draw a PPF for grades? Use the data to
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This note was uploaded on 04/09/2008 for the course ECO 201 taught by Professor Zenker during the Spring '08 term at Elon.

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Chapter 2 - Economic Activities: Producing and Trading...

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