This question has been answered
Question
Below is the production possibility schedule for an economy.Max. Annual output optionsQuantity of potatoes (pounds)
Quantity of fish (pounds)
A
1000
0
B
800
300
C
600
500
D
400
600
E
200
650
F
0
675
- Is it possible to produce 500 lbs fish and 800 lbs potatoes? Why or why not? Explain. (2 marks)
- What is the opportunity cost of increasing the annual output of potatoes from 600 to 800 lbs? (1 mark)
- What is the opportunity cost of increasing the annual output of potatoes from 200 to 400 lbs? (1 mark)
- Suppose the economy is producing 800 lbs of potatoes & 300 lbs of fish. What is the opportunity cost of producing 350 lbs of more fish? (1 mark)
- Is the combination 600 lbs potatoes & 400 lbs fish efficient? Why or why not? Explain your answer. (2 marks
Identify any 5 factors that will shift a demand curve to the right. Explain each factor.
Answered by Expert Tutors
Step-by-step explanation
Other answer
Step-by-step explanation
277,629 students got unstuck by Course
Hero in the last week
Our Expert Tutors provide step by step solutions to help you excel in your courses