business economics
Plot the following combinations of Good X and Good Y on the graph below. Draw the PPC.
a. Calculate the cost of increasing production of good X from 0 to 10 units,
as measured in the amount of good Y that would need to be sacrificed
b. Calculate the cost of increasing production of good X from 10 to 20 units,
as measured in the amount of good Y that would need to be sacrificed
c. Calculate the cost of increasing production of good X from 20 to 30 units,
as measured in the amount of good Y that would need to be sacrificed
d. What happens to the opportunity cost as the production of good X increases?
e. What happens to the opportunity cost as the production of good Y increases?
f. Plot the PPC for Good X and Good Y.
Homework Answers
The production possibility curve:
a. Cost of inceasing production of Good X from 0 to 10 units = 4 units of Good Y.
reason when 0 units of Good X are produced, 40 units of Good Y can be produced. But to produce 10 units of Good x, the production of Good Y must fall by 4 units (form 40 to 36).
b. Cost of inceasing production of Good X from 10 to 20 units = 7 units of Good Y.
reason: when 10 units of Good X are produced, 36 units of Good Y can be produced. But to produce 20 units of Good X, the production of Good Y must fall by 4 units (from 36 to 29).
c. Cost of inceasing production of Good X from 20 to 30 units = 12 units of Good Y.
reason when 20 units of Good X are produced, 29 units of Good Y can be produced. But to produce 30 units of Good X, the production of Good Y must fall by 12 units (from 29 to 17).
d. As the production of Good X increases, the opportunity cost increases. This indicates the increasing cost of production of Good X.
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