Tuesday

October 21, 2014

October 21, 2014

Posted by **Leigh** on Tuesday, March 29, 2011 at 9:09am.

Maximum annual output options

Quantity of potatoes Quantity of fish

(pounds) (pounds)

A 1,000 0

B 800 300

C 600 500

D 400 600

E 200 650

F 0 675

a. Examine the Maximum annual output options table above and the resulting Production Possibility Frontier Graph below and answer parts b - f.

Production Possibility Frontier Graph

b. Can Atlantis produce 500 pounds of fish and 800 pounds of potatoes? Explain.

c. What is the opportunity cost of increasing the annual output of potatoes from 600 to 800 pounds?

d. What is the opportunity cost of increasing the annual output of potatoes from 200 to 400 pounds?

e. Can you explain why the answers to parts c and d are not the same?

f. What does this imply about the slope of the production possibility frontier?

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