= 2apples A. You have an apple orchard and have recently orand added a small plot of land for oranges as well. In a growing season you have the capacity to harvest 100 crates of apples, or 50 of oranges. Draw your Production Possibilities Frontier, with oranges on the x axis, assuming that the opportunity cost of producing oranges remains constant. The opportunity cost of lora- lis 2 apple B. You discover a new, highly productive fertilizer for your orange trees. Illustrate the impact of this discovery on your production capacity, using the same graph as before. You don't need to label any numbers here, just show how the graph changes. The opportunity cost of la is Y₂ c. Your neighbor also grows oranges and apples. In a season they are capable of harvesting 300 crates of apples, or 100 of oranges. Draw their PPF, with oranges on the x axis, again assuming that the opportunity cost of producing oranges remains constant. 1. 50 oranges 300 apples

= 2apples A. You have an apple orchard and have recently orand added a small plot of land for oranges as well. In a growing season you have the capacity to harvest 100 crates of apples, or 50 of oranges. Draw your Production Possibilities Frontier, with oranges on the x axis, assuming that the opportunity cost of producing oranges remains constant. The opportunity cost of lora- lis 2 apple B. You discover a new, highly productive fertilizer for your orange trees. Illustrate the impact of this discovery on your production capacity, using the same graph as before. You don't need to label any numbers here, just show how the graph changes. The opportunity cost of la is Y₂ c. Your neighbor also grows oranges and apples. In a season they are capable of harvesting 300 crates of apples, or 100 of oranges. Draw their PPF, with oranges on the x axis, again assuming that the opportunity cost of producing oranges remains constant. 1. 50 oranges 300 apples

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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