grow cherry tomatoes and catch salmon. The accompanying table shows the maximum annual output combinations oftomatoes and salmon that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for cherry tomato production, there are fewer resources available for catching salmon. CHERRY TOMATOES SALMON 0 1500 500 1400 900 1200 1200 900 1400 500 1500 0 a. Draw a production possibility frontier with cherry tomatoeson the horizontal axis and salmon on the vertical axis illustrating these options, label the points. ( A-F) bi. On your graph put in a point to indicate 500 pounds of salmon and 800 pounds of cherry tomatoes, Label this point ‘G’. Can the economy produce at this point YES or No. Explainwhat the point illustrates. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________ Using an example , explain how the Production possibilities curve illustrate the concept of opportunity cost
grow cherry tomatoes and catch salmon. The accompanying table shows the maximum annual output combinations oftomatoes and salmon that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for cherry tomato production, there are fewer resources available for catching salmon.
|
CHERRY TOMATOES |
SALMON |
|
0 |
1500 |
|
500 |
1400 |
|
900 |
1200 |
|
1200 |
900 |
|
1400 |
500 |
|
1500 |
0 |
a. Draw a production possibility frontier with cherry tomatoeson the horizontal axis and salmon on the vertical axis illustrating these options, label the points. ( A-F)
bi. On your graph put in a point to indicate 500 pounds of salmon and 800 pounds of cherry tomatoes, Label this point ‘G’. Can the economy produce at this point YES or No. Explainwhat the point illustrates.
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
______________________________________________________________________________
Using an example , explain how the
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
ci. Sketch a production possibilities curve on which you illustrate a shift to the right.
ii) State three factor that might cause the production possibilities curve to shift to the right ( use bullets to highlight the start of each point)
Step by step
Solved in 3 steps with 2 images
