Economics Questions
3.1 Construct a Production Possibilities Curve in Excel or Google Sheet based on the following Production possibilities Schedule:
Missiles Milk (millions of gallons)
0 40
10 34
20 27
30 19
40 10
50 0
What is the shape or the slope of the frontier or curve?
Calculate the opportunity cost of producing the first batch of 10 missiles.
Calculate the opportunity cost of producing the last batch of 10 missiles.
What would it mean if the economy was operating at the frontier?
What would happen to the frontier if the given resource is doubled and the technology remained constant?
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