Business, 11.09.2019 03:30 electronia
Assume that the economy of fruitland can produce two goods, apples (a) and bananas (b). the production of one apple requires one unit of labor (l) and two units of capital (k). one banana requires two units of labor and one unit of capital. fruitland is endowed with 600 units of labor and 600 units of capital.
a. draw the production possibilities frontier (curve) for fruitland. put apples (a) on the vertical axis. (hint: for every 20 apples, determine how many bananas can be produced. how many apples and bananas can be produced if all resources are devoted to apples? if 20 less apples are produced, how many bananas can be produced? 40 less? etc. construct a table, and then graph it. it is to include in your table the resources being devoted to the production of each good as well as the total amounts of labor and capital being used.)
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Assume that the economy of fruitland can produce two goods, apples (a) and bananas (b). the producti...
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