ECON 1000 Lecture Notes - Inferior Good, Absolute Advantage, Normal Good
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1 Nov 2012
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ECON 1000 Full Course Notes
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Each worker can produce a maximum of either 2 units of: _______ medical services or 5 units of secretarial services a day. The opportunity cost of one more unit of medical services is: 5 units of secretarial services, dependent on the level of services, 2. 5 units of secretarial services, 0. 4 units of secretarial services, 2 units of secretarial services. Use the figure below to answer the following questions: refer to the production possibilities frontier in figure 2. 1. 2. At point a, the opportunity cost of: _______ increasing production of y to 80 units is. Figure 2. 1. 2: 80 units of y, 2 units of x, 10 units of y, 3 units of x, 1 unit of x. Use the table below to answer the following questions. In the north, they grow wild rice, which requires a lot of rainfall. In the south, they grow wheat, which requires just a moderate amount of rainfall (too much rainfall is bad for wheat production).
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