Pages 26 – 28 in the text.

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The Production Possibilities Curve

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Presentation transcript:

Pages 26 – 28 in the text

Production alternatives Commodity type of product A B C D E Pizzas (hundred thousands 1 2 3 4 Industrial Robots (thousands) 10 9 7

A 10 9 B 8 7 C 6 industrial robots 5 4 D 3 2 1 E 1 2 3 4 pizzas

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Production alternatives Commodity type of product A B C D E Pizzas (hundred thousands 1 2 3 4 Industrial Robots (thousands) 10 9 7

Production alternatives Commodity type of product A B C D E Pizzas 1 2 3 4 Industrial Robots 10 9 7 1 1 1 1 1 2 3 4

Commodity A B C D E Pizzas 1 2 3 4 Industrial Robots 10 9 7 What does the first unit of pizza cost? What do the first 4 units of robots cost? What is the per unit cost of a robot moving from E to D? Commodity type of product A B C D E Pizzas 1 2 3 4 Industrial Robots 10 9 7

What if there are two countries. Who should produce what What if there are two countries? Who should produce what? Start at the initial cost! Candyland Gumland Pizzas Robots Pizzas Robots 0 10 0 26 1 9 3 24 2 7 6 18 3 4 9 9 4 0 12 0

Pizzas Robots Pizzas Robots 0 10 0 26 1 9 3 24 2 7 6 18 3 4 9 9 What if there are two countries? Who should produce what? Start at the initial cost! Candyland Gumland Pizzas Robots Pizzas Robots 0 10 0 26 1 9 3 24 2 7 6 18 3 4 9 9 4 0 12 0 1 1 3 2 1 4 3 9