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Suppose either computers or televisions can be assembled with the following labor inputs: Units produced

Suppose either computers or televisions can be assembled with the following labor inputs:
Units produced 1 2 3 4 5 6 7 8 9 10
Total labor used 3 7 12 18 25 33 42 54 70 90

(a) Draw the production possibilities curve for an economy with 54 units of labor. Label it P54.

(b) What is the opportunity cost of the eighth computer?
(c) Suppose immigration brings in 36 more workers. Redraw the production possibilities curve to
reflect this added labor. Label the new curve P90.
(d) Suppose advancing technology (e.g., the miniaturization of electronic circuits) increases the
productivity of the 90-

May 18 2020 View more View Less

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