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Production Possibility Frontier

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Utilize the attached graph to answer these questions:

In the absence of trade, Canada would produce and consume how many televisions and refrigerators? Explain

With specialization, how many televisions would Canada produce? Explain

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Solution Preview

In the absence of trade, It will produce consume 8 television and 12 refrigerator. This is because this is achieved at the point of equilibrium (Point A) if there is ...

Solution Summary

This explains the concept of production possibility frontier with the help of an example.