Purchase Solution

production curve

Not what you're looking for?

Ask Custom Question

The questions asked that suppose that, because of important technological improvements, the society in question can double its production of tractors at each level of food production. If so, is this society on its new production possibilities curve if it produces 20 million tons of food and 16 million tractors? Plot the new production possibilites curve. At which point along the horizontal axis doe the new curve cut the axis? At which point along the vertical axis does it cut the axis?

Output (per year)
Possibility Food (millions of tons) Tractors (millions)
A 0 30
B 4 28
C 8 24
D 12 20
E 16 14
F 20 8
G 24 0

Purchase this Solution

Solution Summary

Demonstrate the production curve.

Solution Preview

Hello!
If for each level of food production this society can produce twice as many tractors, the new "possibility" table would look like this:

Output (per year)
Possibility Food (millions of tons) Tractors (millions)
A 0 60
B 4 ...

Purchase this Solution


Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.