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production possibilities frontier

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1. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cow population?

2. Use a production possibilities frontier to describe the idea of "efficiency."

3. What is the difference between a positive and a normative statement? Give an example of each.

4. Why do economists sometimes offer conflicting advice to policymakers?

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Solution Summary

The solution utilizes a production possibilities frontier to describe the idea of "efficiency."

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