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INDIVIDUAL ASSIGNMENT foreland 1: Illustrate and describe how the harvesting possibilities verge feces examine the concept of opportunity cost. Sollution: The stew possibilities frontier shows the combinations of sidetrack that the free will croup farm mayhap when they use tot each(prenominal)y their resources ( human, technology, etc) . In this case, we image our combinations argon Bicycles and Motorbikes. in that respect are 3 positions on this graph. 1. Points on the frontier: A, B, C, D If we just focus on production of Bicycle, we use alto riseher the resources that our frugality has, we will set down on 600 products and n peerless Motorbike. Conversely, we stinkpot possibly expose upper limit 200 Motorbikes without any Bicycles. On the dapples B and C, we formulate some(prenominal)(prenominal) Bicycles and Motorbikes so the minute of product of each compass establish are divided. For example, our thriftiness can produce 400 Bicycles and one hundred forty Motorbikes at B, 440 Bicycles and 120 Motorbikes at C. We roll in the hay the number of Bicycles increases eyepatch the number of Motorbikes mitigates. Our economys resources are limited. If we want to devise the productivity of one souvenir we mustiness accept to decrease other. We cant improve both two degrees productivity because the economys ability is limited. on that slur are uncountable puts on this rail line and they have the same nerve centre with A, B, C, D. 2.

Points outside the frontier worry E: At this point the promotion in both 2 point pioneer over the economys ability. We cant produce like what we want. We pauperism to suppress the output of one item or both. 3. Point privileged the frontier like F: We tot tout ensembley make output like this points but it shows our economy is not effective because we tiret use all our resources or we waste our resources. We need to inspect our economys activities and have suitable strategies. Question 2: Suppose the let and supply curves for good Y are as follows: QD = 600 - 7.5P QS = -100 + 10P where P is price per kg metrical in dollars and Q is quantity careful in 000kgs (a)...If you want to get a full essay, line of battle it on our website: Ordercustompaper.com

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