19.03.2023 - 21:58

The following table illustrates the points a student can earn on examinations in economics and biology if the student uses all available hours for study. Plot this student s production possibilities curve. Does the PPC illustrate increasing or decreasing

Question:

The following table illustrates the points a student can earn on examinations in economics and biology if the student uses all available hours for study.

Economics Biology
100 40
90 50
80 60
70 70
60 80
50 90
40 100

Plot this student’s production possibilities curve. Does the PPC illustrate increasing or decreasing opportunity costs?

Answers (1)
  • Charlotte
    April 4, 2023 в 21:26
    To plot the student's production possibilities curve, we need to plot the points from the table on a graph with Economics on the x-axis and Biology on the y-axis. Each point represents a combination of the two subjects that the student can achieve if they use all available study hours. Once we plot the points, we can connect them to form the production possibilities curve. The curve will be concave to the origin since the opportunity cost of producing one subject in terms of the other increases as we move along the curve. For example, if the student wants to increase their Biology score from 40 to 50, they must give up 10 points in Economics. But if they want to increase their Biology score from 70 to 80, they must give up 10 points in Economics, meaning that the opportunity cost of Biology has increased. Therefore, the PPC illustrates increasing opportunity costs. As the student produces more of one subject, the opportunity cost of producing additional units of that subject increases as they have to give up more and more of the other subject.
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