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Use the following table to work Problems 1 to 2. Suppose that Yucatan's production possibilities are Food Sunscreen
Food
Sunscreen
(pounds per month)
(gallons per month)
300
and
0
200
50
100
150
1. a. Draw a graph of Yucatan's PPF and explain how your graph illustrates a tradeoff.
b. If Yucatan produces 150 pounds of food per month, how much sunscreen must it produce if it achieves production efficiency?
c. What is Yucatan's opportunity cost of producing 1 pound of food?
d. What is Yucatan's opportunity cost of producing 1 gallon of sunscreen?
e. What is the relationship between your answers to parts (c) and (d)?
2. What feature of a PPF illustrates increasing opportunity cost? Explain why Yucatan's opportunity cost
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