Explain the concept of law of increasing opportunity cost

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Reference no: EM131196122

Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve.

Explain the 4 points in terms of scarcity, choice and efficiency.

Graph 2: Draw a production possibilities model which illustrates economic growth.

Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost.

Graph 4: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis Butter. Put two points, A and B, on the curve. Using the two points, explain the concept of government (or market) failure.

Reference no: EM131196122

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