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Society production possibilities

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Reference no: EM132488571

Society's Production Possibilities:

a. Copy from the textbook, the four specific assumptions upon which the production possibilities curve is based?

b. Based on the above production possibility curve above:

i. Which points indicate what the economy can currently produce? 3 Marks, Explain why?

ii. Which point represents the maximum possible production of tubas? 1 Mark, Explain why?

iii. The economy CANNOT produce at which point or points? 2 Marks, Explain why?

iv. In economics, what does efficiency mean? 1 Mark? Which point or points are efficient?

Reference no: EM132488571

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