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The Economic Problem: Scarcity & Choice 20 Points

The Economic Problem: Scarcity & Choice 20 Points

Chapter 2 Assignment: The Economic Problem: Scarcity & Choice 20 Points

Chips or Salsa?

In this assignment, you will demonstrate your ability to draw a simple production possibilities curve given data on the quantity of one input (labor) and the amount of labor required to produce each of two outputs (bags of chips and cases of salsa). You should also be able to identify the opportunity cost of one good in terms of the other as the slope of the Production Possibilities Frontier. You will explain your analysis of the figures to explain why it’s not possible to produce combinations of the two goods outside the PPF.

This assignment will be submitted to Turnitin®.

Instructions

Using the examples in Chapter 2 complete the assignment (link on the previous page). Please work independently. For your PPF, if you can do it in Excel or you can hand draw it and then send me the picture. You can upload several files in the submission folder.

Show all your work for full credit. Rubric with point distribution included.

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