Written Assignment 2
Answer the following questions and submit your answers to the mentor by the date indicated in the Course Calendar. The questions are worth a total of 100 points. [MO 2.2]
On one graph, draw and label all of the following:
A production possibility frontier (PPF) which assumes a budget of $40, a price for pizzas of $10, and a price of $2 for a 2 liter bottle of cola. (11 points)
A point on the graph that is efficient (11 points)
A point on the graph that is inefficient (11 points)
A point on the graph that is unattainable (11 points)
A point on the graph that is attainable (11 points)
If an individual preferred to have five times as many 2 liter bottles of cola as pizzas, what would be the optimal numbers of pizzas and colas that they would purchase? Explain. (12 points)
Now imagine that your budget has doubled. On the same graph, draw and label a new PFF. (11 points)
Is the point that was previously attainable still attainable? (11 points)
Is the point that was previously unattainable still unattainable? (11 points)
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