Draw the farms ppf for corn and beef The quantity of corn and beef that a farm produce: Corn 250...

Question:

Production Possibility Frontier

Production Possibility Frontier shows the various combinations of the two goods that a country can produce by utilizing the nation's scarce resources efficiently. Any combination under the PPF shows an inefficient allocation of the resources. The points on the PPF are the pareto efficient combinations which implies that the nation cannot increase production of one without decreasing that of the other. Though a nation tries to achieve points above the PPF but it cannot reach that as those combinations are unachievable.

Answer and Explanation: 1

Production possibility curve for the given information is given below:

Production possibility curve showing corn on X-axis and beef on Y-axis

The curve in the figure shows the required PPF which shows various combinations of production of corn and beef in the farm.