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You find that your spouse's relatives are coming to dinner in an hour. You have dirty laundry...

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You find that your spouse's relatives are coming to dinner in an hour. You have dirty laundry lying about, dusting and vacuuming that needs to be done, a garden that needs tending to, and dinner that needs to be prepared (and you'll need to run to the grocery store to do that), and you must pick up your children from school.

1. How do you decide which alternative to accomplish first?

2. Is it efficient if a person chooses to be at a point in side their production possibilities frontier?

Production Possibilities Frontier:

The production possibilities frontier is an economic graph that represents opportunity costs. The graph shows us that any decision made means that some decision hasn't be taken and therefore something must be given up.

Answer and Explanation: 1

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1.) To decide which alternative to accomplish first, you must decide which activity yields the most utility and has the lowest opportunity cost. The...

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Applying the Production Possibilities Model

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Chapter 1 / Lesson 4
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The production possibility model illustrates scarcity and efficiency. Explore how opportunity costs affect the production possibility curve and discover why it is bowed outward on a graph.


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