Firm X have 1200 labor, to producer one unit Cheese its required 5 unit labor and to produce one unit Wine its required 10 unit labour. 1.Find out the opportunity cost of cheese in terms of wine. 2.Draw the PPF of firm X. 3.Show what will happen to PPF when labor requirement for cheese increase to 10 and wine decrease to 5.

Firm X have 1200 labor, to producer one unit Cheese its required 5 unit labor and to produce one unit Wine its required 10 unit labour. 1.Find out the opportunity cost of cheese in terms of wine. 2.Draw the PPF of firm X. 3.Show what will happen to PPF when labor requirement for cheese increase to 10 and wine decrease to 5.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3PA

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