The Table Below Is a Production Possibility Table for the Fictional

question 16

Essay

The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve in the quadrant below. (Label the axes.)
$$\begin{array}{l}\begin{array} { | c | c | } \hline \text { Guns } & \text { Butter } \\\hline 0 & 20 \\\hline 5 & 15 \\\hline 10 & 14 \\\hline 15 & 8 \\\hline 20 & 0 \\\hline\end{array}\\\end{array}$$ (a) Explain the meaning of a production possibilities curve.
(b) What is assumed to be constant when we draw that curve?
(c) How is a point on the curve different from (1) a point inside the curve or (2) a point outside the curve?
(d) How does this curve illustrate the concept of opportunity cost?
(e) How does it illustrate the principle of increasing marginal opportunity cost?

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Definitions:

Indifferent Toward Mothers

A behavioral observation in attachment theory where infants or young children show no preference between their mothers and complete strangers.

Preoperational Stage

The second stage in Piaget's theory of cognitive development, occurring roughly between the ages of 2 and 7, characterized by symbolic thinking and egocentrism but a lack of operational thought.

Sensorimotor

Refers to the first stage in Piaget's theory of cognitive development, characterized by infants learning through physical interaction with their environment.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children are able to think logically about concrete events.