The income statement and selected balance sheet information for Fudnuddler Corporation for the year ended December 31, 2011 is presented below. 
Definitions:
Opportunity Costs
The value of the foregone alternative when a decision is made; essentially, the cost of choosing one option over another.
Production Possibilities Curve
A graphical representation showing the maximum possible output combinations of two goods that can be produced with available resources and technology.
Society's Resources
The assets, both natural and human-made, available to a society for producing goods and services.
Production Possibilities Curve
A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.
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