The Table Below Is a Production Possibility Table for the Fictional

question 21

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 below the curve or (2)a point above 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?

Understand the concept of process costing system and its application in manufacturing.

Calculate total cost to be accounted for in a cost reconciliation report.

Determine equivalent units for materials and conversion costs using the first-in, first-out (FIFO) method.

Determine equivalent units for materials and conversion costs using the weighted-average method.

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Definitions:

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