2. Use the data in the table above to answer the following questions. (i) Currently, there are 1500 bags of rice and 600 bags of beans produced in the Island of Utopia. Show this combination on a diagram. What would you say about this combination? (ii) An economist argues that they could produce 3000 bags of rice and 1200 bags of beans. How would you respond to this claim? (iii) Which is the best combination of production? (Hint: your answer should refer to productive efficiency and allocative efficiency)

2. Use the data in the table above to answer the following questions. (i) Currently, there are 1500 bags of rice and 600 bags of beans produced in the Island of Utopia. Show this combination on a diagram. What would you say about this combination? (ii) An economist argues that they could produce 3000 bags of rice and 1200 bags of beans. How would you respond to this claim? (iii) Which is the best combination of production? (Hint: your answer should refer to productive efficiency and allocative efficiency)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 6QR

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