After UK joins the market demand for salmon, what will happen to the price U. S. consumers pay for salmon? What will happen to the quantity of salmon consumed by U. S. consumers?
3) Assume Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for potato production, there are fewer resources available for catching fish.
Is it feasible for Atlantis to produce 500 pounds of fish and 800 pounds of potatoes? Explain.
Calculate the opportunity cost of increasing the annual output of potatoes from 800 to 1000 pounds.
Calculate the opportunity cost of increasing the annual output of potatoes from 400 to 600 pounds.
What is the difference between the answers to parts b and c?
What does the change in opportunity costs indicate about the slope of the production possibility frontier?
AB 204 Unit 4 Assignment
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