production possibilities frontier
For the three problems that you have to create and solve on your own, pick two different nations or individuals and two goods that they both produce. Start off by explaining in words how much of each good each nation can produce in a given time frame.
Set up the answer section like you have seen in the videos, where everything is in neat rows and columns.
Be original, creative, and detail oriented. Set up your problem like you would see on an exam (or in the workbook) and then solve it. Please use blue/black ink for the initial problem and RED for once you are working it out and solving the problem. You must also include graphs to go along with your solution. The minimum requirements are that you solve the opportunity costs for each good for both nations, find comparative and absolute advantages, determine if trade should happen, and come up with one possible allocation of the goods post trade. It’s even better if you include something about the terms of trade (ex. How many of ‘Good A’ would Country 1 need to gain in order to give up a some of ‘Good B’?). This last part is the hardest, so make sure you watch the video a few times if you get stuck here.
Then, you need to create and solve 3 original problems that are similar problems to the ones that you just did.
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