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The PPF is: $300 = $2*S + $2*T when 0 50, and the PPF is $500 = $5*S+ $2.50*T when 50 iless than(lt;) S less than or equal to 100 .
The PPF is: $300 = $2*S + $2*T when 0 50, and the PPF is $500 = $5*S+ $2.50*T when 50 iless than(<) S less than or equal to 100 .
1) Graph this PPF (S on horizontal axis, T on the vertical axis).
2) What is the relative price of S in terms of T when S = 25? When S = 75?
3) Is the relative price of S increasing as more S is produced?
Suppose there is only one input, Labor. Our economy has 100 units of L. We can produce S and T in the following way: S= 4* L and T = 1*L
4) graph the PPF for this?
