Creating Production Possibilities Schedules and Curves
In this assignment, you will create a production possibilities schedule and curve to determine what your opportunity costs are and which product is the best for you to produce.
Directions:
Gather materials and necessary information.
Ask your teacher which word-processing software you will be using.
Keep your lesson and assignment open in case you need to review what you have learned.
Read and follow each set of instructions carefully.
a) Compete the production possibilities schedule and production possibilities curve, starting with the information provided. Be sure to ask your teacher for help if you are not sure how to do this.
b) Make sure you complete the questions on each page.
Assignment: Determining Production Possibilities
You are getting ready to open The Shoe Hut, but you need to determine whether you have the absolute or comparative advantage in the production of specific items. This will help you determine which product is the best for specialization.
Your production possibilities are as follows:
· You have the resources to produce up to 15 running shoe inserts.
· You have the resources to produce up to 10 hiking boot inserts.
· For every 2 hiking boot inserts produced, you give up the production of 3 running shoe inserts.
Your production possibilities schedule will help you determine:
· your opportunity costs.
· your best options for production.
Scroll to the next page to complete your production possibilities schedule.
1. Using the information that you learned about your ability to produce running shoe inserts and hiking boot inserts, complete your production possibilities schedule. (5 points)
Combinations
Running shoe inserts
Hiking boot inserts
A
B
C
D
E
F
1. Use the information from your production possibilities schedule to create your production possibilities curve by filling in the following graph. Use textboxes to insert text, and use lines and circles from the shapes function to illustrate your production possibilities. Be sure to mark points A through F on the graph. (5 points)
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