Essay
Draw a production possibilities frontier showing increasing opportunity cost for hammers and horseshoes.
a.On a graph, identify the area of feasible outcomes and the area of unfeasible outcomes.
b.On the graph, label a point that is efficient as point "E" and a point that is inefficient as point "I".
c.On a graph, illustrate the effect of the discovery of a new vein of iron ore, a resource needed to make both horseshoes and hammers, on this economy.
d.On a graph for hammers and horseshoes, illustrate the effect a new computerized assembly line in the production of hammers would have.
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